1
00:00:00,080 --> 00:00:05,160
So goldbacks by the numbers, they're
the most successful local currency in American history

2
00:00:05,599 --> 00:00:09,960
and only four years so they've been
out since twenty nineteen. Between twenty nineteen

3
00:00:10,000 --> 00:00:13,720
and the end of twenty twenty two, we sold about fifty million dollars worth

4
00:00:13,720 --> 00:00:18,199
of gold backs. Now for twenty
twenty three, we sold six million dollars

5
00:00:18,239 --> 00:00:22,760
worth. Last month, you were
listening to Carrie Letz's Financial Survival Network,

6
00:00:23,000 --> 00:00:28,359
where you get valuable information you just
can't find anywhere else to thrive in today's

7
00:00:28,399 --> 00:00:34,079
trying times. You need the Financial
Survival Network now more than ever. Go

8
00:00:34,200 --> 00:00:39,719
to Financial Survival and Network dot com
and get your free newsletter in gift Financial

9
00:00:39,880 --> 00:00:49,119
Survival Network now more than ever,
and welcome. You are listening to watching

10
00:00:49,119 --> 00:00:52,719
the Financial Survival and Network. I'm
your host, Carrie Letts. Well,

11
00:00:52,759 --> 00:00:59,280
we're always looking for new innovations in
the hard money precious metal space. We've

12
00:00:59,320 --> 00:01:03,200
got one here for you now,
and I'd like to know what your thoughts

13
00:01:03,280 --> 00:01:11,560
are after you hear this interview with
the Jeremy Cordon and the website is gold

14
00:01:11,599 --> 00:01:17,239
Back Gooldback dot com. Tell me
what your thoughts are about it. The

15
00:01:17,560 --> 00:01:21,959
email address is kl at Kerry lads
dot Com will afford them off to Jeremy.

16
00:01:22,319 --> 00:01:26,599
Jeremy, it's great to have you
on the show, so briefly tell

17
00:01:26,680 --> 00:01:33,239
us what goldbacks is all about.
The goldbacks are the most technologically advanced commodity

18
00:01:33,280 --> 00:01:36,879
money in the entire world. What
we've done is we've taken an ounce of

19
00:01:36,879 --> 00:01:41,120
gold, We've split it into a
thousand pieces and put it in a bill

20
00:01:41,200 --> 00:01:47,319
like form that's never been counterfeited,
so people can use gold just like cash.

21
00:01:47,400 --> 00:01:53,000
So it's somehow it wrapped in a
protective layer. Somehow. You can't

22
00:01:53,040 --> 00:01:57,840
just print out, you know,
or create a one thousandth of an ounce

23
00:01:57,879 --> 00:02:01,920
piece of gold without having something around
it has that work. So a lot

24
00:02:01,959 --> 00:02:05,560
of people think a gold back is
like a foil, you know, it's

25
00:02:05,560 --> 00:02:08,120
coming out of some kind of roller, but it's not. It's it's vacuum

26
00:02:08,159 --> 00:02:13,719
deposition. So we've got this chamber
where you've got a fifty pound sheet of

27
00:02:13,759 --> 00:02:19,919
gold getting hit by lasers and it's
depositing atom by atom particles of gold on

28
00:02:19,960 --> 00:02:23,840
a polymer, and then that gets
in case with another polymer, making a

29
00:02:23,919 --> 00:02:25,879
gold sandwich, I guess. And
these things kind of look like, you

30
00:02:25,919 --> 00:02:30,919
know, Willy Wonka tickets, you
know, for lack of a better visual,

31
00:02:30,840 --> 00:02:34,560
and you know, the process being
as high tech as it is,

32
00:02:34,879 --> 00:02:37,960
you know, normally as technology is
just used for you know, diabetic test

33
00:02:38,240 --> 00:02:43,360
rips or microchips in your phone or
your car or your laptop. This is

34
00:02:43,400 --> 00:02:47,479
the only Bullion product that uses this
process for being created. And that's part

35
00:02:47,479 --> 00:02:52,199
of what makes it so difficult to
counterfeit. Okay, is there like some

36
00:02:52,319 --> 00:02:59,439
kind of the protective identification blockchain or
holograph for something on it? How do

37
00:02:59,479 --> 00:03:02,360
I know it's real? So it
does have six different security features on there.

38
00:03:02,800 --> 00:03:07,159
You have non repeating patterns on the
front for five different security features,

39
00:03:07,199 --> 00:03:10,319
and then the back is a perfect
negative image of the front including the serial

40
00:03:10,400 --> 00:03:16,120
number. See that, which makes
them insanely difficult to counterfeit. And you

41
00:03:16,159 --> 00:03:21,280
know, I say insanely difficult.
It's it'd probably be too ambitious to say

42
00:03:21,360 --> 00:03:24,319
impossible, but nobody has ever done
it, you know, and probably because

43
00:03:24,319 --> 00:03:28,199
it would cost ten million dollars for
the equipment and it'd take them, you

44
00:03:28,199 --> 00:03:30,199
know, ten years to figure out. And then you're counterfeiting something that's worth

45
00:03:30,319 --> 00:03:36,520
you know, four bucks. Yeah, but the twentieth of announce is worth

46
00:03:36,680 --> 00:03:39,599
roughly one hundred bucks, right,
that's worth So the twentieth of announced the

47
00:03:39,639 --> 00:03:44,560
fifty gold back. You can change
it in for fifty of the small ones,

48
00:03:45,400 --> 00:03:49,360
which makes this fifty really special.
And you know they run closer to

49
00:03:49,360 --> 00:03:53,840
two hundred bucks, I'd probably be
more desirable to counterfeit. But again,

50
00:03:54,199 --> 00:03:58,000
where we're at with the technology,
it's never happened yet. I think we're

51
00:03:58,000 --> 00:04:00,759
about ten years ahead of counterfeiters,
which gives us ten years to add even

52
00:04:00,800 --> 00:04:04,400
more security features as we go.
All right, but I've got another security

53
00:04:04,400 --> 00:04:10,800
feature I'll talk to you about after
this show, that one hundred percent impossible

54
00:04:10,840 --> 00:04:15,080
to counterfeit. I'd love to hear
about it. Yeah, it's a guest

55
00:04:15,120 --> 00:04:17,439
I had on the show. We'll
talk about it afterwards. In the meantime,

56
00:04:17,519 --> 00:04:20,920
what is one of these things cost? So a gold back runs about

57
00:04:20,920 --> 00:04:25,600
four bucks, that's what you can
spend it for. So you're looking at

58
00:04:26,879 --> 00:04:30,279
you know, about one hundred percent
over melt. But you know, for

59
00:04:30,519 --> 00:04:34,399
going that small one one thousandth of
an ounce, it used to cost six

60
00:04:34,519 --> 00:04:39,959
or seven hundred percent over mels.
So we've really gotten the process down to

61
00:04:40,000 --> 00:04:45,920
where it's very affordable. All right, So I can, so it's worth

62
00:04:46,000 --> 00:04:49,560
four bucks. Who's going to give
me four dollars for it? About fifty

63
00:04:49,560 --> 00:04:54,720
percent of small business owners, you
know. And that's where people in the

64
00:04:54,759 --> 00:04:59,240
precious metal space tend to have a
hard time with gold backs. But you

65
00:04:59,279 --> 00:05:00,720
got to realize, this is the
one hundred dollar bills in your wallet.

66
00:05:00,959 --> 00:05:05,240
How much gold is in most none? None? But what do your use?

67
00:05:05,639 --> 00:05:09,759
Do you use gold coins or one
hundred dollar bills? Well? I

68
00:05:09,800 --> 00:05:13,079
think everybody uses on hundred dollar bills, you know. And the reason why

69
00:05:14,279 --> 00:05:16,160
is because they have utility. You
know, they have utility. If you

70
00:05:16,199 --> 00:05:19,800
know that somebody else will accept it, that's good enough. And the big

71
00:05:19,800 --> 00:05:24,680
surprise of gold backs is that half
a small business owners want to take them

72
00:05:24,720 --> 00:05:28,279
as payment, because why wouldn't want
They want to take a currency that's for

73
00:05:28,399 --> 00:05:31,279
a money that's never lost to inflation. So in this case, I wouldn't

74
00:05:31,319 --> 00:05:36,839
call it a premium. I'd call
it to signorage, right, Like what

75
00:05:38,360 --> 00:05:41,639
value? Right? Yeah, it's
a value. It's it's a different way

76
00:05:41,639 --> 00:05:45,480
to think about it. Completely.
Nobody's melting down gold backs to recover a

77
00:05:45,560 --> 00:05:49,240
gold That would be a very foolish
way to buy gold for the melt value

78
00:05:50,199 --> 00:05:54,600
but again, you know, people
are using these as money, not you

79
00:05:54,639 --> 00:05:58,040
know, as a bulk way of
buying precious metals. All right, So

80
00:05:58,079 --> 00:06:01,439
if I've got a million dollars worth
of your gold backs, which is the

81
00:06:01,480 --> 00:06:06,600
equivalent of five hundred thousand dollars worth
of their metal content, and the dollar

82
00:06:08,240 --> 00:06:13,160
becomes worthless, then people are going
to watch these things. Huh. Well,

83
00:06:13,360 --> 00:06:15,519
yeah, we've already seen it,
you know. So like when COVID

84
00:06:15,600 --> 00:06:18,160
hit, you know, about two
weeks in, that's when you know,

85
00:06:18,439 --> 00:06:21,160
normal people started getting really scared.
You know, I remember going to the

86
00:06:21,639 --> 00:06:26,959
classgow and there's kind of this atmosphere
fear in the air. You know,

87
00:06:27,040 --> 00:06:30,639
people are buying toilet paper and everything
they could get their hands on because one

88
00:06:30,680 --> 00:06:32,399
and they're worried they're gonna have to
go without, you know, if they

89
00:06:32,399 --> 00:06:36,519
didn't hurry. And two there's kind
of this underlying fear that maybe the currency

90
00:06:36,560 --> 00:06:40,920
wouldn't keep its value right, maybe
the dollar wouldn't buy things later. And

91
00:06:40,959 --> 00:06:45,759
when that happened, every single gold
back that was available anywhere through any of

92
00:06:45,759 --> 00:06:47,759
our dealers sold out, you know, all of them were bought up.

93
00:06:47,879 --> 00:06:50,519
The only place that you could buy
a gold back was on eBay. You

94
00:06:50,519 --> 00:06:55,639
know how much they costed. How
much here to gas. I can't even

95
00:06:55,680 --> 00:06:59,480
imagine they were selling for fifty dollars
a piece. Because here's the thing.

96
00:06:59,519 --> 00:07:02,079
All that demand one hundred dollar bills, all that demand is based off the

97
00:07:02,120 --> 00:07:08,680
demand for having a money that has
utility and works. And when that's threatened,

98
00:07:08,720 --> 00:07:12,120
when one hundred dollar bill becomes a
threatened product, when people are scared

99
00:07:12,240 --> 00:07:15,720
that that utility might not be there, they race to the next best thing.

100
00:07:15,160 --> 00:07:18,399
You know. It's like, I
don't think there are many people out

101
00:07:18,399 --> 00:07:23,120
there they're saying that a two thousand
dollars gold coin is going to be the

102
00:07:23,160 --> 00:07:26,240
standard unit of money. But you
know, if you have a four dollar

103
00:07:26,360 --> 00:07:29,439
gold back, you know, and
you can buy your coffee with that,

104
00:07:29,439 --> 00:07:31,920
that's a very different value proposition.
And I think that's why people were so

105
00:07:32,000 --> 00:07:35,959
desperate to get goldbacks, because they
wanted something that would actually were bit in

106
00:07:35,959 --> 00:07:39,800
their wallet and be convenient, you
know. And that's why we're seeing people

107
00:07:39,800 --> 00:07:43,360
come in and you know, they're
taking these gold coins that they own for

108
00:07:43,480 --> 00:07:46,079
justin case, like a justin case
scenario, and they're training them for goldbacks

109
00:07:46,279 --> 00:07:49,240
because that's a better goal to own
in a justin case scenario. In fact,

110
00:07:49,240 --> 00:07:53,839
there's people that are using them and
spending them all over the country today.

111
00:07:54,920 --> 00:07:58,920
How many of these are in circulation
now? So goldbacks, by the

112
00:07:59,000 --> 00:08:03,839
numbers, they're the most successful local
currency in American history in only four years.

113
00:08:03,000 --> 00:08:07,560
So they've been out since twenty nineteen. Between twenty nineteen and the end

114
00:08:07,600 --> 00:08:11,839
of twenty twenty two, we sold
about fifty million dollars worth of gold backs.

115
00:08:11,879 --> 00:08:16,399
Now for twenty twenty three, we
sold six million dollars worth last month.

116
00:08:16,600 --> 00:08:18,839
Wow, in six million dollars a
month before that. So we're really

117
00:08:18,879 --> 00:08:24,120
seeing kind of this exponential growth in
interest in gold backs. As you know,

118
00:08:24,240 --> 00:08:28,040
the banks are having these issues,
you know, as the as the

119
00:08:28,120 --> 00:08:31,679
dollar looks more precarious, you know, people are looking to you know,

120
00:08:31,799 --> 00:08:39,200
other ways to use money. Okay, well it's a fascinating thing. So

121
00:08:39,200 --> 00:08:46,000
so demand for these things is going
up. And I'm just wondered, is

122
00:08:46,240 --> 00:08:50,639
the government said anything to you about
this, you were like infringing. I

123
00:08:50,679 --> 00:08:54,320
mean, it's no different than a
cryptocurrency basically, when you get down to

124
00:08:54,440 --> 00:08:58,279
it, other than it's physical reality. No, it's it's it's it's very

125
00:08:58,320 --> 00:09:01,919
different from a cryptocurrency, extremely different
Um, you know, well, okay,

126
00:09:03,120 --> 00:09:07,279
I'd say that they're both in a
similar genre in that they're alternatives to

127
00:09:07,360 --> 00:09:11,480
the dollar, right, people,
people might buy those and transact with them

128
00:09:11,480 --> 00:09:13,559
instead of dollars and that and that
way they're similar. Um, you know,

129
00:09:13,639 --> 00:09:16,440
crypto has the advantage of being able
to spend it across the country,

130
00:09:16,600 --> 00:09:20,080
right, you know, I could
pay somebody's you know, bitcoin wallet in

131
00:09:20,080 --> 00:09:22,200
New York from you know, San
Francisco or you know. That'd be harder,

132
00:09:22,559 --> 00:09:24,639
Yeah, that'd be harder. With
the gold back. The gold back

133
00:09:24,720 --> 00:09:28,200
is a lot more like cash.
It's private, so there's not it's not

134
00:09:28,320 --> 00:09:33,399
logged in some blockchain to be seen
by anybody forever. You know, it's

135
00:09:33,440 --> 00:09:37,240
not you know, something that exists
within a forty digit halsword on a forty

136
00:09:37,320 --> 00:09:41,279
digit wallet and you can never forget
either of those two numbers, or you

137
00:09:41,360 --> 00:09:46,600
know, it's gone. I've got
I've got thirty thousand dollars in crypto that

138
00:09:46,639 --> 00:09:50,039
I can't access because I don't have
the password. Yeah that's it, you

139
00:09:50,120 --> 00:09:54,799
know. So it's like I got
seven thousand, So I'm almost their point.

140
00:09:54,879 --> 00:09:58,279
Yeah, you're you're there with me. And also, I was so

141
00:09:58,360 --> 00:10:01,519
happy when it went down from sixty
seven thousand, because then my loss was

142
00:10:01,559 --> 00:10:03,960
a lot less, you know,
right, yeah, you feel a little

143
00:10:05,000 --> 00:10:07,039
bit better about it, you know, you know how that is. And

144
00:10:07,080 --> 00:10:11,039
that's again gold backs it's a lot
more like cash. You know, I

145
00:10:11,279 --> 00:10:13,480
hand it to somebody, they see
it, they want it, and it's

146
00:10:13,519 --> 00:10:16,080
over. And you know, only
people that know about the transaction are the

147
00:10:16,080 --> 00:10:18,840
people that we tell about it.
All right, it's just like cash in

148
00:10:18,879 --> 00:10:24,320
twenty nineteen, what were you selling? Uh, the smallest one for how

149
00:10:24,399 --> 00:10:28,320
much? Two dollars? So?
So now or do you buy them back

150
00:10:28,360 --> 00:10:31,360
at all? Yeah? Oh,
there's a strong market. I mean,

151
00:10:31,679 --> 00:10:35,960
so you know, our best dealers
for gold backs, they they'll put like

152
00:10:35,960 --> 00:10:37,960
a five percent of spread on them, which is a tighter spread than you

153
00:10:37,960 --> 00:10:41,519
can even get on silver. Sure, all right, so they'll buy them

154
00:10:41,519 --> 00:10:46,919
back at for basically three eighty Yeah, if they saw them for four then

155
00:10:46,960 --> 00:10:50,480
maybe buying them back from their customers
for like three eighty. Oh well that's

156
00:10:50,879 --> 00:10:56,080
interesting. So it is, So
why does it why is it worth double

157
00:10:56,120 --> 00:11:01,039
the mill the value? And I
use it because that in the quotes,

158
00:11:01,519 --> 00:11:05,799
sure, because that's what people accept
it for. You know, So we've

159
00:11:05,799 --> 00:11:07,840
got you know, we started setting
up a merchant network because we knew this

160
00:11:07,840 --> 00:11:09,759
would be one of the early questions
with gold backs, like, well,

161
00:11:09,759 --> 00:11:13,200
who would take it? You know, who would actually want this as money?

162
00:11:13,320 --> 00:11:16,000
I was hoping that five to ten
percent of business owners would go for

163
00:11:16,039 --> 00:11:18,879
it and maybe find the libertarians and
the preppers that have businesses that you know,

164
00:11:20,039 --> 00:11:22,159
kind of get it and want to
you know, accept gold as payment.

165
00:11:22,360 --> 00:11:26,759
What astounded us is that it was
closer to fifty percent of business owners

166
00:11:26,919 --> 00:11:28,559
that we're willing to take goldbacks as
payment. In fact, you know,

167
00:11:28,679 --> 00:11:31,879
we've just we haven't even put a
ton of effort into it. We've had

168
00:11:31,879 --> 00:11:37,039
businesses approaching us saying, hey,
we would prefer to take payment and gold

169
00:11:37,080 --> 00:11:41,279
backs, and we'll advertise them.
So in Utah, there are six businesses

170
00:11:41,320 --> 00:11:45,159
that accept goldbacks for every one business
that accepts a bitcoin. And we've got

171
00:11:45,159 --> 00:11:46,320
a map and we map them out. And it's not just you know,

172
00:11:46,360 --> 00:11:50,759
the lemonade stand. It's you know, contractors that build houses and car dealerships

173
00:11:50,759 --> 00:11:58,360
and surgeons and chiropractors and grocery stores
and gas stations and all the things that

174
00:11:58,399 --> 00:12:01,919
you could imagine people are except goldbacks, and they have gold back excepting stickers

175
00:12:01,919 --> 00:12:07,720
in their windows all over all over
the place in Utah. As far as

176
00:12:07,159 --> 00:12:11,000
you mentioned the legal thing, legally, goldbacks are very different from crypto.

177
00:12:11,279 --> 00:12:16,159
So goldbacks are a bullion product with
the secondary uses of local currency. But

178
00:12:16,279 --> 00:12:20,519
goldbacks can technically be turned in and
we'll give you a gold egal forum.

179
00:12:20,840 --> 00:12:26,240
So it's tied into the Uniform Commercial
Code for you know, the states,

180
00:12:26,639 --> 00:12:31,559
in every state. And that's important
because under federal law you can't really make

181
00:12:31,600 --> 00:12:35,840
your own money unless otherwise authorized by
state law. So what the gold back

182
00:12:35,039 --> 00:12:41,080
is a series of local currencies that
have a lot of barter ability use in

183
00:12:41,159 --> 00:12:46,720
any stage under state law. So
you said it comes under the Uniform Commercial

184
00:12:46,759 --> 00:12:50,279
Code. You're talking to a recovering
attorney here, So it is that because

185
00:12:50,320 --> 00:12:56,840
it's negotiable bearer certificate or what is
it exacting? Yeah, So if you

186
00:12:56,879 --> 00:13:00,840
look at like a gift card or
or a coupon, you know, a

187
00:13:00,840 --> 00:13:01,679
lot of them will say, hey, you know you could this has a

188
00:13:01,720 --> 00:13:05,240
cash value of a penny or something
like that. Right, we'll have that

189
00:13:05,360 --> 00:13:11,080
language on there. The government.
They actually meant these coins that are fifty

190
00:13:11,080 --> 00:13:15,039
dollars US minted one ounce gold coins. It's the gold eagle, right,

191
00:13:15,159 --> 00:13:18,320
So that's what the government makes.
What we say is if you have a

192
00:13:18,399 --> 00:13:22,759
thousand gold backs of any denomination that
ways an ounce of that ways an ounce,

193
00:13:22,120 --> 00:13:26,519
we will give you a one ounce
gold eagle or those gold backs.

194
00:13:26,559 --> 00:13:31,039
And we make that promise on the
gold back says this gold back contains one

195
00:13:31,120 --> 00:13:35,000
twentieth of a troy ounce of gold
exchangeable by gold back inc In US gold

196
00:13:35,000 --> 00:13:39,519
coin to bear on demand. So
you know, in order to prohibit gold

197
00:13:39,519 --> 00:13:41,600
backs, you'd have to do it
at the state level, and you'd have

198
00:13:41,639 --> 00:13:46,159
to change every one of these fifty
laws to outlaw gold backs, because again,

199
00:13:46,200 --> 00:13:50,200
we operate off state law, and
you'd have to change it for all

200
00:13:50,240 --> 00:13:54,679
the coupons and all the gift cards
and all the other groups that quote unquote

201
00:13:54,720 --> 00:13:58,360
printing their own money. You know, it's it's like a gold certificate that's

202
00:13:58,360 --> 00:14:01,639
made out of gold itself. That's
that's how that's how the gold back is

203
00:14:01,720 --> 00:14:05,039
legally structured, and I think that's
why bureaucrats don't really want to mess with

204
00:14:05,080 --> 00:14:09,480
it. You know, compared to
crypto, you know, at fifty million,

205
00:14:09,600 --> 00:14:11,720
seventy million dollars for the gold backs
out there, it's too small to

206
00:14:11,840 --> 00:14:16,039
really be super worth their attention.
Now. I think we might get more

207
00:14:16,080 --> 00:14:20,360
attention when we prospect a billion or
two billion dollars mark. But you know,

208
00:14:20,399 --> 00:14:22,519
so far, it's you know,
it's been smooth sailing. That's really

209
00:14:22,559 --> 00:14:26,200
cool. I gotta say, uh, I haven't really seen anything quite like

210
00:14:26,360 --> 00:14:33,320
it. I've seen goldback cryptos that
really haven't gone anywhere, and I've seen

211
00:14:33,639 --> 00:14:41,519
gold black blockchain ownership that has not
gone anywhere. This is kind of a

212
00:14:41,799 --> 00:14:43,720
first for me. Well, you
know what I used to do gold blockchain.

213
00:14:43,919 --> 00:14:48,039
You know what I did before goldbacks
is I had a company called Quintrick.

214
00:14:48,320 --> 00:14:50,519
We split announce of gold into a
thousand pieces and we tried to sell

215
00:14:50,559 --> 00:14:54,159
those. And what I was told
at events so over and over again was

216
00:14:54,720 --> 00:14:58,080
something along the lines of if you
don't hold it, you don't own it.

217
00:14:58,080 --> 00:15:01,240
It's not that I don't try.
I don't trust the government you're going

218
00:15:01,279 --> 00:15:05,360
to vault all the gold for me
and give me a token saying I own

219
00:15:05,360 --> 00:15:07,440
a piece of it. I don't
trust that if you hit a certain size,

220
00:15:07,480 --> 00:15:11,279
the government won't roll through your vault
wall with the tank sees all the

221
00:15:11,320 --> 00:15:16,159
gold and make my tokens worthless.
I don't trust the government if I don't

222
00:15:16,159 --> 00:15:18,200
hold it and it's not mine.
So you know, in doing gold backs,

223
00:15:18,519 --> 00:15:22,120
you hold this, it's yours,
it's in your wallet. All the

224
00:15:22,159 --> 00:15:24,960
gold is with you, and you
can transact with it and spend it,

225
00:15:26,200 --> 00:15:28,960
and people are inclined to take it. People tend to want gold backs,

226
00:15:28,039 --> 00:15:31,679
even people that aren't familiar with gold. And I've never owned gold before.

227
00:15:33,399 --> 00:15:37,279
Seventy five percent of gold back owners
have never owned gold before. We've added

228
00:15:37,320 --> 00:15:41,159
three quarters of a million people to
the gold market in just the past few

229
00:15:41,279 --> 00:15:45,720
years. And although most of those
people are young, they're between the ages

230
00:15:45,720 --> 00:15:48,759
of twenty and forty. You know, we're educating an entire generation on sound

231
00:15:48,799 --> 00:15:54,320
money as we go with gold backs. That's interesting that you're getting the younger

232
00:15:54,360 --> 00:15:58,279
crowd in. If you tried this
in any other countries, are they available

233
00:15:58,279 --> 00:16:03,919
anywhere else the US? So goldbacks
have been sold on every continent that I

234
00:16:03,000 --> 00:16:10,000
know of except Frantarctica, and maybe
now we're starting to see dealers in Australia

235
00:16:10,120 --> 00:16:12,799
and in Europe, you know,
starting to carry goldbacks. Our biggest problem

236
00:16:12,879 --> 00:16:17,960
is manufacturing is a very high tech
process, and while that protects people that

237
00:16:18,039 --> 00:16:21,440
own gold backs, it makes it
difficult to make enough of them. You

238
00:16:21,480 --> 00:16:25,360
know, the reason why you probably
haven't seen goldbacks, or why you know

239
00:16:25,399 --> 00:16:29,159
some of your listeners haven't seen goldbacks, is because we have not spent the

240
00:16:29,159 --> 00:16:32,240
money marketing gold backs. You know, I want to say that we've spent

241
00:16:32,480 --> 00:16:36,600
under one hundred thousand dollars marketing goldbacks
over the last five years. And the

242
00:16:36,639 --> 00:16:38,600
reason why is people show each other, they're really excited about it, and

243
00:16:38,639 --> 00:16:41,279
it's it's hard to keep them in
stock as it is. All right,

244
00:16:41,399 --> 00:16:45,639
well, you've got a product that
people want and they're willing to pay double

245
00:16:45,879 --> 00:16:49,440
what it's intrinsic value is, which
is fascinating. Well, you know,

246
00:16:49,480 --> 00:16:53,840
if if I were to make a
one gold back, it costs so much

247
00:16:53,879 --> 00:16:59,559
money to make this thing that it's
actually manufactured at loss. I mean,

248
00:16:59,600 --> 00:17:02,399
you got to figure if as soon
as you meant a one ounce gold coin,

249
00:17:02,879 --> 00:17:04,480
you know that costs fifty to one
hundred dollars per unit, you go

250
00:17:04,559 --> 00:17:08,599
down to a ten pounce coin,
it's costing you about forty dollars and manufacturing

251
00:17:08,640 --> 00:17:12,200
per unit. We got the manufacturing
down on a gold back to about a

252
00:17:12,240 --> 00:17:15,880
dollar, you know, and it's
serialized, so we're really proud of those

253
00:17:15,880 --> 00:17:19,720
costs. But you know, it's
not like we're profiting one hundred percent on

254
00:17:19,759 --> 00:17:22,599
this. You know, we can't
make these things for free. It's it's

255
00:17:22,599 --> 00:17:29,000
an expensive process. I can appreciate
that. And so you're selling it for

256
00:17:29,000 --> 00:17:33,039
four it costs you effectively three to
make when you add in your cost and

257
00:17:33,240 --> 00:17:37,759
the and the metal lost. So
it's a little it's a little higher than

258
00:17:37,799 --> 00:17:42,119
three. I might be most quoted
at all, but it's a little over

259
00:17:42,160 --> 00:17:45,279
a dollar, okay, a little
more than a buck. Oh, I

260
00:17:45,359 --> 00:17:49,640
find it intriguing so obviously, like
when people buy the bigger ones, more

261
00:17:49,720 --> 00:17:56,640
profit in the bigger ones, because
I assume that a a fifty cost it

262
00:17:56,200 --> 00:18:02,200
is much to make as a as
a two. Am I right? No,

263
00:18:02,200 --> 00:18:03,920
no, not at all, because
you have to have fifty times as

264
00:18:03,960 --> 00:18:07,119
much time in a vacuum deposition machine. You know, most of the cost

265
00:18:07,279 --> 00:18:11,720
is that time in the machine,
is not the actual lamination or the cutting.

266
00:18:11,160 --> 00:18:14,359
You know, those are all done, you know, through a machine

267
00:18:14,400 --> 00:18:17,799
process. But the difference might be
if we made you know, a four

268
00:18:17,880 --> 00:18:21,880
percent margin on the one, you
know, maybe our margins ten percent on

269
00:18:21,920 --> 00:18:25,200
the fifty. So you're right,
it is more profitable through fifties. But

270
00:18:25,240 --> 00:18:29,559
again it's not like it's not fifty
times. It's not as rich as you

271
00:18:29,559 --> 00:18:33,200
think. If if it was,
I'd probably have an icer car twenty five

272
00:18:33,279 --> 00:18:37,119
times the cost obviously to do it. But there is a higher cost involved.

273
00:18:37,359 --> 00:18:41,960
Well, I find this fascinating.
I'm going to check more into it

274
00:18:41,039 --> 00:18:45,640
for sure, and they'll have you
back on tell us how we connect with

275
00:18:45,680 --> 00:18:49,720
you, where we find gold back
and how we buy them. Sure,

276
00:18:49,799 --> 00:18:52,720
yeah, goldbacks they're sold by all
the big metals dealers. Now we're a

277
00:18:52,720 --> 00:18:56,880
wholesaler, so you know JM.
Bullion atmex So Money Metals. You can

278
00:18:56,920 --> 00:19:00,680
go to goldback dot com and see
a whole list to businesses that sell goldbacks.

279
00:19:00,720 --> 00:19:04,119
There's about one hundred different retailers that
sell goldbacks now, and then you

280
00:19:04,160 --> 00:19:07,480
know several hundred coinstores. Um,
you know you're probably going to get a

281
00:19:07,519 --> 00:19:11,680
better deal online, so you can
see kind of the different things that are

282
00:19:11,680 --> 00:19:15,519
offered by you know, different retailers. Sure, but yeah, goldback dot

283
00:19:15,599 --> 00:19:18,160
com. That's that's a good place
to learn more. All right, Hey,

284
00:19:18,200 --> 00:19:22,680
you've got a question for Jeremy or
myself again. Email address kl at

285
00:19:22,720 --> 00:19:26,279
carry Lutz dot com will get you
an answer. There'll be a link to

286
00:19:26,319 --> 00:19:32,480
Goldback in the show notes this interview
on Financial Survival Network dot com. Make

287
00:19:32,519 --> 00:19:36,640
sure you sign up for your free
newsletter while you're there. Jeremy, really

288
00:19:36,759 --> 00:19:41,160
interesting concept and we wish you the
best. Thanks for having me, Thanks

289
00:19:41,160 --> 00:19:47,480
for listening to Carrie Lutz's Financial Survival
Network, your solution to today's trying times.

290
00:19:47,880 --> 00:19:52,799
For the latest, go to Financial
Survival Network dot com. Financial Survival

291
00:19:52,839 --> 00:20:00,359
Network now more than ever nine