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