Article

2011-11-26 Caribbean-Latin America

Chavez repatriates Venezuela's foreign gold reserves

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Posted by tipper 2011-11-26 04:50|| || Front Page|| [8 views ] Top

#1 The gold will be held overseas as collateral for loans. The banks will only release the gold when the loans are repaid.

Which means Chavez just got a bunch of money from somewhere. Probably China securing oil leases.

Posted by phil_b 2011-11-26 06:59|| 2011-11-26 06:59|| Front Page Top

#2 As Glenn Reynolds pointed out, it makes it easier for Chavez to steal the gold.
His cronies, too, if they suddenly have to leave Venezuela.

Posted by Rambler in Virginia 2011-11-26 07:22|| 2011-11-26 07:22|| Front Page Top

#3 Also makes it easier for Chavez to substitute gold plated tungsten ingots for the real gold bars.

Posted by Anguper Hupomosing9418 2011-11-26 07:50|| 2011-11-26 07:50|| Front Page Top

#4 Hugo has shown he fears the big bankers than his own people.

Posted by Anguper Hupomosing9418 2011-11-26 08:14|| 2011-11-26 08:14|| Front Page Top

#5 As I recall some of that gold was in the USA as well. China did inject money recently. So much money to settle with those companies he nationalized. Venezuela's economy is sinking also.

Fed inject record "other" cash last week.

Posted by Dale 2011-11-26 10:22|| 2011-11-26 10:22|| Front Page Top

#6 It's rare that I should agree with fat boy, but on this occasion...

Posted by bigjim-CA 2011-11-26 16:14|| 2011-11-26 16:14|| Front Page Top

#7 This is assuming that the gold bars he just got were not tungsten plugged. Gold counterfeiting and fraud are running rampant right now, even involving some major players.

The FOREX gold market is only supposed to sell gold by numbered lots, which would be called as such if physical ownership of gold is redeemed. However, of late, demands for physical ownership, while they are still getting gold, they are not getting gold matched to the lots they own. This is not kosher.

Personally, the only physical gold I want would be Canadian Maple Leafs, whose high purity is guaranteed by a hologram engraved in the gold, which would not work with alloyed gold. And then, only if the coins were in tamper-resistant sealed clear plastic containers guaranteed by the mint.

Posted by Anonymoose 2011-11-26 17:51|| 2011-11-26 17:51|| Front Page Top

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