Venezuela Devalues Bolivar 46%!

20130208_VEF_0After Venezuela sent shockwaves throughout the gold market in the summer of 2011 by repatriating all 110 tons of their gold reserves from NY and London, Venezuela has just sent just as large of shockwaves throughout the escalating global currency wars, announcing a devaluation of the Bolivar by 46% Friday!

With one simple statement, every Venezuelan not holding their savings in physical gold or silver (or dollars or Euros for now) just saw their net wealth vaporize by nearly 50%.

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