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Venezuela Completes Repatriation Of 160 Tons Of Gold, Gold At 2012 Highs
Slowly but surely, ever more physical gold is being removed from circulation in conventional channels. Yesterday, it was Sprott who a week after doing a follow on offering in his PSLV ETF (i.e., adding more physical), reported that he was going to buy an as of yet undisclosed amount of gold for PHYS. This came just as Venezuela completed the rapatriation of its gold from European vaults, which means that it is substantially ahead of all of its other international peers who confidently continue to hold their gold stashed away in vaults situated primarily in London and NY. From Bloomberg: "Venezuela today received the last shipment of gold bars in an operation that repatriated 160 tons of the South American country’s reserves of the metal held abroad, said Nelson Merentes, president of the country’s central bank. Fourteen tons of gold arrived at the Caracas airport today on a flight from Europe, Merentes said. The gold bars were transported in a caravan, broadcast on state television, to vaults at the central bank where street banners proclaimed “Mission Complete.”" So now that the defections in the golden game theory equilibrium have commenced, the question is: who is next?
More:
“In two months, we’ve brought 160 tons of gold valued at around $9 billion back to Venezuela,” Merentes said on state television from the Caracas airport. “Today marks the last day of the mission.”
President Hugo Chavez in August ordered the central bank to repatriate the country’s gold reserves as a safeguard against instability in financial markets. The South American country, which has the 15th-largest holdings in the world, according to the World Gold Council, held 211 tons of its 365 tons of gold reserves in U.S., European and Canadian banks as of August.
Venezuela will leave about 15 percent of its reserves, or around 50 tons, outside of Venezuela for financial transactions, Merentes said today. He said on Jan. 3 that the country would leave 15 tons of gold in banks outside the country.
A central bank report released in August showed that Venezuela held gold reserves with the Bank of England, JPMorgan Chase & Co., Barclays Plc and Standard Chartered Plc among other banks.
“This was the largest type of operation to transport this type of metal in the last fifteen years,” said Merentes. “The repatriation of our gold was an act of financial prudence and sovereignty.”
How peculiar: a central banker really doing the prudent thing and betting on his own hard assets. And in Venezuela of all places.
Gold spikes on this, and other, news to $1745 - fresh 2012 highs, and about $170 below all time highs.
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No worries. It's just an old tradition.
What better symbol for a "barbaric" regime than for them to hold a "barbaric relic"?
Chavez just lost/sacrifised 50 tons!
"Unfortunately we lost your 50 tons in a tragic forklift accident..."
today on a flight from Europe.....
....
I didn't know the fed had a storage room over here....
The question is: just because NY banks no long have the gold in their vaults, does that mean they still can't sell it? Over and over again?
After all, not actually having an asset doesn't seem to stop bankers from selling said assets.
Thats why it took 6 months for Chavez to get all his gold back. They had to mine it because they dont have any enencumbered gold in their vaults.
They mined most of it from Gaddafi's asshole. He had 144 tons; Chavez just got 160 tons.
Remember how the action against Libya started shortly after Chavez demanded his gold back? But the main reason the Illuminati sodomized Gaddafi and tortured him to death is because he dared to resurrect the gold Islamic dinar. Gaddafi, martyr for humanity. Who would have thunk it?
BTW, I sure hope Chavez and Putin join up to re-enact the "Who run Bartertown?" scene when we attack Iran. Oil to $250. That will help bleed out more gold...
“Mission Complete”, more truthful than, "Mission Accomplished". Kudos to Chavez.
Maybe we could hire the Venezuelan authorities to commence with the audit of the gold (NOT) in Ft. Knox?
Just saying.
Looks like it's time to invade Venezuela...Yo Venny! C'mere, we gots to talk...(and the whole country ends up in the trunk of a car in Jersey)
when they accept only gold for oil?
They can always accept euros for oil, which are convertible to gold.
Stop lying. Euros are no more convertable than any other fiat currency and you fucking know it.
You are a fool, and completely wrong. Check your facts, silverbug.
Initial Euro float was 30% gold and 70% currency
Yes, and? How have the percentages changed since? Has the ECB gold holdings changed?
Rumor has it that Hugo Chaves' people trade at this brokerage house: www.armadamarkets.com
You beat me to it. Libya was a warning. Don't we have troops in Columbia? Border trouble, bitches!
160 tons of gold wouldn't drop the waterline of an aircraft carrier in any measurable way.
El Commandante, bitchez!
Who's next?
Who dares?
Nobody within the Empire that's for sure.
+100 eh, another definition for the Phantom Empire
(phantom because it's invisible to many)
1971 the "surrender monkeys" did dare, though - the establishment still hates them for it...
Testicles. Reach down find a pair. I'm talking to you Merkel.
All my wildest hallucinations aside, I do believe when you have a dishonest monetary system, only a more honest one can be adopted from here but I'm known to be wrong...
@Gene
This is a good place to put the "but gold isn't backed by anything" video that you linked in the other thread... lol
http://www.youtube.com/watch?v=1V7n3qRRM60
Indeed.
If only Chavez understood that fine reporter from Canada.
He'd have to look down to see her... My guess is that she spends a lot of time on her knees...
Well, clearly when SHTF, FRNs will be incredibly valuable as toilet paper, whereas gold isn't backed by anything and will only be a worthless trinket. Or, you could always melt it down to make bullets to fend off those roaming hoards of zombies.
And then you can be just like the Lone Ranger!!!!! I had forgotten about him having silver bullets!!
Silver bullets would rock.
Gonna get me some for my 357 hehe
I just thought his horse was named 'Silver'.../shrug
Me, I try to repatriate as much as I can every day.
How can anyone become so barbaric they actually demand their physical Gold? It's SHOCKING! /SARC
Venezuela had 211 tons of gold held at overseas locations when the original repatriation order was made.
Where, I wonder, are the other 51 tons that are still overseas, and why are they still there? Seems odd to do half the job.
I understand it's Switzerland and Hong Kong
El Presidente's stash?
Outside the fractional reserve clutches of LBMA is good enough.
Venezuela (Chavez) decided to keep 51 tons of gold overseas for "financial transactions". It is in the Bloomburg article. He is hedging his bets a little. Very little in the grand scheme of things. Venezuela has a wealth of oil. Oil for gold bitchez!
FTFA: "Venezuela will leave about 15 percent of its reserves, or around 50 tons, outside of Venezuela for financial transactions, Merentes said today. He said on Jan. 3 that the country would leave 15 tons of gold in banks outside the country."
crap comment deleted by author
Mission Complete.
Was Hugo wearing a flight jacket and standing on a carrier mock-up?
Funny. They get gold and all the US got was $1 trillion more debt and lots of full body bags. Hmmmm?
Ron Paul anyone?
That needs to go on a T-shirt.
Hugo may be a raving lunatic, but he's not a moron all the time. Successfully getting his gold back was a good business decision. Note to Hugo, do not start a nuclear energy program in Venezuela....
Hugo and Kyle Bass in the same club...strange times
why is howard dean on cnbc?
Why would anyone watch cnbc?
There are a lot of bright colors and shiny things...
dont forget the exciting whooshing sounds as charts fly around on the screen.
cnbc
Now that's a barbarous relic...
At least the Venezuelans know where their gold is. Do you Americans know where your gold is?
I know where my gold is. Don't know where America's gold is though and that is what is really scary.
Remember, your gold is at the bottom of the Atlantic. You stupidly had it with you on a deep-sea fishing trip (seriously, who brings their PMs with them when they go fishing?) and a big wave washed over the bow and took all your shiny metals to the great deep. You should really be more careful with that stuff next time.
Can there at all be such thing as "country's gold" or "national wealth" other than that held by individuals?
Julian the emperor "was never covetous of money, which he thought was better kept by its owners, often quoting the saying, that Alexander the Great, when he was asked where he kept his treasures, kindly answered 'Among my friends.'"
If the "rulers" stopped pretending to spread wealth and happiness from Gosplan down, and finally admitted that these can only be created by individuals - oh boy, what a world that would be!
Well in time to move the people's gold into his own warehouse before his rule ends..What will the reaction be to the gold gone missing?
I wonder how many bars Obama gets for posing in a foto op with El Presidente...
The reaction will undoubtedly be,,,Where's Corzine?
Gold is cute but lil' Chavez flashes King Dollar in her money shots.
“...Mission Complete...” bitchez!
"When a man with a pistol faces a man with a rifle, the man with the pistol is a dead man"
"Now I know what you're thinking... Did I fire 6 times or only 5?"
depends how close they are
Latin America girds while the U.S. turds...
I bet his casket will be solid gold....he is a God you know...but it is a smart move....I would do the same if I was a country that has its gold in some other country...
What good does that gold do them in a vault in Venezuela?
Is there a market for Venezuelan wharehouse receipts?
No, and that is the whole point.
I don't think Chavez is interested in issuing receipts.
However in answer to your question, will there be a market for any sort of paper when the system goes into convulsions?
Invasion of Venezuela was probably a no go solution. One wonders whether Chavez got his cancer courtesy of Uncle Sam. A warning perhaps to his successor.
Hmmm. How can the CIA start a false flag operation so that there can be a humanitarian invasion of Caracas? Perhaps claim that Sean Penn and Danny Glover are conspiring with Hugo to kidnap a national treasure like the the Kardashians?
/sarc
Venezuelan women are a million times hotter. Maybe if they kidnapped Tom Brady.
365 tons of gold @ current prices = 22.5 billion USD. Peanuts in comparison with its hord of black gold!
Ok, you have somewhat answered my musing - which was how much of this repatriation was related to economic concerns, and how much of it had to do with the doubtless pressure he is experiencing from his kinship with Gaddaffi... and therefore is this going to become a global gold run or just a sole dictator feeling vulnerable
Although I guess 22bn is not to be sniffed at... better off in your pocket, than in theirs
Venezuela dumping their deposits could be the start of the long awaited collapse in the gold price?
Chavez = SUCKER
Wait until he figures out that the USA has perfected transmutation of mercury into gold using energy from Mr. Fusion.
Hg bitchez.
Nothing personal but were you your mother's smartest child?
'Nothing personal but were you your mother's smartest child?"
that was an rhetorical interrogatory i hope.....
> were you your mother's smartest child?
I hope not, since I am up to my eyeballs in the shiny stuff.
Nice amateur psychiatry though.
You must then have your feet chained to the bottom of the vat, to be submerged to such a depth in mercury.
PS: Swimming in mercury may be hazardous to your health, and may lead to birth defects for pregnant women.
If Mr. Fusion was in the house then a lot of things would be difficult to value for awhile, not just gold. Cute idea though.
E-CAT bitchez
I like the view of shiny thungsten bars, poor Hugo...
forbes reporting China importing more gold than they anounced last year .hmm china like it's people loves to gamble on that worthless metal.while writing this i am humming " I am chinese I really think so."
Easier to grab when its local eh Hugo?
Socialists love gold. Communists love gold. Capitalists love gold. Fascists love gold. Anarchists love gold. Religious love gold. If there is one thing that men can agree that has value it's gold.
Well that excludes Benji Bernakio. He is A: not a man and B: claims gold is not money and is held only because of "tradition".
Ah, tradition. Like being honest or Constitutional, paying ones' debts, or recognizing reality.
Tradition...so long ago....
Don't forget that inflation is transitory!
dictators love gold. women love gold.
(this was not a word association exercise, I swear!)
Popes, yogis, and shamans love gold. Crows love gold, so do monkeys and fishes. This is FUN.
... as all around we us we hear paradoxically: "... so, I don't own any!"
It's OK. Nothing bad ever happens to money in New York or London.
Gold backed Bolivars bitchez!
bolívar = eek
bolívar fuerte = yikes
bolívar auria = things that make The Bernank go "hmmmm". What does the "constitutional scholar" have to say? "Valerie, help me find my air jordans... what time is the game on?... Oh really, I thought we were invading Iran...well, just brief me during the commercials."
Wow, our comrade Hugo rolls the gold through the streets, broadcast on state television to a cheering crowd. While here in the free USSA the tyrants tell us to shut up, close our eyes and believe the gold is still there.
Maybe that freight train full of tanks and fuel trucks seen headed south in Cali last week is on its'way to "re-repatriate" Venezuela's new hoard!?!?! Hmmmmm....
bitch ass anglo european bankers....u know they hate it...
"how ya like me now"...
Hugo Chavez -
I still believe the story that there is no shortage of gold, the total refine quantity has been massively underreported and that China is simply using US fiat toilet paper dollars to repatriate gold that was their's from the start. It is an equitable relationship that benefits everyone.
... and why not, over many years, the banking empire has either outright stolen, looted or purchased the vast majority of gold with fiat toilet paper created from thin air, stored or hiddent it and then underreported the quantity that they have.
IMO, gold is a side-show and plan B, designed to distract the gullible.
But that view contains its own paradox. The ideal way to covertly accumulate an asset & avoid spooking the markets in the process is to underplay your holding & acquisition strategy. Like all the sovereigns & CBs are!
"The gold bars were transported in a caravan, broadcast on state television, to vaults at the central bank where street banners proclaimed “Mission Complete.”"
Vaults full of Tungsten Bars? http://contramanfund.wordpress.com/2011/03/02/print-more-gold-backed-tungsten-bars-as-reserve-currency-backing/
Bill Still's upcoming History Channel documentary: http://www.youtube.com/watch?v=M837HIp9igk
Sorry, the real Gold has suddenly just "Vapourized".
A certain airliner that crashed in PA just "Vapourized" so I'm sure it can happen to anything. In fact I have it on good authority that under "certain conditions" gold will "spontaneously" vaporize.
I've finally figured out why there has been so much research dollars poured into this in recent years... Harry Potter was just the cover story!! http://www.csmonitor.com/Science/2012/0126/Invisibility-cloak-uses-metamaterial-to-hide-three-dimensional-objects
"But you can't eat gold!"
Why are all the Central Banks and Sovereigns desperately buying it?
Because now the bankers are eating each other...
ohh colonel.
ohh saif.
ohh surviving sons of the deset fox
ohh people of libya..
see the lovely actions of freedom and democracy.
your land tainted with depleted uranium,your country destroyed.
the sweet oil who knows,where it goes.
but rejoice your gold has been liberated saved from yourselves, shipped to uncle hugo of Venezuela until cia cancer kills the other wild fox. no need for thanks we do what is in are nature.
crime inc.
Textbook reverse-soros move by Hugo.
better question would be whose gold will be stolen next by the hofjuden now that Libyan gold has been stolen by them to satisfy Chavez' demand. i call it musical chairs.
Fannie & Freddie are also about to complete MBS repatriation which are at 2012 highs
US Silver Consumption Now 75% Dependent on Imports!
Even more astonishing is that the USGS classifies ETF and COMEX silver in the Supply category! That's equivalent to inventoring the home you live in as available to someone else - - how about that!...
hmmm
Better drill a lot of them bars hopefully no tungsten-core bars show up!
Just another trend we are seeing globally.
PBOC’s Zhang Jianhua: “The only choice to hedge risks is to hold hard currency — gold.”
http://t.co/7vvEbrON
Also, lol at the headline when you read it off of msnbcommunists.com
I find it very odd that from 1 January 2011 until today the number of ounces of gold one Venezuelan Boliviar can buy is down 63.4% even though they have repatriated all this gold.
If the market aapparantly sees no difference in the gold beting held in Venezuela or New York, in terms of the value of the currency.
Or does anyone have a better explantation?