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Zimbabwe to introduce gold coins to offer escape from soaring inflation

Section: Daily Dispatches

Good grief, People! You're sitting on huge gold reserves. Make your paper money convertible to gold at a fixed rate and hold the rate. It won't be so hard when you can mine your own money. The rest of the world won't help you, and shouldn't help you when you so easily can help yourself.

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From The Herald
Harare, Zimbabwe
Monday, June 27, 2022

The Reserve Bank of Zimbabwe says it will be introducing gold coins as part of measures to ensure that investors and the public have alternative means to preserve value, cushioning them from the negative impact of resurgent inflation in the economy.

According to the RBZ, the gold coins will be minted at the Fidelity Gold Refineries and will be available through normal banking channels.

... Dispatch continues below ...


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Gold is considered a safe haven against inflation and a gold coin is made mostly or entirely of gold, while most gold bullion coins are pure gold. ...

The proposition has the potential to have a stabilizing effect on the economy if conducted properly given the stability and value storage associated with gold.

Zimbabwe's inflation increased to 191.6% and 30.7% on a year-on-year and month-on-month basis for June 2022, respectively, which is far astride from government projections of achieving a 30% inflation rate by the end of the year. ...

... For the remainder of the report:

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