We just reported that Hugo Chavez has nationalized the entire Venezuelan gold industry this afternoon. Well, Hugo didn't stop there, as latest headlines flashing indicate that Chavez has requested that the Bank of England return 99 Tons of Venezuelan gold held on deposit, and a total of 211 Tons of gold held abroad (WSJ). For those with any knowledge of the cartel, you know where this is heading. For those who don't....the Bank of England currently stores 211 tons of Venezuela's gold in the vaults of (per Bloomberg) JP Morgan, Barclays, and the Bank of Nova Scotia. A last check of physical gold inventory in The Morgue's vault showed a whopping 338,303 total ounces of gold...roughly 10.6 tons. In an absolute shocker to all who follow gold and silver here, are we about to see the COMEX GOLD market busted/default before COMEX SILVER????? Look for gold to VAULT past $1800 in the access/ Asian markets tonight when this news spreads. If Chavez carries through with this ultimatum, look for Venezuela to receive the Gaddafi/ Libyan treatment within the week. Activist Post: Hugo Chavez Demands 99 Tons of Venezuelan Gold Returned From the Bank of England/ JP Morgue
its a smart move by venezuela. Unless it costs them war. The egyptian dictator got sick, ghadaffi is apparently sick now, expect the same with Asad and chevez
Oh it most certainly will. I'm sure Chavez will end up dead and the next guy in there will too unless he decides to play by the rules. Look at every Country that has threatened to or did stop accepting US Dollars for oil: 1- Iraq 2- Iran 3- Venezuela 4- Libya All are supposedly our "enemies". Is anyone still believing this nonsense? PS: Good for Chavez. Every institution that holds Venezuela's gold is part of the same group of criminal bankers run amok for as long as I can remember.