Wednesday, August 17, 2011

hugo chavez wants venezuela's gold back

this headline story from zero hedge follows reports that hugo chavez has asked the bank of england to return the gold it holds for venezuela.

ZeroHedge | On a long enough timeline the survival rate for everyone drops to zero: "In addition to the nationalization of his gold insutry, Chavez earlier also announced that he would recover virtually all gold that Venezuela hold abroad, starting with 99 tons of gold at the Bank of England. As the WSJ reported earlier, 'The Bank of England recently received a request from the Venezuelan government about transferring the 99 tons of gold Venezuela holds in the bank back to Venezuela, said a person familiar with the matter."

probably not a bad idea, considering that countries like UK and USA will declare war (or not, just initiate "hostilities") as a pretext to seize said assets.

ZH goes on to speculate about what happens if venezuela wants to get back the gold held by our own JP Morgan -- which of course does not possess the physical metal to satisfy all its obligations.

this, as the story goes on to propose, could get very interesting...

No comments:

Post a Comment