Is this the Golden Goose?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. (JPM), Barclays Plc (BARC), Standard Chartered Plc (STAN) and the Bank of Nova Scotia (BNS) also hold Venezuelan gold, the president said.
Thursday, August 18, 2011
Chavez Orders $11 Billion of Gold Home - Bloomberg
Chavez Orders $11 Billion of Gold Home - Bloomberg
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