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Venezuela Completes Repatriation Of 160 Tons Of Gold, Gold At 2012 Highs

Tyler Durden's picture


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?


“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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Tue, 01/31/2012 - 09:35 | 2112312 HD
HD's picture

No worries. It's just an old tradition.

Tue, 01/31/2012 - 10:08 | 2112431 Falcon15
Falcon15's picture

What better symbol for a "barbaric" regime than for them to hold a "barbaric relic"?

Tue, 01/31/2012 - 10:50 | 2112597 Pladizow
Pladizow's picture

Chavez just lost/sacrifised 50 tons!

Tue, 01/31/2012 - 14:10 | 2113390 Think for yourself
Think for yourself's picture

"Unfortunately we lost your 50 tons in a tragic forklift accident..."

Tue, 01/31/2012 - 13:36 | 2113280 Sudden Debt
Sudden Debt's picture

today on a flight from Europe.....


I didn't know the fed had a storage room over here....

Tue, 01/31/2012 - 10:27 | 2112506 midtowng
midtowng's picture

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.

Tue, 01/31/2012 - 10:41 | 2112569 cowdiddly
cowdiddly's picture

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.

Tue, 01/31/2012 - 21:26 | 2114960 New World Chaos
New World Chaos's picture

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...

Tue, 01/31/2012 - 11:57 | 2112850 Muddy1
Muddy1's picture

“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.

Tue, 01/31/2012 - 09:38 | 2112315 krispkritter
krispkritter's picture

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)

Tue, 01/31/2012 - 09:41 | 2112336 Ghordius
Ghordius's picture

when they accept only gold for oil?

Tue, 01/31/2012 - 09:53 | 2112372 Internet Tough Guy
Internet Tough Guy's picture

They can always accept euros for oil, which are convertible to gold.

Tue, 01/31/2012 - 10:22 | 2112489 tmosley
tmosley's picture

Stop lying.  Euros are no more convertable than any other fiat currency and you fucking know it.

Tue, 01/31/2012 - 11:02 | 2112638 Internet Tough Guy
Internet Tough Guy's picture

You are a fool, and completely wrong. Check your facts, silverbug.

Tue, 01/31/2012 - 11:36 | 2112764 fredquimby
fredquimby's picture

Initial Euro float was 30% gold and 70% currency

Tue, 01/31/2012 - 11:47 | 2112806 Internet Tough Guy
Internet Tough Guy's picture

Yes, and? How have the percentages changed since? Has the ECB gold holdings changed?

Tue, 01/31/2012 - 09:59 | 2112391 mattu13048
mattu13048's picture

Rumor has it that Hugo Chaves' people trade at this brokerage house:

Tue, 01/31/2012 - 10:17 | 2112471 SWRichmond
SWRichmond's picture

You beat me to it.  Libya was a warning.  Don't we have troops in Columbia?  Border trouble, bitches!

Tue, 01/31/2012 - 10:24 | 2112496 Manthong
Manthong's picture

160 tons of gold wouldn't drop the waterline of an aircraft carrier in any measurable way.

Tue, 01/31/2012 - 09:36 | 2112316 Turd Ferguson
Turd Ferguson's picture

El Commandante, bitchez!

Tue, 01/31/2012 - 09:36 | 2112317 GeneMarchbanks
GeneMarchbanks's picture

Who's next?

Tue, 01/31/2012 - 09:40 | 2112327 Ghordius
Ghordius's picture

Who dares?

Tue, 01/31/2012 - 09:43 | 2112342 GeneMarchbanks
GeneMarchbanks's picture

Nobody within the Empire that's for sure.

Tue, 01/31/2012 - 09:47 | 2112351 Ghordius
Ghordius's picture

+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...

Tue, 01/31/2012 - 09:53 | 2112369 GeneMarchbanks
GeneMarchbanks's picture

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...

Tue, 01/31/2012 - 09:45 | 2112347 francis_sawyer
francis_sawyer's picture


This is a good place to put the "but gold isn't backed by anything" video that you linked in the other thread... lol

Tue, 01/31/2012 - 09:56 | 2112385 GeneMarchbanks
GeneMarchbanks's picture


If only Chavez understood that fine reporter from Canada.

Tue, 01/31/2012 - 10:14 | 2112453 francis_sawyer
francis_sawyer's picture

He'd have to look down to see her... My guess is that she spends a lot of time on her knees...

Tue, 01/31/2012 - 10:16 | 2112465 a growing concern
a growing concern's picture

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.

Tue, 01/31/2012 - 11:42 | 2112783 fredquimby
fredquimby's picture

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

Tue, 01/31/2012 - 12:32 | 2113005 graymnzrc
graymnzrc's picture

I just thought his horse was named 'Silver'.../shrug

Tue, 01/31/2012 - 09:49 | 2112360 LawsofPhysics
LawsofPhysics's picture

Me, I try to repatriate as much as I can every day.

Tue, 01/31/2012 - 09:39 | 2112324 Long-John-Silver
Long-John-Silver's picture

How can anyone become so barbaric they actually demand their physical Gold? It's SHOCKING! /SARC

Tue, 01/31/2012 - 09:40 | 2112326 Quintus
Quintus's picture

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.

Tue, 01/31/2012 - 09:43 | 2112341 Ghordius
Ghordius's picture

I understand it's Switzerland and Hong Kong

El Presidente's stash?

Tue, 01/31/2012 - 09:55 | 2112378 Internet Tough Guy
Internet Tough Guy's picture

Outside the fractional reserve clutches of LBMA is good enough.

Tue, 01/31/2012 - 10:05 | 2112421 Falcon15
Falcon15's picture

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!

Tue, 01/31/2012 - 10:08 | 2112430 fuu
fuu's picture

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."

Tue, 01/31/2012 - 11:44 | 2112786 fredquimby
fredquimby's picture

crap comment deleted by author


Tue, 01/31/2012 - 09:40 | 2112329 cossack55
cossack55's picture

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?

Tue, 01/31/2012 - 09:53 | 2112371 LawsofPhysics
LawsofPhysics's picture

That needs to go on a T-shirt.

Tue, 01/31/2012 - 10:46 | 2112585 ElvisDog
ElvisDog's picture

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....

Tue, 01/31/2012 - 15:11 | 2113612 falun bong
falun bong's picture

Hugo and Kyle Bass in the same club...strange times

Tue, 01/31/2012 - 09:40 | 2112330 Lazarus Long
Lazarus Long's picture

why is howard dean on cnbc?


Tue, 01/31/2012 - 09:49 | 2112361 Vincent Vega
Vincent Vega's picture

Why would anyone watch cnbc?

Tue, 01/31/2012 - 09:55 | 2112380 HD
HD's picture

There are a lot of bright colors and shiny things...

Tue, 01/31/2012 - 21:56 | 2115155 laosuwan
laosuwan's picture

dont forget the exciting whooshing sounds as charts fly around on the screen.

Tue, 01/31/2012 - 10:02 | 2112409 living on the edge
living on the edge's picture


Now that's a barbarous relic...


Tue, 01/31/2012 - 09:42 | 2112337 Stuck on Zero
Stuck on Zero's picture

At least the Venezuelans know where their gold is.  Do you Americans know where your gold is?

Tue, 01/31/2012 - 09:53 | 2112374 tarsubil
tarsubil's picture

I know where my gold is. Don't know where America's gold is though and that is what is really scary.

Tue, 01/31/2012 - 10:20 | 2112482 a growing concern
a growing concern's picture

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.

Tue, 01/31/2012 - 17:50 | 2114355 Malachi Constant
Malachi Constant's picture

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!

Tue, 01/31/2012 - 09:42 | 2112339 Captain Kink
Captain Kink's picture

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?

Tue, 01/31/2012 - 09:47 | 2112355 francis_sawyer
francis_sawyer's picture

I wonder how many bars Obama gets for posing in a foto op with El Presidente...

Tue, 01/31/2012 - 09:53 | 2112370 kill switch
kill switch's picture

The reaction will undoubtedly be,,,Where's Corzine?

Tue, 01/31/2012 - 09:42 | 2112340 Sofa King
Sofa King's picture

Gold is cute but lil' Chavez flashes King Dollar in her money shots.

Tue, 01/31/2012 - 09:43 | 2112344 EL INDIO
EL INDIO's picture

...Mission Complete...” bitchez!

Tue, 01/31/2012 - 10:47 | 2112590 ElvisDog
ElvisDog's picture

"When a man with a pistol faces a man with a rifle, the man with the pistol is a dead man"

Tue, 01/31/2012 - 12:38 | 2113035 prole
prole's picture

"Now I know what you're thinking... Did I fire 6 times or only 5?"

Tue, 01/31/2012 - 15:13 | 2113622 falun bong
falun bong's picture

depends how close they are

Tue, 01/31/2012 - 09:44 | 2112348 toomanyfakecons...
toomanyfakeconservatives's picture

Latin America girds while the U.S. turds...

Tue, 01/31/2012 - 09:46 | 2112353 youngman
youngman's picture

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...

Tue, 01/31/2012 - 09:51 | 2112365 ThisIsBob
ThisIsBob's picture

What good does that gold do them in a vault in Venezuela?

Is there a market for Venezuelan wharehouse receipts?

Tue, 01/31/2012 - 09:55 | 2112381 Internet Tough Guy
Internet Tough Guy's picture

No, and that is the whole point.

Tue, 01/31/2012 - 09:57 | 2112388 Peter Pan
Peter Pan's picture

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?

Tue, 01/31/2012 - 09:51 | 2112366 Peter Pan
Peter Pan's picture

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.

Tue, 01/31/2012 - 09:54 | 2112375 apberusdisvet
apberusdisvet's picture

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?


Tue, 01/31/2012 - 10:14 | 2112452 Jim in MN
Jim in MN's picture

Venezuelan women are a million times hotter.   Maybe if they kidnapped Tom Brady.

Tue, 01/31/2012 - 09:56 | 2112382 falak pema
falak pema's picture

365 tons of gold @ current prices = 22.5 billion USD. Peanuts in comparison with its hord of black gold!

Tue, 01/31/2012 - 10:36 | 2112551 tabasco71
tabasco71's picture

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? 

Tue, 01/31/2012 - 09:57 | 2112386 unununium
unununium's picture

Chavez = SUCKER

Wait until he figures out that the USA has perfected transmutation of mercury into gold using energy from Mr. Fusion.

Hg bitchez.


Tue, 01/31/2012 - 10:19 | 2112478 Peter Pan
Peter Pan's picture

Nothing personal but were you your mother's smartest child?

Tue, 01/31/2012 - 10:29 | 2112519 Kaiser Sousa
Kaiser Sousa's picture

'Nothing personal but were you your mother's smartest child?"

that was an rhetorical interrogatory i hope.....

Tue, 01/31/2012 - 12:05 | 2112886 unununium
unununium's picture

> 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.

Tue, 01/31/2012 - 18:02 | 2114414 akak
akak's picture

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.

Tue, 01/31/2012 - 10:20 | 2112484 Husk-Erzulie
Husk-Erzulie's picture

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.

Tue, 01/31/2012 - 11:47 | 2112809 fredquimby
fredquimby's picture

E-CAT bitchez

Tue, 01/31/2012 - 09:58 | 2112390 gun4A
gun4A's picture

I like the view of shiny thungsten bars, poor Hugo...

Tue, 01/31/2012 - 10:02 | 2112406 overmedicatedun...
overmedicatedundersexed's picture

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."

Tue, 01/31/2012 - 10:06 | 2112425 bugs_
bugs_'s picture

Easier to grab when its local eh Hugo?

Tue, 01/31/2012 - 10:09 | 2112436 Dr. Gonzo
Dr. Gonzo's picture

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.

Tue, 01/31/2012 - 10:11 | 2112444 Falcon15
Falcon15's picture

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".

Tue, 01/31/2012 - 10:15 | 2112461 Jim in MN
Jim in MN's picture


Ah, tradition.  Like being honest or Constitutional, paying ones' debts, or recognizing reality. long ago....

Tue, 01/31/2012 - 14:11 | 2113408 PrintingPress
PrintingPress's picture

Don't forget that inflation is transitory!

Tue, 01/31/2012 - 10:39 | 2112558 tabasco71
tabasco71's picture

dictators love gold. women love gold.

(this was not a word association exercise, I swear!)

Tue, 01/31/2012 - 10:48 | 2112594 ParkAveFlasher
ParkAveFlasher's picture

Popes, yogis, and shamans love gold.  Crows love gold, so do monkeys and fishes.  This is FUN.

Tue, 01/31/2012 - 11:38 | 2112776 Contra_Man
Contra_Man's picture

... as all around we us we hear paradoxically: "... so, I don't own any!"

Tue, 01/31/2012 - 10:12 | 2112448 Jim in MN
Jim in MN's picture



It's OK.  Nothing bad ever happens to money in New York or London.

Tue, 01/31/2012 - 10:14 | 2112457 Husk-Erzulie
Husk-Erzulie's picture

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."

Tue, 01/31/2012 - 10:17 | 2112472 digalert
digalert's picture

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.

Tue, 01/31/2012 - 10:22 | 2112488 chdwlch1
chdwlch1's picture

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....

Tue, 01/31/2012 - 11:00 | 2112510 Kaiser Sousa
Kaiser Sousa's picture

bitch ass anglo european bankers....u know they hate it...

"how ya like me now"...

Hugo Chavez -

Tue, 01/31/2012 - 10:31 | 2112530 Bartanist
Bartanist's picture

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.

Tue, 01/31/2012 - 11:03 | 2112643 _underscore
_underscore's picture

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!


Tue, 01/31/2012 - 11:22 | 2112538 Contra_Man
Contra_Man's picture

"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?


Bill Still's upcoming History Channel documentary:

Tue, 01/31/2012 - 10:41 | 2112565 Contra_Man
Contra_Man's picture

Sorry, the real Gold has suddenly just "Vapourized".

Tue, 01/31/2012 - 11:17 | 2112687 Husk-Erzulie
Husk-Erzulie's picture

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.

Tue, 01/31/2012 - 11:33 | 2112746 tabasco71
tabasco71's picture

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!!

Tue, 01/31/2012 - 10:45 | 2112581 Dermasolarapate...
Dermasolarapaterraphatrima's picture

"But you can't eat gold!"


Why are all the Central Banks and Sovereigns desperately buying it?

Tue, 01/31/2012 - 11:20 | 2112702 Bazinga
Bazinga's picture

Because now the bankers are eating each other...

Tue, 01/31/2012 - 11:02 | 2112640 tony wilson
tony wilson's picture

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.


Tue, 01/31/2012 - 11:08 | 2112655 Scalaris
Scalaris's picture

Textbook reverse-soros move by Hugo.

Tue, 01/31/2012 - 11:53 | 2112834 Pseudo Anonym
Pseudo Anonym's picture

the question is: who is next?

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.

Tue, 01/31/2012 - 12:08 | 2112905 mantrid
mantrid's picture

Fannie & Freddie are also about to complete MBS repatriation which are at 2012 highs

Tue, 01/31/2012 - 12:25 | 2112977 billsbest
billsbest's picture

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!...


Tue, 01/31/2012 - 12:54 | 2113120 Pseudo Anonym
Pseudo Anonym's picture

how about that!.


Tue, 01/31/2012 - 13:04 | 2113161 Elmer Fudd
Elmer Fudd's picture

Better drill a lot of them bars hopefully no tungsten-core bars show up!

Tue, 01/31/2012 - 14:03 | 2113371 Shizzmoney
Shizzmoney's picture

Just another trend we are seeing globally. 

PBOC’s Zhang Jianhua: “The only choice to hedge risks is to hold hard currency — gold.”

Also, lol at the headline when you read it off of

Tue, 01/31/2012 - 22:07 | 2115152 laosuwan
laosuwan's picture

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?

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