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... figured that eighth came to three small flakes
This is why Gold is not as good of a medium of exchange as silver. Its value (rarity) v. size is too high.
I moved to Venezuela in 1981 and people I talked to from the gold mining regions of the country were buying goods with gold. That´s when the Bolivar was at its strongest and Venezuela was the richest country in South America. Today, it´s the same and the rest of the country is mostly dollarized. Maduro just recently removed 6 zeros from the currency, so 1 million bolivares is now 1 bolivar. Saves ink when printing the phony money.
This is why Gold is not as good of a medium of exchange as silver. Its value (rarity) v. size is too high.
"Honey, I lost $1000 dollars today"
"What happened?!?"
"I sneezed while counting my gold flakes."
I always assumed this, but your post really illuminated it.
Exactly
Here is one company's solution to the problem of how to trade small amounts of gold: https://valaurum.com
That is pretty interesting. Thanks for showing that.
I moved to Venezuela in 1981 and people I talked to from the gold mining regions of the country were buying goods with gold. That´s when the Bolivar was at its strongest and Venezuela was the richest country in South America. Today, it´s the same and the rest of the country is mostly dollarized. Maduro just recently removed 6 zeros from the currency, so 1 million bolivares is now 1 bolivar. Saves ink when printing the phony money.
Saw the report myself. It was like nuggets, rather than coins/bars, Throughout history gold coins have been found with chunks out of them.
Stole the gold from Wet Natives.
Heard one of them say, "The Inca was not even dry"