On Sun, 5 Aug 2018 18:45:45 -0400, NewsBeanie
Price Of Gold In Venezuela Right Now
Last month in Venezuelas capital city of Caracas, a cup of coffee
would have set you back 2 million bolivars. Thats up from only 2,300
bolivars 12 months ago, meaning the price of a cup of joe has jumped
nearly 87,000 percent, according to Bloombergs Café Con Leche Index.
And you thought Starbucks was expensive.
So where does this put gold? At some point, hyperinflation gets so
ludicrously out of control that discussing exchange rates becomes
pointless. But as of July 30, an ounce of the yellow metal would have
gone for 211 million bolivarsan increase of more than 3.1 million
percent from just the beginning of the year
Venezuelas Once Prosperous Economy Destroyed by Corruption and
But back to Venezuela. Amid the corruption and mismanagement, the only
thing helping the country pay its bills right now is gold. Two years
ago, it had the worlds 16th largest gold reserves. Today it stands at
number 26 as its sold off more than half its holdings since 2010.
While countries such as China and Russia continue to add to their
holdings, Venezuela has been the worlds largest seller of gold for
the past two years.
Their escape is no easy task, as numerous international airlines,
citing rampant crime and a lack of electricity, have canceled all
flights in and out of Caracas. The only U.S. carrier still operating
in the country is American Airlines, which offers a single daily
flight from the nations capital to Miami. Just two years ago, there
were as many as 40 nonstop American flights, not to mention those of
rival carriers, between the two cities--a sign of just how dramatic
and swift Maduros mismanagement has been in crippling Venezuelas