According to its website, Goldbacks are not a paper currency but commodity money and their intrinsic value requires no "faith" in any government, institution or bank. Instead, the gold is physically present in them, so when people exchange goldbacks, they exchange precisely measured amounts of real 24-karat gold. Each "1" in the goldback denominations represents 1/1,000th of a Troy ounce of 24K gold. They are available in denominations of one, five, 10, 25 and 50.
During a recent episode of the "Health Ranger Report," Adams presented to his audience and his guest, the founder and CEO of Goldback Inc. Jeremy Cordon, the three ways he was able to prove the legitimacy and purity of the gold content of the goldbacks. In his laboratory, the Health Ranger melted one of the 50 goldback bills in a crucible at 1100 C for the first stage. What was left behind was malleable gold foil. Then for the second round, he melted the foil at 1100 C, which melted the gold into a small glob that weighed 1.6001 grams.
"The amount of gold that your 50 should contain is 1.555 grams. The amount of gold it contains is 1.6001 grams, which means it has a 102.89 percent recovery. So, there's a little extra gold in the goldbacks," Adams reported, adding that he also tested all the bills, which by this process, showed 102 to 107 percent consistent recovery. Cordon said that they intentionally put a little bit more gold in the gold backs because if somebody has less sophisticated ways of melting them down, they would want him to be able to recover all the gold. "We aim to be up to five percent heavier because we never want to be light," he added.
The other process Adams' CWC laboratory made was the gold samples were run through his ICP-MS instrument, which uses a plasma (ICP) to ionize the elements in a sample and then measures the ions using a mass spectrometer (MS). Adams' team uses this machine to test for heavy metals in foods as well as nutritive elements, such as magnesium and zinc and pretty much the full table of elements. The results that returned were quite fascinating, he said. "It shows that the gold you're [Cordon was] using exceeds the definition of 24-karat gold," he disclosed. "That means that goldbacks have 99.99 percent gold, but there's .01 percent of something else, which is in 24K gold. It's iron, copper and silver at a few parts per million."
Cordon further pointed out that goldback value is 50 percent of the gold content and 50 percent of utility value. "When you melt down your goldback, you're going to destroy about half the value, just recovering the commodity value. The other half is utility value." Adams added that the goldbacks are far better than hundred-worth Federal Reserve banknotes that when burned in the kiln at 1100 C, you'll have nothing but ash. Whereas goldbacks when burned, will give you $100 worth of gold (at current gold prices).
The last process Adams conducted to further prove the goldbacks' gold purity was through an inexpensive acid test, which can actually be bought online and is widely used by a lot of people. "There's a testing stone, where you scrape the gold into three different lines and then you hit it with acids that represent 14 karat, 18 karat, and 22 karat gold acids. If the gold lines do not dissolve when they're hit with those acids, it means they exceed that specs right," Adams said, presenting the photos he took when he was doing the tests. The last image showed him applying the 22K acid, which did not dissolve, meaning the melted gold from the polymer goldbacks is 24-karat gold.
Communities that use goldbacks are no longer impoverished
Elsewhere in the show, Adams asked Cordon about the importance of self-custody for those who want to hold gold in their own hands, like the lab-verified gold-embedded goldbacks. "Everything that you don't have in your own hands is at risk to some degree or other,” he said and proceeded to cite Citibank, which recently banned gun purchases. "One of the big fears around Central Bank digital currencies is it's a bit of a control play. It says 'We want to control what you pay for, and when, and how much and when your dollars expire.'"
He also pointed to China which has already started implementing its social credit score system, where if one gets too fat, there are certain restaurants he can't eat at anymore or when one says things against the government, he would not be able to buy a train ticket or shop at the grocery store. "And there are people in our society that aspire for that, they would love that level of control. They're actively working towards a system like that, where cash is phased out," he explained. (Related: Mario Innecco: RISING gold prices spell TROUBLE for the dollar and other fiat currencies.)
The good news is, as per the commodity money innovator, there are people and entire communities today that have moved off the dollar and are already using goldbacks. In some ranching communities, where the same dollars go around the same community repeatedly, they've wised and said "Hey, you know what, why should we get looted right you know, let's use gold backs," Cordon announced. Those groups have preserved so much of their value that they're no longer impoverished.
VerifiedGoldbacks.com is an affiliate site for goldbacks, meaning that this publisher earns a small commission on goldback sales from that site at no additional cost to the customer. Adams says he intends to use some of those affiliate funds to acquire more goldbacks and destroy them during ongoing, routine testing for their gold content.
Watch the full episode of the "Health Ranger Report" where Adams discussed how pure the gold content is in goldbacks.
This video is from the Health Ranger Report channel on Brighteon.com.
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