Ukraine Currency Collapses Nearly 70% Against Gold In 4 Months

Thursday, April 17, 2014
By Paul Martin

GoldCore
GoldSeek.com
Thursday, 17 April 2014

The euro, the dollar and the pound have been three of the stronger currencies in the world in recent months which has curtailed gains in precious metals in these currencies. This has not been the case for emerging market currencies many of which have fallen sharply and gold has risen correspondingly in value.

Thus, gold has again acted as a safe haven for millions of investors and savers around the world and protected them from the declining value of fiat currencies.

GOLD IN UKRAINE CURRENCY SURGES ANOTHER 7% THIS WEEK – COLLAPSE CONTINUES

This is particularly evident in Ukraine where the economy is nearing collapse and the currency is in free fall. The Hryvnia has been the world’s worst performing currency in 2014.

The charts below gives an indication as to the terrifying magnitude and speed of the recent decline in the value of the currency. This week alone the currency has fallen by 7% against gold or gold per ounce has risen from 15,669 hryvnia per ounce at open on Monday to 16,880 hryvnia per ounce today.

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