Posted on 04/06/2024 1:01:02 PM PDT by RomanSoldier19
Zimbabwe has 2.5 tonnes of gold reserves and $300mn in cash, according to senior government officials, speaking on the eve of the anticipated rollout of a new gold-backed currency.
Incoming Reserve Bank of Zimbabwe (RBZ) governor, John Mushayavanhu told President Emmerson Mnangagwa during a tour of the bank's vaults on April 5 that 1.5t of the gold is being kept locally while a tonne is being held offshore. The gold and other precious minerals such as diamonds that are in reserve are worth $175mn.
(Excerpt) Read more at msn.com ...
Why should we believe anything coming from Zimbabwe? Erosion of trust is as bad as fiat currency, so it still sucks for Zimbabwe.
We’re in the Money! https://www.youtube.com/watch?v=Bm9hySTVKtY
“The new currency “shall be anchored in and backed or covered by a composite basket of foreign currency reserves and precious metals received [mainly gold] and valuable minerals”, according to a ruling Mnangagwa’s government issued on Friday to enforce the new money.”
So it is not just gold backing this currency, but also “valuable minerals”.
Zimbabwe supposedly has had various currency reforms in the last few years, which haven’t worked.
Gold painted tungsten from China.
Let me guess, much of that gold was pulled from the mouths of murdered Rhodesian white farmers, killed by the ‘settlers’ and ‘veterans’ who stole the land and killed the whites. Mugabe would be proud, but it is quite hot in hell.
Don’t tell Hillary. Muammar Gaddafi used to have lots of it.
“We came . We saw. He died. *cackle*”. H,Clinton
I currently have one silver monster boxes of 500 silver eagles. Might be time to start picking up some more. Both gold and silver have broken out this week and are headed up. Gold currently is $2330 and by the end of the year (assuming no black swan event) people expect it to rise another $200-$300. Of course if things go south it could shoot up much higher than that.
Sure they do.
Goldbacks are up almost a dollar since late ‘23. They were at about $4.25 just a few months back.
https://www.goldback.com/calculator
Interesting. I’ve never heard of Goldbacks before.
Well, now you have!
I think pre 1965 silver would be more useful in a SHTF scenario.
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