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Saturday, October 30, 2021


A customer places gold wrapped in a crumpled bolivar banknote on to a scale for payment at a pharmacy in Tumeremo, Venezuela. Photographer: William Urdaneta/Bloomberg

The official Venezuelan currency, the Bolivar, is nearly worthless. Maduro, the pig, has just replaced the old Bolivar with a new one. The new one is worth one million of the old one. That should give you some idea of the rate of inflation down there. Most places are using foreign currency for everyday purchases, however things are little different in one area in southeast Venezuela. That area is home to a host of gold mines, so people are paying for things with flakes of gold, flakes of gold that they carry wrapped in Bolivars, which is about all the paper currency is good for.

Price of one gram of gold today is $57.58, almost $60, so a half gram is worth about $30, a quarter gram is worth about $15 and an eighth of a gram is worth about $7. Gold has a density of of 19.3 grams per cubic centimeter, so a small flat square of the metal measuring one centimeter on a side and half a millimeter thick would be weigh one gram. For comparison, a gold coin the size of a dime would weigh six and half grams, which is a little more than twice as much as a real dime weighs.

Via Zerohedge

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