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<p>[QUOTE=&quot;Juan Blanco, post: 1652109, member: 41665&quot;]Hi doug444-</p><p>Yes I realize you&#039;re playing devil&#039;s advocate (I do, too.) But still, to show how little we actually know...</p><p><br /></p><p><br /></p><p><br /></p><p>Reading the Bear&#039;s Lair piece, so I don&#039;t understand your inference here. Hutchinson didn&#039;t cite &quot;declining value&quot; - I&#039;m almost certain he doesn&#039;t know what Gold/Silver traded for in either mkt, either. And everything hinges on that.</p><p><br /></p><p>fwiw, the Jan.-Feb. 1932 Gold price wikipedia cites for Kharkiv as 24.46 руб./ozt equivalent. I doubt that! Does someone have a Kharkiv black-mkt bourse rate for Au in early 1932? </p><p>The 1924 chernovets (10 Rouble = 7.74232 Fine Au) was rated 40.17 руб./ozt but those coins had been withdrawn by 1930 or hoarded from 1924. </p><p><br /></p><p>wikipedia says &quot;The Soviet currency (ruble) was non-convertible after 1932 (when trade in gold-convertible &quot;chervonets&quot;, introduced by Lenin in NEP years, was suspended) until the late eighties. It was impossible (both for citizens and state-owned businesses) to freely buy or sell foreign currency even though the &#039;exchange rate&#039; was set and published regularly.&quot;</p><p><br /></p><p>In a footnote from <i>Our Daily Bread: Socialist Distribution and the Art of Survival in Stalin&#039;s Russia 1927-41 </i>(2001, p.229) I see a 1932 blackmkt rate of USD$ 1. ~ 15-25 руб. currency; </p><p>this suggest 1 Au/ozt = ~ 310 - 516 руб. currency, at least. Again, to know if POG rose or fell in this period we&#039;d have to see the Kharkiv black mkt rates, charted.</p><p><br /></p><p>In Ukraine, I&#039;d guess the value of Gold Chernovets <i>increased</i>, rather than declined. But I have no evidence either way. Does anyone, for Kharkiv?[/QUOTE]</p><p><br /></p>

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