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News Link • Gold and Silver

What will become of Chávez’s gold hoard?

• Prison Planet
  “It’s coming to the place it never should have left. … The vaults of the central bank of Venezuela, not the bank of London or the bank of the United States. It’s our gold,” he said on national television as crowds cheered armored trucks carrying an initial bullion shipment to the central bank.

While Chávez suggested the gold repatriation might forestall a Libya-style seizure of Venezuela’s assets by Western powers he had antagonized, IHS Global Insight analyst Diego Moya-Ocampos told Reuters it might stymie potential claims by foreign corporations seeking compensation for nationalizations they had endured. Central Bank of Venezuela President Nelson Merentes said it was “an act of financial prudence and sovereignty” intended to guard against problems in the international markets.

1 Comments in Response to

Comment by Leslie Fish
Entered on:

Heheheheh.  No problem!  Chavez turned his country into a corrupt and paranoid little banana republic, so we can be sure that his top-level cronies will get the gold.  Then, of course, they'll spend it on goodies for themselves.  Soon enough, it will be dispersed among the top and secondary rich, from where it will eventually trickle back into the hands of various international banksters.  Life and economics will go on as they always have.

--Leslie


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