Argentines turn to black market dollars as crisis worsens

Financial Times/Lucinda Elliott and Michael Stott/7-25-2022

“Confidence in the Argentine economy is evaporating as the government struggles with political infighting, an ever-increasing pile of domestic debt and inflation hurtling towards 90 percent. The US dollar has shot to new highs on the black market as Argentines limited to buying $200 per month rush to money-changers to dump their fast-devaluing pesos.”

USAGOLD note: It’s a never-ending saga of poor government and monetary chaos …… Don’t cry for Argentina, cry for the people forced to live in this on-going economic debacle. You can buy gold bullion in Argentina but the supply is limited, there is only one outlet (Banco Cuidad), and the purity is not independently verified. One might suspect though that if there is an active black market for dollars, there is also a black market for gold and silver coins.

line chart showing the dollar in Argentina pesos July 2022
Chart courtesy of TradingEconomics.com

Share

This entry was posted in Today’s top gold news and opinion. Bookmark the permalink.



Source link

Add a Comment

Your email address will not be published. Required fields are marked *