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Venezuelan President Hugo Chavez ordered the central bank to repatriate $11 billion of gold reserves held in developed nations' institutions such as the Bank of England as the metal rises to record levels behind a weakening U.S. dollar.
Venezuela, which holds 211 tons of its 365 tons of gold reserves in U.S., European, Canadian and Swiss institutions, will progressively return the bars to the central bank's vault, Chavez said yesterday. JPMorgan Chase & Co., Barclays Plc, Standard Chartered Plc and the Bank of Nova Scotia also hold Venezuelan gold, the president said.
Mr Chávez said on Wednesday night that he had signed the plan to repatriate at least 90 per cent of Venezuela’s gold reserves as well as moving foreign exchange reserves out of US and European banks.
Link to article
Originally posted by SirMike
Chavez is withdrawing his gold from Europe because Venezuela is facing tens of billions $ in lawsuits from foreigners who are suing his government for “expropriating” their assets. Moving the gold out means that when these individuals and companies win their suits, which they most certainly will, they won’t be able to claim their compensation.
Originally posted by CasiusIgnoranze
reply to post by JennaDarling
The CIA has already tried to assassinate Hugo Chavez MANY times in the past but Chavez has always prevailed. They have even tried to start FAKE riots and protests, but thank goodness they didn't go out of hand. LINK
I'm guessing if the US Government desperately wants to control the oil in Venezuela, they'll probably set up some Venezuelan terrorists - make them bomb a couple of American Buildings and hey presto - Military Intervention in Venezuela dubbed as a "humanitarian crisis" by the mainstream media.edit on 23-8-2011 by CasiusIgnoranze because: .
Originally posted by hp1229
reply to post by wisdomnotemotion
The way I look at it, is that Chavez is no saint. He is a former military member now a dictator and just as corrupt and a political goon. So if other bad guys take him out, what do I care as long as the public is benefited (which I surely hope so).
Originally posted by hp1229
reply to post by wisdomnotemotion
The way I look at it, is that Chavez is no saint. He is a former military member now a dictator and just as corrupt and a political goon. So if other bad guys take him out, what do I care as long as the public is benefited (which I surely hope so).
Originally posted by CasiusIgnoranze
Keep an eye on Venuzuela people - JP Morgan isn't going to be too happy about this and they might just try and convince the US Government to false flag some "protests" or "attacks" to remove Hugo Chavez from power so that they can install more puppets.edit on 23-8-2011 by CasiusIgnoranze because: .