/biz/ - Business & Finance

reposting my goldback math for those curious:

even though I'm suspicious of the whole enterprise, it's a brilliant idea and very simple to measure on the milli scale:
0.001 oz = 1 goldback
0.005 = 5
0.010 = 10
0.025 = 25
0.050 = 50

I wish that was made much more clear, with minimal text. would love to use them as real currency when the time is right. a lot of the language on the bills is unnecessarily confusing, like calling them "coins" and being "for circulation in utah."

I see it as a spiritual successor to norfed, only less scummy because it's not an outright pyramid scheme. the premiums are definitely crazy

a full set is 0.091 oz troy, spot is 1,695.70
bullion value for a set is 154.3087
I paid $350 for a set and wallet ($30 retail price)

minus $30 for the wallet, that's a 107.376% premium for a set
remember that actual solid numismatic gold like a $2.50 indian head may carry premiums only 70%

tl;dr it's a ripoff

I'm glad I bought 1 single original set to complement the $10 face value norfed dollars (I paid 90.959% over spot and don't consider it a ripoff at all, considering the guy got v& and it was a pyramid scheme so they melted down most $10's to resell them as $20's). that's my completed edgy alt-money collection done. now I can chill out, stack cash, and focus on finding real gold for the deepest discounts.