Venezuela looks to bring gold home, diversify from USD

myp · Aug 18, 2011

Hugo Chavez has ordered some big changes for the country's financial holdings as he looks to bring home a lot of their gold holdings to domestic banks and move a lot of money of the US and into other markets including Russia and China. The moves come as gold's price is near all-time (nominal) highs and Venezuela continues to face US sanctions.

DodgeFB · Aug 18, 2011

myp said:
Hugo Chavez has ordered some big changes for the country's financial holdings as he looks to bring home a lot of their gold holdings to domestic banks and move a lot of money of the US and into other markets including Russia and China. The moves come as gold's price is near all-time (nominal) highs and Venezuela continues to face US sanctions.

We know Hugo is a smart guy. Just ask him. I did see that China is becoming worried that the US and Europe may not be able to afford their products, which would give them a problem too.

myp · Aug 18, 2011

Hugo, smart? nah.

This could get interesting though because there is speculation that some of the banks with whom Venezuela has gold might not enough physical on hand to deliver, namely JP Morgan. Scramble time? Gold price will be interesting on what happens.

DodgeFB · Aug 19, 2011

myp said:
Hugo, smart? nah.

This could get interesting though because there is speculation that some of the banks with whom Venezuela has gold might not enough physical on hand to deliver, namely JP Morgan. Scramble time? Gold price will be interesting on what happens.

I guess I should have put the sarcastic smiley when speaking of Hugo.

myp · Aug 19, 2011

DodgeFB said:
I guess I should have put the sarcastic smiley when speaking of Hugo.

I wasn't sure, but I thought you might've been

Venezuela looks to bring gold home, diversify from USD

myp

DodgeFB

myp

DodgeFB

myp

Similar threads