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“Soon we’ll have to walk around with suitcases of cash…”
Zero Hedge reports it now takes over 39 hryvnia (Ukraine’s currency) to match one U.S. dollar. That’s an increase of over 100% since January 1. Last year, the hyrivnia’s inflation rate already spiked upward by 28.5%. But that only begins to convey the damage happening to the Ukrainian economy…
Here’s more on the calamity from Zero Hedge:
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Food prices among producers rose 57.1%, with the price for grains and vegetables rising 91% from January 2014 to January 2015. Ukrainian consumers responded to economic difficulties by cutting their spending in hryvnias by 22.6%, which amounts to an almost 40% decrease in real consumption. |
Regular Daily readers know there is only one optimal failsafe for Ukranians wanting to secure their wealth: gold. In the chart below, you can see the exponential rise in gold prices (measured in hryvnia). It’s another real-world reminder why everyone should maintain a portion of their wealth in gold.
Gold Goes Hyperbolic as Ukraine Enters Hyperinflation
Bottom line: Gold has a proven 5,000-year record as the ultimate “insurance policy” against a world filled with chaos.
Click here to read PBRG Editor-in-Chief Jeff Remsburg’s popular explanation of the global “currency wars” (they’re afflicting Ukraine today, but we’re all at risk). For more detail on why gold is the ultimate insurance policy, check out today’s next item…