Since last year, monetary policies instituted by Venezuelan President Nicholas Maduro have skyrocketed inflation to the point that it is on the precipice of hyper-inflation. And reports going back just two months ago show that it is costing citizens around $150 just to buy a dozen eggs.
The official price of eggs is 1,020 bolivars. Yes, the government maintains “official prices.” But Venezuelans can rarely find eggs at the government-run food stores. Maria Linares is a 42-year-old single mother who works for a government ministry as an accounting assistant. She told the Los Angeles Times she has to buy eggs on the street from vendors. Cost? Around 1,500 bolivars for 1-dozen eggs. That translates to $150 at the official exchange rate. - Schiff GoldYet something interesting is occurring in Venezuela at ground level outside the rise of black markets and government alternative price controls. And that is that physical gold and silver are both superseding the soaring price inflation tied to paper currencies, and according to a missionary who lives and works in Venezuela, a single ounce of silver can buy enough food for a family to last three months, and an ounce of gold can buy you a house.
Tom Cloud: We got an incredible email this morning from one of our clients who's brother in law is a missionary down in Venezuela. And he was telling us that in Venezuela, once ounce of silver will buy you food for three or four months... one ounce of silver. And an ounce of gold will buy you a house.
So we're starting to see what I've talking about and predicting for over a year, that we're going to see these countries in Central and South America where everything is going to collapse and if you don't have gold and silver, you literally have nothing. - FTM Daily