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Amid hyperinflation, gold shines as money in Venezuela
By Ronan Manly
Bullion Star, Singapore
Thursday, November 11, 2021
With inflation surging worldwide in everything from the prices of energy to raw materials to consumer goods, there is growing acceptance (except from central bankers) that this inflationary trend is not only not transitory, but given the backdrop of accelerated global money printing and fiat currency debasement, that it could be hyperinflationary.
It is therefore helpful to look at the example of one economy which has already entered hyperinflation and which is still in the midst of hyperinflation, that economy being Venezuela.
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Whichever way you define hyperinflation – as a rise in prices of goods and services by more than 50% per month, or a rampant and accelerating inflation rate – Venezuela has been experiencing hyperinflation since about 2016, and at one point in 2018-2019 Venezuela had an inflation rate of over 10 million percent. ...
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