Loading ...You make many very intelligent posts to this forum so you must have reasons why you believe GoldBacks are a viable alternative to, and replacement for the US Dollar.
Amals mentioned one of my greatest objections or criticisms to the GoldBack idea, and it was one that I previously mentioned that got scrubbed from the site twice when I published it. IMO silver in its many forms would be the most workable form of money for small to medium sized purchases when gold is too large.
Unless I misunderstood what was said in that GoldBack presentation, they said they would take an ounce of gold, divide it into 1000 portions and place 1/1000 of that ounce of Gold in each $1 GoldBack to make 1000 $1 Goldbacks….and the same ratio for the $5 GoldBack. Each $5 GoldBack would have 1/200 of an ounce of gold, and so on for GoldBacks of larger denominations….. and every GoldBack would have the amount of gold imbedded (printed) into it according to it’s face value, then it would be sealed in plastic to preserve each GoldBack.
IMO, this is equivalent to throwing gold to the wind, at least in those smaller denominations. I think it would not be possible to economically retrieve one thousandth of an ounce of gold from a $1 Goldback, or any of the other smaller denomination, therefore whatever gold was in them would be, and already has been, lost and of no value since it cannot be recovered.
Anyway, just a piece of my 2 cents, and I have not accounted for the 100% (double the cost) premium you mentioned to buy these GoldBacks….I think a better bargain would be to just buy silver and gold phyz for close to spot, and have their full purchasing power to use…..BWTHDIK! All The Best from Silverngold!