Venezuela Gold
Will the banks have the gold ????
According to Bloomberg, the central bank of Venezuela has sent a statement by e-mail requesting its 99 tons of gold holdings from the Bank of England, citing the institution’s president, Nelson Merentes. “We’ve contacted the Bank of England and the corresponding protocols have been initiated to complete this operation as soon as possible,” Merentes said, according to the statement. “Once that’s done, the shipments will begin by sea.”
Chavez ordered the central bank on Aug. 17th to repatriate $11 billion of gold reserves held in developed nations’ institutions. Chavez fears 'hostile countries' may seize the national patrimony.
Venezuela holds 211 tons of its 365 tons of gold reserves in U.S., European, Canadian and Swiss Banks.
40 shipments will be needed to carry the 17,000 400 ounce bars by sea. Piracy must be a real concern given the value of the bullion and Venezuala should ensure that the shipment is well protected.
https://www.24hgold.com/english/news-gold-silver-gold-nears-1-900--venezuela-formally-requests-gold-holdings-held-by-boe-ship-by-sea.aspx?article=3607861694G10020&redirect=false&contributor=Mark+O%27Byrne