Dollar "pure", unbeatable business: the gap between solidarity and blue already makes it possible to earn almost 20%

In a week in which uncertainty is at daylight, at the close of Tuesday's operations the blue dollar has reduced to $219.50 for sale. With this new development, the parallel quotation again widened the gap with respect to the official exchange rate, now making a difference of almost 110% in relation to the wholesaler and about 100% in comparison with the retail average.

For those who buy dollars thinking about the medium or long term, that is the price that is taken into account, but for those who seek to make a difference in short-term pesos, one would say in the day, the one that matters is the purchase price, which stands at $215.50. Although this latter data does not have the dissemination of the purchase, it is key to making the so-called "puré".

The so-called "puré dollar" or as it is said in the jargon "do the puree" arises from buying dollar savings or solidarity, that is to say that allows the monthly quota in the formal market (in this case $200 per month and per person), or MEP dollar or stock exchange, and then sell them, at a higher price (dollar blue), in the parallel market (caves).

In times of thin pockets, for many people this operation has become an additional source of income from time to time, which becomes much more attractive at a time when the gap between the latter and the blue is widening, as happened this last week.

By way of example, according to the latest available quote, the solidarity dollar was quoted on banks' boards at $180.67, while the blue buyer did so at $216.50.

Anyone who surpasses all the obstacles that the AFIP has been adding over time to be able to make those $200 must make an "investment" of $36,134 to be made in a matter of minutes and without further formalities of $43,300. That is, you would get a profit of more than $6,700, equivalent to almost 20% a day.

This profitability is having its correlative almost immediately in the number of people who began to dump themselves in the caves in both the Federal Capital and the greater Buenos Aires, where the phenomenon becomes much more evident as many of them operate directly with locals on the street under the guise of authorized exchange houses or in many cases in small businesses in which the number of people waiting to be cared for increased markedly.

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Unlike what happened in that segment, those who operate with MEP dollars are practically out of business, as these days their quote was placed in the middle between the buying and selling points of the blue. In this way, those who operate in this segment remember with some melancholy what happened not more than a few days ago, when the difference between the two rose to above 2.5%.

So, who bought $1,000 started paying $203,700, to get for sale on the marginal market a total of $209,000. This way, the profit was $5,300.

The collapse of the margins occurred as soon as the new restrictions imposed by the Financial Information Unit that established that the stock exchange agents could apply to their clients for affidavits of earnings and personal property to operate in the capital market were known.

Faced with this new development, it was logical that the price of the MEP dollar rose substantially to 216.70 pesos per unit.

Once again, the question is why the dollar goes up, not only in the parallel market, but also the rest of the so-called financial dollars, such as the MEP or the cash settlement.

Consensus is growing: more experts expect a 2014 devaluation

The answer is obvious and is due to the lack of progress in the much-mentioned agreement with the International Monetary Fund, in a context of high inflation, overstretched fiscal deficits, with significant monetary issuance, plus the weak position of the Central Bank's reserves.