The Old Goldbacks

In August of 1971 President Nixon ended dollar convertibility to gold ending the Bretton Woods system and replacing U.S. currency with fiat money. An extremely fungible form of fractional gold that can be used in the event of a crisis the Goldback’s gold content automatically pegs its value to the U.S. Gold Dollar, rather than the Federal Reserve Note, the Goldback has emerged as a groundbreaking alternative. The Goldback employs cutting edge, patented technology which deposits gold one atom at a time onto a proprietary polymer substrate to produce a series of paper-thin, rectangular coins in denominations of one, five, ten, twenty-five and fifty. One Goldback contains 1/1,000th of a troy ounce of 24 karat gold. The other denominations have proportionately greater gold content, up to the fifty, which contains 1/20th of an ounce exactly half the gold content of the smallest gold coin minted by the U.S. government. Thus the Goldback, back fills the smaller denominations needed to create a truly workable gold currency system. One thousand Goldbacks of any combination equal an ounce of gold. At Chacote Outdoor Recreation we use the Innov-X GoldXpert XRF analyzer an easy-to use, cost-effective method to obtain alloy chemistry and karat classification with one nondestructive and nonintrusive test. 24k gold is all parts gold without traces of other metals. Because of this, it has a uniquely rich, bright yellow hue. This pureness and rare color makes 24k gold highly desirable, and the most expensive.Please note that although Chacote Outdoor Recreation and its representatives are precious metals specialists, we are not licensed or registered investment advisers, attorneys, CPA's, or other financial service professionals. We do not give any tax, financial, legal or investment advice. Additionally, be aware that precious metals, like any investment, carry risk of loss and are not a suitable investment for everyone. Past performance is not necessarily indicative of future results and precious metals may appreciate, depreciate, or stay the same depending on a variety of factors. Anyone who considers purchasing Precious metals, Goldbacks Gold American Eagles, Proof Gold American Eagles, certified gold coins, as well as gold and silver bars should consider and carefully evaluate the associated risks and acquisition costs before making the investment, and you should always consult your financial and tax professional and carefully evaluate all risks associated with the acquisition of precious metals before making the investment.