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Contrition 27th January 2017 11:13 PM

Buying Gold or silver
One thing I have learned is that during an economic hyperinflation scenario, as in Venezuela, black markets form.

As of today, 1 bolivar equals .10 of a US dollar. But in the black market, one US dollar equals 1000 bolivar. At today’s rate of an ounce of gold that would mean an ounce would be worth ($1192.00*1000)1,192,000 Bolivar. Can that be right?

“Venezuela’s bolivar fell past 1,000 per U.S. dollar in the black market as world’s fastest inflation erodes the value of the South American nation’s currency. That means that the country’s largest denomination note of 100 bolivars is now worth less than 10 U.S. cents.”

If this is correct, then the question is, if something similar happened in the US, would purchasing gold/silver now pay off?

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