Buying Gold From Venezuela
Buying Gold From Venezuela ---> https://urllie.com/2tkXTc
In a highly polarized political environment, these practices help the Maduro regime secure loyalty from the military. For a soldier or guardsman, a post in Bolivar or Amazonas represents an extremely lucrative opportunity in an otherwise failing economy. The profits are exponentially higher for army generals in the area, some of whom receive the gold equivalent of up to $800,000 per month in bribes. Maduro has also used mining to secure loyalty from political leaders. In November 2019, he announced that he would give all 19 Chavista governors in Venezuela direct control over one gold mine each and that the profits could be used to supplement local budgets.
Standing water and unsanitary conditions at mine sites have exponentially increased water- and mosquito-borne disease in the local population. Although Venezuela was the first country in Latin America to eradicate malaria, the disease has returned at an astonishing rate. The WHO reported 323,392 cases of malaria in Venezuela between January and October 2019, and 10 percent of the population in Bolivar state has tested positive for the disease. Malaria causes 21 percent of deaths in Amazonas state and 25 percent of deaths in Bolivar state; medication is often difficult to procure, although it is available for purchase with gold on the black market. Conditions near the mines have also contributed to spikes of diphtheria, yellow fever, dengue, and chikungunya. Moreover, as mercury from mining has seeped into the soil and water systems, local indigenous populations have been exposed at dangerous levels. In the Caura river basin, a tributary to the Orinoco, 92 percent of indigenous women had elevated levels of mercury, which could damage the kidney and brain and impedes fetal development.
Mired in a self-inflicted crisis resulting from years of economic mismanagement, Venezuela thinks it has found a miracle cure: creating a new digital currency backed by oil. But this new currency, appropriately called a \"petro,\" is likely to prove itself fool's gold. It is more likely to further debase the country's financial standing and its credibility.
There is no doubt that the dramatic decline in oil prices has hit Venezuela hard. At $30 per barrel, oil exports will be around $26 billion this year, down about three-quarters from 2012. Subtract around $8 billion for oil-related imports, and you have export revenue woefully inadequate to meet debt service this year of nearly $20 billion on $125 billion of debt (that includes substantial oil payments due on assistance provided by China in recent years). Altogether, market commenters have estimated a financing gap of around $30 billion. Meanwhile, reported reserves are only $15 billion, and there are serious questions as to whether all of those reserves (especially the gold) are freely useable. In sum, it will take extraordinary measures to make it through the year without a default. And if the government responds by further compressing imports, popular support for the government could collapse. Change could come quickly, not because of a debt payment due but rather because of domestic conditions.
After the Bretton Woods conference in the year 1944, the UK and its allies discontinued linking their currencies with gold; however, the US dollar continued to be pegged to gold, at $35 per ounce -- from 1941 to 1971.
Jim Rogers: I've actually owned gold for longer than 11 years. I'm not buying now. Gold went up 11 years in a row, which is extremely unusual for any asset. I don't know of any asset in history that's gone up 11 years in a row without a correction.
Gold has not gone down that much. It's only gone down that much once in the past 11 years, and even then it ended the year up. I'm not buying gold at the moment. If it goes down a lot, I hope I'm smart enough to buy a lot more. I'm certainly not selling my gold, because I suspect gold will be much, much, much higher over the next decade. 59ce067264