Warning Sign: Venezuelans Use Flakes of Gold to Purchase Essentials

Warning Sign: Venezuelans Use Flakes of Gold to Purchase Essentials

Warning Sign: Venezuelans Use Flakes of Gold to Purchase Essentials

October 25, 2021
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To fathom the magnitude of Venezuela’s financial collapse, travel southeast from Caracas, past the oil fields and over the Orinoco River, and head deep into the savanna that blankets one of the remotest corners of the country.

There, in the barber shops and restaurants and hotels that constitute the main strip of one dusty little outpost after another, you’ll find prices displayed in grams of gold.

A one-night stay at a hotel? That’ll be half a gram. Lunch for two at a Chinese restaurant? A quarter of a gram. A haircut? An eighth of a gram, please. Jorge Pena, 20, figured that eighth came to three small flakes -- the equivalent of $5. After getting a trim one recent weekday in the town of Tumeremo, he handed them over to his barber, who, satisfied with Pena’s calculation, quickly pocketed them.

“You can pay for everything with gold,” Pena says.
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