Zimbabwe Launches Gold Backed Currency
Countries around the globe are rushing to gold to back their failing currencies. The value of the Zimbabwe dollar has declined 99.996% since just 2021. That means something that cost just $1 in 2021 now costs $25,000.
Zimbabwe citizens have see savings wiped out by loss of purchasing power. The country has seen 5 currencies over the last 5 years.
Zimbabwe holds 2.5 tonnes of gold equal to 80,036 ounces worth $184 mil at $2,300/oz gold. In order to back their currency the government will need to purchase significantly more gold. South Africa has about 152 tonnes of gold in reserve.
The US has been issuing endless mountains of debt. The US deficit is climbing by trillions every year. It won’t be long before the US Dollar begins to accelerate its decline ever closer to zero.
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Sources
https://www.ft.com/content/0de75e8f-40c8-4eb7-9d40-282cfd81e3bc
