Hugo Chavez: The Touch of Gold
Nov 25th, 2011 | 2 responses
Here are a couple of interesting developments.
After announcing last week that he will nationalize Venezuela’s gold industry, Hugo Chavez is now “repatriating” his country’s gold reserves.
According to the BBC, Chavez plans to bring home approximately 160 tons of gold, worth more than $ 11 billion, mostly from London where the vast majority of Venezuela’s gold is held.
The first shipment of gold bars has already arrived and, after unloading from a plane, it was “taken under heavy guard to the Central Bank in the capital, Caracas.”
While Chavez has explained the move as an “act of sovereignty that will protect Venezuela’s reserves from global economic turbulence,” others see the move as a populist measure to boost Chavez’s popularity in preparation of the upcoming elections, or feel that Chavez is concerned that Venezuela’s assets could be frozen one day by sanctions.
Read more about this “historic” event here.
Image: Courtesy factoryoutletvault.com
2 Responses to “Hugo Chavez: The Touch of Gold”
Well…it’s his country. Maybe it’s going to take eternity for foreign investors to realize that Venezuela doesn’t need their money, want their business, or want to do business with them. Sooner would be better than later, of course…but some folks are just too dense to get the message.
Can’t have Venezuela’s assets frozen by western powers if they are in Venezuela.
What’s this guy up too? Is he going to violate his neighbor’s border again?