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A piece of real gold you can fold like a bill sounds like a prepper cheat code, right up until you ask the hard questions: Is it actually gold, can you really spend it, and what are you paying for besides the metal? I walk through goldbacks from a practical preparedness angle, starting with what they are at the most basic level: thin polymer notes with layered 24 karat gold embedded inside, created to make gold “spendable” in small denominations.
Then I share my own gold ATM adventure near Richmond, Virginia, which turned into a huge letdown when the app led me to sketchy locations that did not match the promise. That story tees up a bigger point about due diligence: if you are buying precious metals for financial resilience, you cannot rely on hype, outdated listings, or random sellers. Where there is gold, there are scams, and we talk through simple ways to reduce your risk.
From there, we get into the real pros and cons. Goldbacks can add a layer behind cash with potential barter utility, privacy, and a format that still works when electronic payments fail. But they also come with limited merchant acceptance, meaningful premiums over spot price, inconsistent buyback liquidity, price fluctuations tied to the gold market, and the very real friction of having to explain what you are handing someone in a high-stress moment. I also cover where to buy goldbacks through reputable online bullion dealers or local coin shops, and how to think about them as a niche tool rather than a replacement for cash, silver, or traditional gold bullion.
If you care about prepping, inflation hedges, and tangible assets you can hold in your hand, this is a grounded look at whether goldbacks make sense after your basics are covered. Subscribe, share the show with a friend, and leave a review if you want more practical, common sense preparedness.
Have a question, suggestion or comment? Please email me at practicalpreppodcast@gmail.com. I will not sell your email address and I will personally respond to you.
You are listening to the Common Sense Practical Prepper. Sponsored by Duct Tape. The real Duct Tape. It fixes everything except that decision. Good evening, Mr. and Mrs. America. From border to border, coast to coast, and all ships at sea. Here is your host, Keith.
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Hey everybody, this is Keith, and welcome back to the Common Sense Practical Prepper Podcast for August the 23rd, Sunday, August the 23rd, 2026. So if you've been into preparedness for any length of time, you've probably heard people talk about precious metals. I've spoken about silver mostly as a hedge against inflation and the potential for bartering in an SHTF situation. So with gold and silver and other precious metals, the idea of having tangible assets, something you can hold in your hand outside of the banking system, provides a significant peace of mind. Again, I've talked about silver several times, but I want to talk about something a little bit different. At prepper camp this year, I had a conversation with a young lady, and she provided me a lot of context when it comes to goldbacks. I've also seen other preppers talk about it on their shows, some YouTube videos. So I started to dig in a little deeper over the last several days and find out what's what when it comes to goldbacks. Now, if you've never heard of goldbacks, don't worry because six months ago I didn't have a clue. And when I first heard about them, I had a lot of questions. And I still have a lot of questions. What are they? Are they real gold? Can you actually spend them? Are they just a gimmick? Or are they worth the money you spend on them? So I've done my homework, I've done some more research, I've looked into them, and I even went on a little adventure yesterday to find these gold ATMs, which I'll tell you about in a second. So let's break down what goldbacks are the good, the bad, the ugly, and who are they actually for?
So what are goldbacks? At the most basic, a gold back is a thin, flexible polymer note, kind of like a bill, and it has 24 karat gold layered into it, not printed on it. It's not a photo of gold, it's actual gold embedded between layers of a polymer using a vacuum disposition process. They were first created in 2019 by a company called Goldback Inc. The idea was very simple. Make gold spendable in small everyday denominations. But here's the problem with traditional gold. If you've ever held a one-ounce gold coin, that's worth what $4,500, something to that effect. Now I don't know the exact price of gold. You can't actually hand that to somebody for a tank of gas. Much too much value in a single one ounce gold coin. And you can't make change with that. So goldbacks solve that problem by breaking down gold into tiny practical amounts. They come in denominations of one, five, ten, twenty-five, fifty, a hundred. A one gold back note contains about one one thousandth of an ounce of gold. So we're talking a few dollars worth of gold in each note, depending on the current spot price of gold. They've been released in several states so far, like different series: Utah, Nevada, New Hampshire, Wyoming, South Dakota, and Florida. So each state has its own design, looks kind of cool. It's got watermarks, all sorts of security features, got its own artwork, and they're kind of cool to look at. Very detailed, almost like currency from another era. Now, here's an important distinction. Goldbacks themselves are not considered legal tender. The US government does not back them. They're not dollars, but they are real gold. You're actually holding gold in your hand, and in certain communities with certain merchants, they are accepted as payment. We'll talk about that in a sec. So let
me tell you on my gold ATM experience. So yesterday, Saturday, the 22nd, I wanted to find the nearest gold ATM to my location in Richmond, Virginia. So you go to the app, Goldbacks, and a very nice-looking app, and there are videos attached to it on what a gold ATM looks like. It looks like a regular ATM and it provides you goldbacks instead of U.S. currency. So I'm like, all right, I am gonna go check this out. Download the app, found the location that was relatively close, drove out there, and nothing. The ATM was not there. The address took me to a really shady looking gas station, and I went inside, and instead, what I found was a crypto ATM that looked dodgy as hell. Left that place, went to the next location about 15 minutes away. It was probably in the worst part of town that there is. Again, I didn't even go inside. I drove by and it had a little ATM sign in the window, but I'm pretty sure an ATM that houses gold was not at this particular gas station convenience store. So I was really disappointed. I'm not sure if the location is outdated. So I'm not sure if these gold ATMs are like franchised out. You can contact goldback.com and say, hey, I would like to house one of your goldback ATMs in my store or my shop. But regardless, one definitely was not there, and I was not going in the second location to see if it actually was there. So I was really disappointed. So I'm not saying that all gold ATMs are like this, but my experience was a huge letdown. I drove to the location based on what the app was telling me. So again, verify the location. I guess call. Say, hey, do you have a gold ATM in your lobby or in your store? I I don't know how that conversation would go, but don't rely solely on the app. The technology apparently is still catching up with the concept, but I was kind of bummed. So it wasn't a total loss, I guess. I went back and did some additional research about gold bags.
So here are the advantages. First, they make gold spendable. Now that's a big one. Traditional gold bullion is great for storing wealth, but it's terrible for transactions. You can't break a one-ounce coin into pieces. Goldbacks give you a small denomination that you could theoretically use in a trade or a transaction. Five bucks worth of gold, ten bucks worth, that's that's sustainable. That's that's doable. Second, they contain real gold. This is not a gold certificate, it's not an IOU, it's not a promise from the bank. You are physically holding gold in your hand. It's embedded in the note. If you burn it, but don't, but if you did, I guess you could recover the gold because it's really there. Third, privacy. And this is big among preppers. Goldbacks are physical in-person transactions. There's no digital trail, no bank record, no receipt, no third party. For people who value financial privacy and security like a lot of preppers do, this might make sense. Fourth, they're a hedge like other precious metals. Or like any other gold product, goldbacks track with the price of gold. If the dollar weakens, if inflation continues, gold tends to hold or increase its value. Goldbacks give you a hedge in a format that you can actually use, not just sit on it. And fifth, they work if electronic systems fail. If the grid goes down, if card readers stop working, if a bank closes temporarily, cash is still king in the short term, but a longer disruption, having small amounts of real gold that people recognize and accept can be extremely valuable. So consider it a backup layer behind your cash.
Now the disadvantages. First, limited acceptance, and this is huge. You can't just walk into a Walmart and pay with gold backs. You can't use them at a gas station. The number of merchants who accept them is growing, but it's still relatively small. It's still very niche. In most of the country, if you handed someone a gold bag, they look at you like you were crazy because they don't know what it is. Second, the premiums. Now, this is important. When you buy gold bags, you're paying for the gold itself, sometimes significantly more because of the manufacturing process. Layering real gold into polymer is not cheap. Dealers add their markup. So a gold back that contains $3 worth of gold might cost you five or six dollars. You're paying the premium for the format and the convenience, and the premium eats into the value. Third, liquidity. Selling goldbacks can be tricky. Not every dealer buys them back, and the ones that do may not give you a very good price. Buyback policies are inconsistent. It's not like selling a recognized gold or silver coin like an American Eagle or a Canadian maple leaf, where the dealer in the country will buy it at a known price. Goldbacks don't have that type of universal recognition yet. Fourth, the fluctuation in price. So like any other precious metal, like gold, the value goes up and down with the gold market. If gold drops, your gold backs drop. And that's not unique just to goldbacks. It's true of all precious metals, like I said. So it's worth remembering that it's not a stable value currency. It moves. And then fifth, education. Most folks don't know what a gold back is, and I didn't until very recently. So if you're trying to use one in a transaction, you may have to explain what it is, prove it's real, and convince the other person it has value. That could cause a little bit of friction. And in a high stress SHTF situation, friction is the last thing that you want.
All right, so where do we buy these silly things? So if you're interested, where can we actually get real gold bags? Online precious metal dealers are your best bet. SD Bullion, JM Bullion, there's a bunch of different folks out there that carry them. Do your research, check your prices, check your spot, check your markup, and watch for shipping costs as well. Some dealers will offer free shipping if over $199 or something like that. Local coin shops. Some local coin shops carry goldbacks, most do not. If you're not familiar with your local coin shop, call ahead and ask. If they don't stock them, they might be able to order them for you. The advantage of a local shop is that you see them in person, you hold them, and you can avoid any shipping costs. Now, the gold ATMs, like we just talked about, they do exist, I promise, but verify the location before you go. My experience on the app was not very good at all. Do your due diligence so you don't waste a trip. And one more thought about buying buy from reputable sources. This is real gold that we're talking about. And where there is gold, there are scams. Stick with established dealers, check reviews, and don't buy from random people online unless you're able to verify their authenticity.
So who are goldbacks for? Who should buy them? And my answer is it really just depends on who you are and what you're trying to do with them. Goldbacks are a good fit if you have your basics covered: food, water, shelter, medical, cash on hand. You want to diversify beyond cash and silver in small, spendable gold amounts. You value your privacy. You understand the premiums and you're okay with them. You see them as just one more tool in a larger toolbox, not a primary investment. Goldbacks are not a good fit if you're just getting started with prepping and your basics are not covered yet. You're looking for a primary investment vehicle. There are much better vehicles out there than pure gold investment. You expect to use them like cash everywhere. Not gonna happen. You're not comfortable with buying something above spot, then don't. So here's the bottom line: goldbacks are not a replacement for cash. They are not a replacement for silver. They are not a replacement for traditional gold bullion. They are a niche tool for a specific purpose. Having small, spendable pieces of real gold in your hands for situations where it might matter. So if you've got your financial preps in order, emergency fund, cash on hand, maybe some silver, and you want to add another layer, gold backs might be something to look at. They're interesting, they're real, and they fill a gap that traditional gold bullion does not. But if you're choosing between a month of food storage and a stack of gold backs, buy the food every single time. Get your foundations right first, and then if you want, add the extras.
All right, folks, so that's it for tonight. Gold backs are real, it is real gold. It's gold in a small, spendable format. It's a very interesting concept. I think it's kind of cool. Do your homework, do your due diligence, make sure it is something that is right for you at the time. And if you like this episode, folks, do me a favor: like, share, subscribe, leave a review. We are doing absolutely fantastic in some of the ratings. Let me tell you where we are recently. So we are number 36 in the United States. 29 in Ireland? Way to go, Ireland. I appreciate that. 35 down under. My folks in Sydney, New South Wales. How are you doing? 106 in Turkey. I had no idea we were that popular in Turkey. 146 in Canada. Canada, we're right up there with Turkey. What are you doing? And 147 in the UK. So we've dropped a bunch in the UK. New Zealand, 158. Man, we're slacking down there for sure. But again, all in good fun, folks. I appreciate it. Thank you so much, Practical Prep Podcast at gml.com. I'm on the Twitters, of course. Prep underscore podcast. All right, folks. As always, please be careful out there. Take care of one another, and until next time.
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