UPDATE ON UTAH GOLDBACKS

About two years ago at approximately this time, I did a couple of short blogs on the emergence of yet another "local currency," the Utah "goldback":

THE UTAH GOLD BACK STATE “CURRENCY”

It came, as I noted in a follow-up blog, as part of a movement where many local currencies were springing up:

LIQUIDITY, QUANTITATIVE EASING, AND LOCAL CURRENCIES

More recently we've seen West Virginia join the growing list of states passing bullion-as-legal tender laws; not specie, but bullion, as states are removing taxes on the commodities in the hopes of stirring up interest in using as a medium of exchange, and Oklahoma appears to be next in line of US states considering the passage of such laws.

With all this going on, it's not surprising the Utah Goldback is back in the news, and yes folks, it means that the local currency is still around:

New Private Currency Uses Bills Filled With Real Gold

What's intriguing to note here is that since I first covered the story a little under two years ago, the use of the currency has slowly spread; note this:

For thousands of years, anyone who wanted to buy goods with gold faced “the small coin problem,” Cordon told The Epoch Times. A 1-ounce gold coin, worth about $2,000, is far too expensive for everyday use, but a cheap gold coin is impractically small.

“Gold is the best money, but it can’t buy a loaf of bread,” he said.

To solve this problem, Cordon used new technology to create a bill that sandwiches a particle-thin gold layer between two layers of polymer—the Goldback. The result can be worth as little as $3.80.

At a time when Bitcoin has devoured most of the private and local currency market, Goldbacks have arrived late to the private currency world. In the 1980s and ’90s, private currencies experienced a boom around the United States, according to University of Central Oklahoma professor and local currency expert Loren Gatch. But since then, they’ve been on the decline.

“That’s something which [has] pretty much gone downhill in the last couple decades,” Gatch said.

Cities such as Ithaca, New York, and Berkshire, Massachusetts; businesses such as coal mining camps; and political groups such as left-wing activists and libertarian anti-government enclaves have all used private currencies.

But even amid a private currency decline, Goldback has $20 million of bills in circulation, according to Cordon. They’re recognized as legal tender in Utah and Wyoming and are legal for use in New Hampshire, Nevada, and South Dakota.  This number puts Goldbacks at the top end of what private currencies have ever achieved.

“It’s totally off the scale,” Gatch said. “$20 million is far greater than what I think any of the experiments that I’m familiar with—in the last quarter-century—have ever tried to do.”  (Boldface emphasis added)

In other words, what began as a small effort more or less confined to the state of Utah, has now spread to four other states: Wyoming, New Hampshire, Nevada, and South Dakota.

So I'm going to suggest something here, something to watch for, that may more or less really establish the idea of local currencies in general, and Utah goldbacks in particular, and that is, watch for the acceptance of such currencies in state-run bullion depositories. From there, its a short step to the issuance of receipts for bullion deposits, and from there, another very short step to the trading of the receipts themselves as media of exchange... as money, and note well, as real money, not the facsimile thereof (monetized debt).

In short folks, forget about digital "currencies", which as Catherine Austin Fitts has been warning for years, are not currencies at all, but nothing but corporate coupons.  The real revolution is in the bullion depositories, and local currencies such as the goldback. Once we get to the stage of using bullion deposit receipts are media of exchange, the central bank jig is up.

See you on the flip side...

Joseph P. Farrell

Joseph P. Farrell has a doctorate in patristics from the University of Oxford, and pursues research in physics, alternative history and science, and "strange stuff". His book The Giza DeathStar, for which the Giza Community is named, was published in the spring of 2002, and was his first venture into "alternative history and science".

18 Comments

  1. DanaThomas on February 22, 2022 at 6:30 am


  2. Ron Miller on February 21, 2022 at 11:08 am

    Along with Utah, New Hampshire and Nevada are also printing goldbacks. They can be purchased here. https://www.moneymetals.com/buy/gold/goldback-currency
    From the site: The technology to mint gold into a spendable form for small transactions has come to fruition. Goldbacks may be used almost anywhere in the world for barter transactions. The Goldback utilizes cutting edge vacuum deposition technology to circulate gold as it never has before.

    Some people feel like there may come a day when regular fiat currency will no longer retain much value due to some economic, political, or natural disaster. Over the past century hundreds of fiat currencies have had their values wiped out. For this reason, many people hold some amount of gold and silver.

    However, it may be difficult to spend a theoretical $3,000 gold coin or even an $80 silver coin for the purchase of toilet paper if an EMP blast wipes out the power grid for several months. It makes sense to keep a portion of this hedge in Goldbacks.

    The Utah series was the first Goldback series available in 2019. Nevada was released in 2020, and New Hampshire was released in 2021. There are many projects in the works. Goldbacks may be used anywhere people chose to accept gold.



  3. DanaThomas on February 19, 2022 at 12:11 pm

    A private mint in Germany, MDM, has been making “gold notes” for some time, I have shared these here over the past years. Notes denominated in both marks and euros. Here is an example containing 1/200 ounce of gold. The time is coming when these will no longer just be interesting souvenirs:
    https://r.mdm.de/goldbanknoten-3



  4. marcos toledo on February 18, 2022 at 7:57 pm

    The Federal Reserve must go all it is legalized counterfeiting and an open crime syndicate like its UK equitant and just as crooked. The US Treasury should be the only office that issues the money whether paper or coin a state monopoly.



    • anakephalaiosis on February 19, 2022 at 4:21 am

      The point of the gold standard is, that anyone can cast his own ingot, and trade, without interference of tyranny.

      The Jesuit superstructure – the so-called US – is created, in 1776, to ensure the endgame of removing the gold standard, in 1933.

      The papal plot, since 1492, makes sure, that papacy gets the gold, whilst everyone else is left with worthless paper.

      The papal plot is a mafia casino, with Ponzi scheme as modus operandi.



  5. Richard on February 18, 2022 at 5:23 pm

    One can count at least five of the twelve Federal Reserve Districts where such activity of dispensing with [Federal Reserve] altogether. It would seem that that “Eccles” building you-know-where has a number of dissatisfied customers with their own monetary smarts staring them down.

    Quite the balancing act it’s becoming to thwart ‘panics,’ heighten interests in regional economic centers, and prompt those with private interests to disperse toward the more friendly and equitable clientelage that have reasonable business ventures in mind instead of tainted globalists with one goal (to rob the rest so that they’ll-be-happy-and-own-nothing – on their terms, of course).



    • anakephalaiosis on February 19, 2022 at 4:56 am

      One Federal Reserve was to rule them all, and in monetary darkness bind them.

      In land of Mordor, where banksters enslave orcs, and ring riders drink blood on thrones, there was Mount Doomsday.

      From sunny Shire, came Buffy, the vampire slayer, down into the hell mouth, to shed light on Nosferatu.

      Ring ring of power!

      https://www.vulture.com/article/joss-whedon-allegations.html



  6. KSW on February 18, 2022 at 5:18 pm

    I’m absolutely thrilled over this gold technology and a solid way around the CBDC. I won’t if the gold can be recovered when a bill gets to old and worn? Regardless, the Fed can bit this one – they’ll be a war if they try to outlaw this kind of private state currency.



  7. rainmakerman on February 18, 2022 at 1:22 pm

    Why not just use silver? Seems like a planned distraction to create something so unnecessary when something already exists that for thousands of years has been Money.



    • KSW on February 18, 2022 at 5:16 pm

      First, silver if heavy and while it is still money, it is also important in industrial use. Gold is so lightweight, rare, and can be made into something that will fold and has always been the primary go to for protecting wealth. At least that’s my take on it.



  8. Robert Barricklow on February 18, 2022 at 11:39 am

    The real deal is in local currencies.
    Laced w/real gold;
    is a gold dusted frosting on the cake, with silver coins tossed on as silver lining.
    A virtual cake cannot stand against the real deal; especially when appetites seek something they literally can sink their teeth into.
    Virtual thin air holograms don’t cut the cake;
    nor do virtual tokens, w/o one iota of substance.
    Real vs Virtual = no contest!



    • Robert Barricklow on February 18, 2022 at 11:46 am

      That’s the scary programmable future;
      one w/programmable money and virtual reality games[extremely addictive].
      Not a future you’d wish, on even your enemies.
      Dehumanizing in the extreme!
      A path to be subverted – at all costs!



  9. Jay on February 18, 2022 at 11:15 am

    To be fair , I did smiled when reading.What did they mean by “private currency decline” ? Literally every currency in the world right now ARE private currencies, US dollar included.Did they just hinted that current monetary system is at its last breaths or what ? ^^ Anyway, idea behind paper money being enhanced with physical gold is not bad at all and to be fair much more viable then actual gold coins- you need to remember that modern economy is far far bigger then back then when gold coins were in much common use.



  10. Awake on February 18, 2022 at 10:16 am

    I prefer to use silver bullion as the new / old currency of exchange for daily purchases. Gold will also be good for larger purchases like car / trucks / appliances / houses…etc. Paper money like Goldbacks are nice but I still smell a form of fiat / fraud in them. If given the chance I would take real silver / gold bullion every time. Because in the end I can at least melt down the silver / gold and make jewelry for my wife and that would make her happy too…lol.



  11. anakephalaiosis on February 18, 2022 at 8:16 am

    Rune backed Christianity is likewise based on geometry, not moral relativity.

    It means, that Christian faith can be verified, by mathematics of compass.

    Thus Notre Dame rose window becomes a theological seminar, in itself.

    Runic validity carries its own proof:

    https://dl.dropboxusercontent.com/s/qmp6qxil1ewow10/iq-test.jpg



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