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

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by Mark O’Byrne, GoldCore:

– 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

 

A 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

 

A 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

 

A 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

Read More @ GoldCore.com

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