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Hugo Chavez Nationalizes Venezuelan Gold Industry, Demands 211 Tons Be Returned From Abroad - JPMorgan, Bank Of England & ETFs S

Hugo Chavez Nationalizes Venezuelan Gold Industry, Demands 211 Tons Be Returned From Abroad - JPMorgan, Bank Of England & ETFs Scramble For Physical Metal

CARACAS—Venezuela plans to transfer billions of dollars in cash reserves from abroad to banks in Russia, China and Brazil and tons of gold from European banks to its central bank vaults, according to documents reviewed Tuesday by The Wall Street Journal.

The planned moves would include transferring $6.3 billion in cash reserves, most of which Venezuela now keeps in banks such as the Bank for International Settlements in Basel, Switzerland, and Barclays Bank in London to unnamed Russian, Chinese and Brazilian banks, one document said.

Venezuela also plans to move 211 tons of gold it keeps abroad.

http://www.blacklistednews.com/Hugo_Chavez_Nationalizes_Vene...



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Au Above 1800

frn's per OZ. again.

The chance that the Chavezistas will see 210 tons of Au is low. They will get some token amt. and quietly be offered more than the quoted spot price for the rest to keep their mouths shut.

This will a deal they "can't refuse."

Gee, I smell

another invasion by the US to free the people of Venezuela from a dictator, this should make our troops happy. (sarcasm)

Prepare & Share the Message of Freedom through Positive-Peaceful-Activism.

free the people from their

free the people from their gold and oil.

In other words Hugo wants to dump the u.s dollar

doesn't surprise me since most nations will do that eventually but that titanic will sink anyhow.

Im also wondering how there

Im also wondering how there going to come up with 210 tons of gold for them, if its in banks hasn't it been used as capital or leveraged in some way.???? i admit ignorance :)

fireant's picture

They've got 2 months to scrape it up.

All sorts of deals will be made in the process, but I figure they'll get it; this time anyway. I see it mainly as another step towards the inevitable loss of $ world reserve status.

Undo what Wilson did