24k gold price today Venezuela cheapest gold in the world cup of tea cost

In Venezuela, gold is available for the price of a cup of tea! This is the price of 24-carat gold.

Would you believe it if you learned that there's a place in the world where gold costs less than a cup of good tea or coffee? This may sound like a dream or a rumor, but in the South American country of Venezuela, it's a reality today. Gold, which requires people in India to spend their hard-earned money, is priced at a pittance there.

1 gram of gold for Rs 181

While gold prices are skyrocketing in India, the math is completely reversed in Venezuela. Looking at the figures, one gram of 24-carat gold in India costs approximately ₹13,827. In contrast, the price of gold of the same purity in Venezuela is just ₹181.65 in Indian currency. Yes, you read that correctly—just ₹181. That's about the amount you'd get for a cup of tea at a good restaurant in India.

The situation is similar for 22-carat gold in Venezuela, which is available there for around ₹166 per gram. However, this cheap gold symbolizes not prosperity, but the destruction and historic decline of the country's currency, the Venezuelan Bolivar (VES).

Gold sent to Switzerland

Reports by Reuters and Swiss broadcaster SRF claim that around 113 metric tons of gold was secretly shipped to Switzerland during President Nicolas Maduro's tenure, particularly between 2013 and 2016.

The irony of Venezuela is that it's not poor, but rather, its system has rendered it helpless. It's one of the few countries in the world where nature has lavished its wealth with both hands. This country holds 17% of the world's crude oil reserves. Not just oil, according to official claims, Venezuela's Orinoco Mining Arc holds vast reserves of more than 8,000 tons of gold, diamonds, and bauxite.

If mining were done properly, Venezuela would be among the world's richest countries today. However, due to poor policies and mismanagement of resources, the World Gold Council estimates that its official gold production by the end of 2024 will be just 30.6 tonnes, a global figure of zero.

 PC: TV9 Bahratvarsh