The introduction of gold coins by the Zimbabwe central bank is a sensible response to the continuous degradation of the ZWD$. Nevertheless, it is extraordinary that they have done it.
The Reserve Bank of Australia, and most the rest of the central bankers, remain in the thrall of central bank digital currencies (CBDC) – clutching at digital straws. The potential of the CBDC to, not only save the failing system of fiat, but to modify the behaviour of ‘their’ citizens is irresistible.
History is full of surprises, but rarely are they as out-of-left-field as Zimbabwe emerging a standard-bearer for individual freedom.
The Zim. Gold coins will be in denominations as small as one-tenth of a Troy ounce. The original one-ounce coins, though receiving the thumbs up, were out of the reach of most Zimbabweans.
We are on the cusp of a major rise in the US$, accompanied by the resultant falls in all other currencies. Is Zimbabwe showing the way forward for the rest of the world?
I would bet a one-tenth ounce of Zim. Gold that it is.
How else are you going to protect your wealth? A collector’s car or artwork?
This is worth watching. Needless to say, Dr. Weiner won the debate. I would mention, though it is not important to the central argument, that gold has only been money for 3,500 years, not 5,000 years.
Watch the latest interview with Keith Weiner of Monetary Metals. This features Jim Forsythe of Citizens for Sound Money…