BUY Silver at SPOT!!! Florida Coin Shop Owner Asks For Viewers' Opinions On GoldBack

[@vermillionenterprises]

Call the shop to place an order.

[@Gary-r2k]

Goldbacks are beautiful, but junk silver is more practical.

[@fatlostmedia1376]

We and I work for a coin shop in south Florida. We are joining the goldback distributorship. I think it's cool and they serve a purpose in the gold and silver communit. I agree and say yes to the florida goldback!

[@joshuarhoades2740]

Hold on to Pre 33 gold Americans!

[@botat34691]

Agree with Brian, the markup is to high to be considered a currency. It's more a gimmick.

[@rhack9165]

In Utah where GB started, you can lease them back from 2-4% depending on amount invested and you can also get a debit card issued to you and convert GB back to fiat and staying in their system, no capital gains tax, as well as move funds between a family or child without going through traditional banking systems. Utah is creating a parallel economy to the fiat system. They have a lot of businesses accepting GB.

[@TwoWheelTraveler-sz1gh]

I guess the attraction of goldbacks is that it is an inflation hedge, and they are easier to use than silver or gold bullion. You spend around $5 per goldback, and vendors will accept them for payment at that rate. The company that makes them even has a calculator on their website to convert between $ and Goldbacks. The advantage over cash is that the value of Goldbacks goes up as the price of gold goes up. Let's say I buy a goldback for $5 today, and put it in my billfold along with 5 dollar bill, and a dozen eggs cost $5 today. A month from now I go to by a dozen eggs, but due to inflation, the price is now the price is $6. In theory, my goldback should now be worth $6 and still pay for the eggs, where the 5 dollar bill is still only $5. I know that Goldbacks have gone up in value since I bought mine. I haven't tried to plot their value increase against inflation to see how well they keep up though.

[@samross778]

I have a couple $1 goldbacks. Agree with you on the novelty value. They make great bookmarks with the beautiful art. Also are a great and VERY inexpensive thing for the wife to pick up at a coin show 😂😂

[@Johnsmith46392]

Goldbacks are a great concept but the premium on them is outrageous.

[@X9523-z3v]

Plus, silver already does everything they want them to do

[@Johnsmith46392]

@@X9523-z3vagree. That’s why silver and copper was made for exchange and gold for preservation.

[@LJF722]

Don’t get distracted by Goldbacks. Keep your eye on core business. By caring Goldbacks, buyers would imply you approve of the item. Channel people to 90% silver if they want to barter.

[@ProsperousPorcupine]

Don’t do the gold backs. Stay focused on your core business! You don’t need to add gimmicky SKUs. I can see the future video now where Brian comes on and says, “Goldbacks have been a total waste of time. Tim is spending the same amount of time to ship $5 goldbacks as he is $500 of silver eagles, and we’re getting rid of them!”

[@PattyAngelStacker64]

I own $1,000 worth of Goldbacks. So yes, I hope it catches on everywhere. Some people can only buy a little at a time. It'll at least get them started.

[@Jamie-dz8dg]

Not a fan of the goldbacks, personally. If you are going to buy fractional, go with the coins. Your comment about entry point is spot-on though. As a coin shop, prolly worth giving it a go for the prepper/doomsday folks if you get that traffic.

[@Tinstared]

I saw an interesting video where someone melted down goldbacks to see how much gold was actually in them. The result was accurate to the amount declared on the goldback.

[@goma12x]

I did buy goldbacks when gold was $2,000 oz earlier this year as speculation. I still don't know where I can spend them so I would tell you nor to do it and focus on your core which is metals

[@E-w1z]

Goldbacks are novelty, the premiums are way too high and the "exchange rate" is made up by the manufacturer. However, as a business idea, if it makes money.....

[@ManoloPiquero]

agree with this

[@sonnygunz9207]

Goldbacks are cool and I hope they succeed but the premiums are too high for me.

[@bobspistolsandpaydirt8607]

Glad y’all are not going to get hit too hard with the storm. Best Wishes…..

[@adamsoehner5977]

I was just thinking today, man it be kool if they delt in Goldbacks. The Goldback Company pretty much makes their own prices. They sell 1 goldback for like 400% (don't qoute me) and they stand by their claim to buy back the Goldbacks for that imagined price. Which is kool but ya government don't like it. Your right. I love it yes buy sell goldbacks

[@seymourrivers6169]

The primary purpose of the gold backs is to spend them at participating retailers to benefit from the discount at point of sale/purchase. 10% discount off a store merchandise is to be expected.

[@E-w1z]

@seymourrivers6169 so the primary purpose is to take your money, twice? Once when you buy them and again when you spend them? Just saying it sounds like a sales gimmick, on both sides.

[@KevinKidwell-v3c]

As a purchaser I would not be interested in the gold backs. Premium that equals gold content is too high for my liking. Always great content. Thanks to both of you for taking the time to share with us your info on the bullion market.

[@albing1397]

I love Goldbacks. I have 190 in my stack. I increased the value by nearly 20% this year. I am holding them for barter as it will be easier to explain than 90% silver. Plus, they are somewhat collectible. As for premium, the differential buy/sell is actually small. How much premium is in a $20 fiat bill? Would love to have a local selection. It could help round out a purchase to make the $500 tax threshold. Current value is $5.47 whereas you buy them at $5.14, so immediate $ 0.33 "profit". Is there any fractional gold in your store where you could buy & turn around & sell for more?

[@fleateasley9418]

Wait, based on the math, would that mean that an individual can trade 1oz random foreign gold/bars directly into MS62 double eagles?

[@jbgant8513]

Goldbacks are about 3% of my precious metals. They appear to be slowly gaining in popularity and utility. Businesses that accept them do so at the current exchange rate for goods and services. Since the future is unknown, it seems prudent to have a small allocation of goldbacks just in case.

[@chetoshiro7928]

I’m sure you have already thought about it before. How about creating and posting a form for customers that need to be filled out with all the required information to fullfil a transaction like shipping address and have the customers include the form in the packages they send you? I love the videos. Keep up the great work.

[@waynepratt9842]

No way on the Gold Backs !!!!!!

[@Paul-v2h]

Good Topic, like the fact you asked the audience there thoughts and opinions of Goldbacks. As you stated both Pros & Cons (Maybe Cons to strong) but certainly an "Above Average Premium" per say, but good concept and does (In theory) get Gold circulating in the common market place. Thanks!

[@angelabarnes1547]

Yes to the goldbacks! I think they r unique! Plus in those specific states, they r legal tender. It's my understanding u can bring them to banks in those states and they have to give u $ for them ( if u need to liqudate).

[@davidf3883]

My LCS in WI stocks goldbacks and takes payment in goldbacks. I bought them last year for $3.99 ea. They are now worth $5.20ea...a 30% increase. Fractionals are the way to go with the gold price surging to 3k.

[@joshl5658]

If you're in a state that makes Goldbacks then I'd say yes

[@pegboyd4312]

The way you guys burn stuff up, Goldbacks are a "NO."

[@vincentleoni6334]

I'm gonna make a trip to see you guys. I can't find anywhere with deals like that!!! Silver at spot??! 😮

[@INTERNETVID]

The Goldback's low price point could also be a great and very affordable marketing tool for you that can't be accurately measured in just dollars and cents but will enhance customer loyalty. For example, sending purchasers a $1 face value Goldback (about $5 retail) at no charge for orders $500 - $999 and a $5 face value Goldback for orders totaling $1000 or more.

[@Tempacc-t3x]

A great place to do business!!!

[@keithogier1591]

I understand a high premium for small denominations, but they insist on charging that same premium percentage on larger denominations. If it really costs them 100 times as much to make a 100 goldback bill as a 1 goldback bill, they should close up shop now.

[@flimflamman2192]

I bought a few Goldbacks just for fun - they look cool and are shiny, so they press all those buttons. But I would never buy them to stack, ridiculously overpriced for that. But I don’t see any problem selling them as long as people are aware how much they are overpaying for gold.

[@barelyafloatwithsteve3975]

I'm in my early 60's and new to stacking (Didn't even know it was a thing until 1 1/2 years ago). So I see myself buying 1 of each denomination, or State depending on how it works. But I don't think I'll stack weight that way. I'll keep stacking my Constitutional Junk 90%, and occasional Eagle or Bar. P.S. Thanks again for turning my Scrap Gold into a Gold Eagle, making me a Gold Bullion Stacker as well. Hope your all staying safe at Vermillion Enterprises ‼️😊

[@BudgieBob]

Gold backs in my view are more of a novelty item and/or work of art. I'm not sure that you would sell very many. Maybe stock a few of each and see if there's interest?

[@jeffrummell2348]

Since they are coming out in Florida. As a dealer, I would only stock them if I would deal in them.

[@rickbloodworth7068]

I would never buy a goldback as the premium is too high, the gold contained within a small note is not going to pay for the melting fees and anytime you need a salesman to promote silver or gold you usually have a product that is not in high enough demand to compete with bullion. Other than that, I am for it!

[@Tempacc-t3x]

I feel that Goldbacks are going to grow and be accepted all across the country! Although it has a premium above melt it does set a trade value. Once most people get educated they will understand how it will work! Imagine it!!!! Currency backed back by Gold!!!! With art on them!

[@X9523-z3v]

Silver already does everything they want backs to do

[@E-w1z]

If goldbacks become widely used currency, that's fine. My exchange rate will be melt value, not MSRP.

[@davidf3883]

They are coming out with a Florida GB next.

[@clibertin6223]

Do excellent on your core business.

[@AdamCrawford1976]

I love the idea of the Goldbacks. I have purchased a few, but if they catch on I think it will be great. I will definitely take them as payment when my food truck opens.

[@larryvand6105]

You all are so amazing at what you currently do. I’d just stay in your lane and keep slinging the bullion. Don’t fall for the latest shiny object.

[@MilqueMoney]

If Goldbacks were closer to spot and not twice their inherent value, i would be a huge buyer of them.

[@colojeeep]

If you want to add SKUs, add fractional foreign gold. I buy it simply because the premium is cheaper than fractional gold eagles. Fractional is the same thing you’re talking about with Gold Backs.

[@buyystocks]

goldbacks are garbage to me

[@X9523-z3v]

Right. They're just trying to fill the neich silver is occupying

[@ashtongaeta2581]

I got one at spot only time I would buy them

[@jerryspencer2598]

I like the goldbacks. I think the premiums shrink with the larger denominations. If the customer knows upfront that the premiums are high on the small denoms, and they are ok with that, then your conscience should be clear as the seller. Its another source of revenue for your business and youre selling a product that is in demand. Win win as they say.

[@INTERNETVID]

Many people would say and with some justification that they wouldn't come to within a thousand miles of a 1/10th oz. gold Eagle purchase due to its high premium. It's a matter of degrees. Beauty is in the eye of the beholder, and value is in the mind of the purchaser. Let the customer decide.

[@brandymocanu6073]

It was a great idea. It just will never catch on until all businesses are on board and it is accepted overseas.

[@IMDunn-oy9cd]

I have no interests in Goldbacks just because of the premiums. I don't see what they can do that I wouldn't be able to accomplish with junk 90.

[@BillGuyHawaii]

How do you verify the gold backs that people bring to you. You can't verify them. You don't need them. Stick to your plan,TCB ASEs, 90%, Gold Eagles.

[@Jmcevolve2023]

Personally I do not own any holdback. But it's a great idea to stock a little bit of the goldback because u are a precious metal shop owner

[@ChrisStgermain-be8kf]

Goldbacks, neither here or there. Super pricy premiums. Thx! :)

[@bigo2032]

In my opinion, goldbacks are a novelty, sort of like a copper round, I may buy one just for the fun of it Keep Stackin Bros

[@billseymourjr5472]

I think Gold Backs are bought more for the art work than gold value. If i can find them at spot I will buy one but not the higher denominations.

[@milessakauye8819]

I think it is more gimmicky. The premium is too high. they look cool though.

[@mazdafiero112]

Off question? What is everyone using to keep the humidity down in your safe? I dried out the packet that comes with it twice, but now I keep it below 60 percent. Which is too high in my opinion.

[@terawattyear]

GoldBacks - Gimmick. Try and refine one of those abominations... You think the refiners don't want 35% warnicks or 40% Kennedys... try and get them to take these things. Nope - Give any prepper 90% silver or American Eagles. Goldbacks are pretty yes, but wait until people can't move one because it isn't "retail friendly". Just a matter of time before the things require 3rd party grading. Sigh...

[@X9523-z3v]

Plus, silver already does everything they want goldbacks to do

[@nufamilia]

I love the goldbacks way more than bitcoin.

[@chassmith7303]

i have some goldbacks but the premium is too high at the moment

[@jamesitsines6890]

I guess my question is as a Goldback destributor would you be required to take them at the Goldback exchange rate as payments for your products? Then hell No!

[@jamesdouglas6379]

Well there must be a reason that Walmart stocks Reeses cups at the check out counter....actually i kinda like goldbacks and the entry point is low... I might buy one once in a while kinda like the odd numismatic item at WAYYYY over spot...

[@tokindave45]

People will buy goldbacks.. bc it's low cost gold. Most stackers avoid them but when I watch auctions.. they always sell.

[@michaelporter5679]

I will never waste my money on gold backs. I think that it’s a complete waste of money. Period.

[@jasonandjulim4163]

I'm not a goldback fan. But the artwork is nice.

[@tommystacker3286]

I will probably never buy gold backs… but then again I said that about 1/10 oz gold.

[@ronjochucksi9698]

its the end of the day - did you get any more 90% in today that might make it worth my trip up there tomorrow to sell scrap gold and buy the 90% at melt?

[@joshuahawkee4949]

Would you sell the 1/10 clad gold coins ? Just a thought. I vote no on the gold backs .

[@JALRML1251]

Goldbacks are attractive in regards to design. I wouldn't be interested in them at this point. Your shop your prerogative. I come in from time to time when metals take a big hit and buy just under 10K, I'm a value buyer and willing to drive the 310 mile round trip because of your outstanding premiums. Breaks my heart to hear pre 33 gold is melted. If the timing was right I would buy as much as you have.

[@ronjochucksi9698]

just my humble opinion as a 20 year regular stacker and 30 year collector of morgan and peace dollars... regarding the goldbacks... I would NOT stack them for resale purposes. The price points on them are way way out of line. I would never personally buy them .

[@MWT5428]

I’ll be honest up until yesterday when I watched a video from sreetips. I didn’t really trust them but he bought 10 $50 denomination which were 1/20 gold and he refined them to see just exactly how much gold he would get out of them. He’s a chemist he’s gold silver all that stuff and he got 15.2g out of the gold backs, which is just shy of a half ounce, so it changed my mind. Glory to GOD!

[@PattyAngelStacker64]

I watched his video too. I am glad someone tested them.

[@elheat247]

Goldbacks aren't a two way market. Cant sell them and premium is outrageous 😢😢

[@RudyHermes]

Not for me good job thank you

[@losinglouie]

What do you pay for platinum?

[@X9523-z3v]

@@losinglouie I've got an old tractor mower I'm not using anymore

[@SofaKing411]

Silver and junk 90 can satisfy your needs. Premiums on gold backs are terrible.

[@AmericanStacker-z8e]

The six major LCS in our area do not carry Goldbacks ….. like the real American gold coins !!! If someone needs a fractional currency go constitutional it’s already money and recognized!!! 🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸

[@marymastromauro8164]

Not a fan of goldbacks

[@Bobber002]

FYI, I would never buy Goldbacks as the premium is outrageous. Just a conversation piece for the coffee table, IMHO.

[@TheBivona]

Gold backs are a good idea… but the premiums are far to high

[@ah5836]

I bet everyone is wishing now they were buying up all these silver at spot deals, yikes things are shooting up

[@INTERNETVID]

Bring in some goldbacks on a limited basis and gauge its sales performance. Those who don't want it.. just don't purchase it. Those who want it.. buy it. Same principle as every other item that Vermillion Enterprises offers for sale. Problem solved.

[@NoneneedToknow-oj6lt]

So far it can still change

[@Steelythestacker]

If it were me I would stay away from the goldbacks. They are cool as a gimmick, as an art piece, or novelty, but the premiums on them are absolutely outrageous. I won't ever buy any unless I find one or a couple different ones for spot or close to it. And even then I would just do it to have an example, I would never buy a quantity. In a SHTF situation, good luck convincing somebody that that plastic bill has gold in it. Those of us in the precious metal community know it's there, but it's not like a silver dime and easy to prove.

[@NoneneedToknow-oj6lt]

But keep an eye on it for sure

[@bharris1653]

As a long time stacker I can’t even consider any type of goldbacks or silverbacks! The premium is way out of reason! The silverbacks are even worse! I like the idea but not for the price!

[@learsiyenoham]

Goldbacks are a no for me, the premiums are too high.

[@MWT5428]

But don’t get me wrong I might put a few of them in my safe just for like collector value because they are real gold, but I ain’t gonna put no big money on them. Glory to GOD!

[@jimsimpson9552]

at least the gold back will go up in value unlike the u.s. dollar going down

[@TrueReject]

People are paying between 5 to 8 dollars for a 1 denomination gold back. This makes a 5k to 8k oz of gold. That is disgusting. The idea is great but will never work in it's current form. And until you added at the end that it should be viewed as a novelty I was writing g a completely different comment. These things should not be promoted to anyone.

[@markmcdowell6878]

NO GOLD BACKS !!!! WE HAVE A NEW GOLD BACK U.S.D. Will be out SOON!!!!!!!

[@moriorinvictus]

I think I'm in the minority regarding goldbacks, but I don't think they will ever be fully adopted by businesses. Personally I would never buy them. Don't like the premiums, and don't like how easily they can be destroyed. If you're a prepper, junk silver and pre 33 fractionals seem much better.

[@SilverMonsterCoind]

Common date morgan going hugely over spot and gold only going at spot +2 percent. This is completely backwards.

[@williamswinney2444]

I just don’t see it as anything more than a novelty personally

[@210stacks-lq3tg]

Not on board with Gold backs..Silver backs..I feel they are a novelty and way overpriced.. BUT they may be profitable for retail il never play that game myself

[@chrisdowns422]

You should supply what your customers want. That said, I won't be buying any ever.

[@Wes_Stacks.]

Melt it all

[@rolandocastaneda4429]

I say this respectfully. Don't do goldbacks. You are a business that sells metals consistently close to melt or spot value. This would be inconsistent with your business representation and presentation. It's definitely fun to talk about but holds little nutritional value in my opinion.

[@sambell8655]

I will not be purchasing any goldbacks.

[@ejwalsh877]

Goldbacks are a complete ripoff imo. However... Since you're melting so much precious metal, would it be worth it to create your own version of fractional amounts? If you offered at a more reasonable markup may be extremely popular 🤔

[@mysterybuyer3738]

Can't stand goldbacks. I call them a scam. The premium over the metal is astronomical and if you had to get the gold out of them it looks like it would be a mess.