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Hugo Chavez to repatriate $11 billion in gold.

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posted on Aug, 18 2011 @ 04:24 AM
This could be the start of the downfall of Jp Morgan and the comex.

This is the biggest story of the late day with implications for Jamie Dimon, precious metal ETFs, and central banks worldwide.

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.

The problem for Jamie Dimon and JPMorgan is that they hold only 10.6 tonnes of gold, and all of it belongs to Venezuela, though they have pledged approximately 100 times that amount in various paper markets.

Exciting stuff, Hold on to your hats folks, this could get very interesting...

posted on Aug, 18 2011 @ 04:26 AM
reply to post by Mythkiller

go HUGO , go !!!

i cannot wait until the charade that is "world finance" is exposed for the FRAUD that it is,,,

"PAPER GOLD"??? wtf...


***edit to ***s + f ***
edit on 18/8/2011 by shaneR because: s + f

posted on Aug, 18 2011 @ 04:44 AM
reply to post by Mythkiller

In reading this story, something clicked in my mind and sure enough I found the reference. I'd seen this before....

Iran hoards gold

That was just before they kicked their programs into high gear and really stopped caring what was public and what wasn't. They just had to make themselves sanctions proof first. Clever of them. They learned by watching Iraq's mistakes. So, what might Chavez be thinking about where he would worry about Venezuelan assets being frozen or sanctioned? Interesting....

posted on Aug, 18 2011 @ 05:00 AM
With all that gold setting there would it be a good time for some neighbor to topple him and seize the gold? I mean, get rid of Chavez, take the gold and leave the country and it's people to be managed by some UN committee.

posted on Aug, 18 2011 @ 05:29 AM
the USA has got to be busy in getting Chavez declared a despot/ Terrorist and Venezula declared a tyrants haven... thus Freezing all those assets and tonnes of gold just where it is stored now,

Hugo has the spotlight now, but i fear that there are clandestine operations already underway...

posted on Aug, 18 2011 @ 05:41 AM
if JP Morgan and friends run into trouble, our gov't will just do what chavez is doing, lay claim to all the gold in the country, demand the people turn it in to them....
for a "fair" price of course.....
hey at least after that, they can stop focusing so much attention on keeping gold's value down and maybe have more attention for other things, like, oh, I don't know.....getting the economy back up and running!!!

it will be interesting to watch and see what is done in this country if JP Morgan finds themselves in such a bind!!
since, I have absolutely no faith that the gov't is gonna let them fail!!! come, see the magicians at their finest hour, the circus of the century is about to begin!!1 while one hand keeps you occupied with clever moves of distraction, keep your eye on the other hand, as gold plated copper bars are produced out of thin air and sent on their way to the big banks!!!
it's the new american way!!!
edit on 18-8-2011 by dawnstar because: (no reason given)

posted on Aug, 18 2011 @ 09:57 AM
Topic already under discussion here -

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