The United Precious Metals Association is offering Goldback accounts! The Goldback is believed to be legal tender in the State of Utah and was created with the intent of it being circulated as a currency. If you have a Utah business and would like to accept payment in gold then please let us know. If you live outside of Utah then you may still purchase Goldbacks as they can be used for barter anywhere in the United States. Below are some key points about the Goldback:
1. The Goldback includes the lowest denomination of Gold in the world and with the best premium. (as far as we have been able to research)
The “One” Goldback denomination retails between $2 and $3 depending on the spot price of gold and it contains 1/1000th of an ounce.
2. There are five different, interchangeable Goldback denominations, (1, 5, 10, 25, and 50)
The “5” Goldback denominations caries five times as much gold as the “1”. The “50” has 1/20th of an ounce of gold in it, or, fifty times the gold content of the “1”. One thousand Goldbacks of any denomination add up to be an ounce of gold.
Typically gold products have higher premiums on lower denominations. For example, a 1/10th ounce American Eagle may retail for $190 while one ounce retails at $1,550. This makes it impossible to easily turn a one ounce gold coin into ten parts.
The various Goldback denominations are interchangeable meaning that fifty “1”s can be traded for one “50” and vice versa. The Goldback works this way like every other currency but unlike other gold products.
3. Goldbacks are meant to be spent, not just saved.
Usually the name of the game with gold is to save it until it becomes more valuable, then to sell it. By doing this the investor may avoid some inflation if nothing else. This strategy does not address the underlying problem in the money itself because once one sells gold, they acknowledge to some degree that gold itself can not be used as money. The Goldback flips this problem on its head.
There are currently dozens of businesses owned by UPMA members and otherwise in Utah that are signing up to take the Goldback as payment for goods and services. This means that Utah will be the only place in the world where gold will regularly circulate as currency.
4. Goldbacks are a true sound money, better than the Gold Standard.
The Gold Standard consisted of notes indicating that your gold was somewhere else. There is no going back to the Gold Standard, it was ultimately a failure since people were unable to take their gold out. The Goldback puts the gold into your hands and it is only possible through the latest cutting edge technology.
#5. Get involved!
Sound money will only be regularly used if people decide that they prefer it. Learn some ways to get involved here: