Venezuela is the latest country to be experiencing hyperinflation!
In October of this year one dollar US would buy Bs. 1,221.87. In the past few days, that same one US dollar will now buy Bs. 4,538.46.
That means that Venezuela has an implied annualized price inflation rate of over 26,000,000%!
What has caused this, you ask? It’s a combination of things.
First, Venezuela announced a 40% minimum wage hike.
Second, it is reported that the Venezuelan central banks Will be issuing new notes in the amount of 500, 1000, 2000, 5000, 10,000, and 20,000 bolivars. The largest note right now is 100 bolivars.
For all practical purposes this mirrors what happened in Wiemar Germany and Zimbabwe.
Just imagine how much an ounce of silver will cost in bolivars now compared to October!