The Contrarian Investor Podcast
Nathaniel E. Baker
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The Gold-Backed Currency for Everyday Use, Already in Circulation (Szn 4, Ep. 32)
Premium subscribers received this episode several days early -- and without ads or announcements -- as they do all podcast episodes. Sign up on Supercast or Substack. You can also take our listener survey to receive a free month of access. Jeremy Cordon joins the podcast to discuss his Goldback creation. These gold-imbued currency notes are worth upwards of 1/1000 a troy ounce and are already circulating (and being used) for point-of-sale transactions. Content Highlights Goldbacks seek to solve one of the challenges of using gold as a currency of exchange: the lack of small denominations that can be used in point-of-sale transactions (2:57); A single goldback is worth 1/1000 of a troy ounce of gold, or about $4 at current rates. The notes are imbued with physical gold through a microtechnology process and serialized (5:06); Goldbacks trade at a premium to physical gold because of the engineering and artistic labor that goes into their production -- and demand, as supply has historically been limited (8:54) Goldbacks as a disaster hedge (12:48); Background on the guest and how he came to create goldbacks (16:57); The limitations of cryptocurrencies when it comes to creating a gold-backed currency, through the guest's own experience (21:35); The legality of creating gold-backed currency (24:12); Between $8 million and $12 million-worth of goldbacks are currently in circulation, but goldback.com is a wholesaler (26:48); The guest's investing strategy and the concept of gold-backed leases as a way to profit from the goldback trend (30:57). More on Jeremy Cordon Website: Goldback.com; LinkedIn page; YouTube channel; Instagram: @Goldback. Disclaimer: The host does not own goldbacks, holds no particular view on goldbacks, and does not benefit from the sale of goldbacks.
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