A single ounce of gold can now buy a house in Venezuela because of hyperinflation
Total utter BS!
Gold climbed above $1,900 an ounce on Friday
https://tradingeconomics.com/commodity/gold
My 1100 sq. foot over 60 year old condo can fetch between 15 and 25 ounces of gold. Of course it’s a huge loss but NOT to the point of the stupid ‘single gold ounce’ nonsense. Chavistas, government cronies, have lots of dollars to buy anything they want. The Venezuelan economy has become dollarized. As elsewhere, it’s the poor and the salaried who get royally screwed. Street vendors (independent businessmen) deal in US$s.
The ‘single ounce of gold’ is probably what is recorded on the official documents to evade taxes. When I sold my beach condo I was amazed how the buyer and her lawyer got around the law. The deals are made in dollars or euros but the paperwork must be done in BS (bolívares)! Payments are made mostly in cash or by foreign bank transfers. Importers are happy to buy black market US$s and euros.
The Captain