10 Incredible Photos From Venezuela Show The Severe Risks Of Currency Devaluation

//10 Incredible Photos From Venezuela Show The Severe Risks Of Currency Devaluation

10 Incredible Photos From Venezuela Show The Severe Risks Of Currency Devaluation

– Paper currency in Venezuela is now worth less than toilet paper

– Incredible Reuters photos highlight the disaster that can become of fiat (both paper & digital) currency devaluations

– 2,600,000 paper or electronic bolivars for one roll of toilet paper

– 14,000,000 bolivars for one chicken highlights the disastrous decline in the standard of living in the socialist dictatorship

– One gold coin (1 ounce) could buy over 1,200 chickens or a small chicken farm producing poultry and eggs

– Economists including the IMF are predicting that Venezuela’s inflation rate could exceed 1,000,000% this year

– Huge amounts of currency to buy basic food supplies and necessities such as toilet paper and babies nappies

– Venezuelans who own livestock, food, farms, land, bitcoin and hard assets such as gold and silver have protected their standard of living in the hyperinflation

 

10 Incredible Photos From Venezuela Show The Severe Risks Of Currency Devaluation e9hyHkaRFZdDV jLZuTS6ipXwQEgz5iwQalXJGxQuTYmP bqJcAChyyXkcQKLgrmj6kf ne2TzYIFDnmdmHUQQA roll of toilet paper next to 5,000,000 bolivars which is its price today: The equivalent of less than 1/1,200th an ounce of gold bullion with gold trading at just over $1,200/oz today. Image source: Reuters

 

10 Incredible Photos From Venezuela Show The Severe Risks Of Currency Devaluation e9hyHkaRFZdDV jLZuTS6g2zgxBFGuAW7HxyEW8J4f0Z3ISGusyrCJ2OJ47TwRkN06zHpndP0nluPci8PtKDhgA kilogram of tomatoes next to 5,000,000 bolivars, its price today. One ounce of gold in coin or bar format could buy 1,200 kilos of tomatoes. Image source: Reuters

 

10 Incredible Photos From Venezuela Show The Severe Risks Of Currency Devaluation Q R5ChVKlRml3tKGh9ARAEev4y2KSNdQbqiICFa pxGyaRpId2cmqKdmSQEteSjsVScysrOp5sa0KlAB4P6qUyNe4QJxknHy1lbZN1iY ZYVLBh2R9yOh96IgGgMQWRRA chicken next to 14,600,000 bolivars, its price today. One gold coin or gold bar (1 ounce) could buy over 1,200 chickens or a small chicken farm producing poultry and eggs. Image source: Reuters

Pictures: Carlos Garcia Rawlins. Source: 10 Must See Photos from Reuters The Wider Image

Editors Note: The lesson of history, especially the history of currency and money, is that we never learn from history. With currency devaluations being seen throughout the world today, we are repeating that errors of the past. Fail to prepare, prepare to fail.

 

 

Market Updates and News This Week

Russia Buys 800,000 Ounces Of Gold In July

Bears Pile Into Gold – Exactly The Wrong Time?

Banks Now Long Gold, Short Dollar. What Do They Know?

Chinese, Asian and European ETF Investors Buy Gold As US Sells

Gold Gains on Bargain Hunting; U.S.-China Trade Talks In Focus

It’s Time for Contrarians to Get Bullish on Gold

 

Charts This Week

10 Incredible Photos From Venezuela Show The Severe Risks Of Currency Devaluation 775x 1Source: Bloomberg

 

10 Incredible Photos From Venezuela Show The Severe Risks Of Currency Devaluation spot goldSource: ZeroHedge

 

10 Incredible Photos From Venezuela Show The Severe Risks Of Currency Devaluation bargain huntingSource: Bloomberg

 

News and Commentary

Gold prices edge up as Fed chair’s speech weighs on US dollar (Reuters.com)

Hedge Funds Kept Betting Against Gold Even as Prices Began Rally (Bloomberg.com)

Mexico, U.S. likely ‘hours’ away from agreement on NAFTA: minister (Reuters.com)

Gold traders see price floor amid rising open-interest in options (Reuters.com)

Gold falls 12% during the last four months; but may bounce back later this year (ScrapRegister.com)

10 Incredible Photos From Venezuela Show The Severe Risks Of Currency Devaluation Dow Gold Ratio 768x590

Source: SRSRocco

Gold and Silver Setup Today vs. 2008 Means Breakout Coming (SRSRoccoReport.com)

Revolution and major economic pain coming but we have a prosperous economic future – Mauldin (MauldinEconomics.com)

Another inflation gauge is set to enter the red zone, but no worries at the Fed (MarketWatch.com)

Russia is buying lots of gold to shield it from sanctions (CNN.com)

CNN Video: Russian banker Andrey Kostin responds to sanctions (CNN.com)

 

Listen on SoundCloud , Blubrry & iTunesWatch on YouTube below

10 Incredible Photos From Venezuela Show The Severe Risks Of Currency Devaluation Episode 7 CTA

Gold Prices (LBMA AM)

24 Aug: USD 1,189.95, GBP 928.76 & EUR 1,029.43 per ounce

23 Aug: USD 1,187.30, GBP 923.24 & EUR 1,027.61 per ounce

22 Aug: USD 1,196.85, GBP 928.25 & EUR 1,032.88 per ounce

21 Aug: USD 1,194.10, GBP 931.28 & EUR 1,036.12 per ounce

20 Aug: USD 1,188.75, GBP 933.29 & EUR 1,042.41 per ounce

17 Aug: USD 1,176.70, GBP 925.59 & EUR 1,032.79 per ounce

Silver Prices (LBMA)

24 Aug: USD 14.62, GBP 11.37 & EUR 12.63 per ounce

23 Aug: USD 14.63, GBP 11.34 & EUR 12.62 per ounce

22 Aug: USD 14.81, GBP 11.49 & EUR 12.77 per ounce

21 Aug: USD 14.78, GBP 11.52 & EUR 12.83 per ounce

20 Aug: USD 14.76, GBP 11.57 & EUR 12.93 per ounce

17 Aug: USD 14.66, GBP 11.54 & EUR 12.87 per ounce

Recent Market Updates

– This Week’s Golden Nuggets

– Video: Is Silver Set for a Massive Breakout?

– Banks Now Long Gold, Short Dollar. What Do They Know?

– Russia Buys 800,000 Ounces Of Gold In July

– Gold Season – Is This It?

– This Week’s Golden Nuggets

– Gold And Silver Prices Fall 1.6% and 4.3% To Near 2 Year Lows

– London House Prices Fall At Fastest Annual Rate Since Height Of Financial Crisis

– Jim Rogers on Gold, Silver, Bitcoin and Blockchain’s “Spectacular Future”

– This Week’s Golden Nuggets

– The Stock Market is Stretched to Double Tech-Bubble Extremes

– Jim Rogers and the World’s New Reserve Currency

– Gold-Even at its Lowest Levels in 2018-is Behaving Just as Prescribed

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