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Venezuela Repatriates ‘People’s Gold’ Due to Gold’s ‘Historic’, ‘Symbolic’ & ‘Financial’ Value

Tyler Durden's picture




 

From GoldCore

Venezuela Repatriates ‘People’s Gold’ Due to Gold’s ‘Historic’, ‘Symbolic’ & ‘Financial’ Value

Gold is trading at USD 1,712.30, EUR 1,280.80, GBP 1,100.00, CHF 1,574.70 and JPY 133,080 per ounce. 

Gold’s London AM fix this morning was USD 1,714.00, GBP 1,100.41, and EUR 1,280.06 per ounce.

Friday's AM fix was USD 1,676.00, GBP 1,084.02, and EUR 1,263.86 per ounce.


Cross Currency Rates

Gold is higher in most currencies today. Gold is higher due to the dollar coming under pressure and oil prices (WTI) have surged over 3%. 

Stock markets are also higher on fresh hopes Europe will unveil yet another set of measures to tackle the deepening contagion in the Eurozone.  

Monetary and systemic risks remain and should see gold well supported at the $1,700/oz level. Indeed, gold could have bottomed on options expiry last week – as is often the case.

Western physical buyers continue to accumulate due to currency concerns. While, demand is robust, there is no panic buying or mass “flocking to gold”.

Physical buyers of gold in India, the world's biggest consumer of bullion, remain on the sidelines even though traders offered discounts of up to $5 per ounce to global prices, according to Reuters.

Chinese New Year buying should commence soon which will be supportive of prices and make up for the expected decline in Indian demand.

The currency war meme continues as seen in wild scenes of celebration in Caracas on Friday when Venezuelan citizens partied in the streets as their gold reserves were repatriated.

Reuters reports the first shipment of gold bars arrived home in Venezuela on Friday “amid wild celebrations.”

Excited crowds lined the roadside waving big Venezuelan flags and chanting "It's returned! It's returned!" as a convoy of soldiers and armored cars carried the gold ingots from Maiquetia airport to the central bank in Caracas.

The President of the central bank, Nelson Merentes traveled into the city at the head of the convoy. He did not say how much gold bullion was brought back in Friday's shipment but said the bullion came from several European countries.

"Our gold is being stored in the vaults," Merentes told the cheering crowds, sporting a baseball cap that read "The Central Bank of Venezuela with the People." 

"It has historic value. It has symbolic value. And it has financial value," bank chief Merentes said about the first shipment.

"Each box of gold weighs 500 kilograms and is worth about $30 million,” Merentes said before cheering crowds. “We’ll bring the rest back little by little.”

Merentes is in favor of the move and said, "The country's finances will be backed by autonomous wealth, so we are not subject to pressure from anyone," UPI reported.

“This guarantees that if there are financial problems in the international markets our gold will be safe here at home,” Merentes said.

Drums and sirens sounded out across the square as many in the crowd sang "Forward comandante!" in support of the president. Some waved homemade signs that said: "The gold has returned thanks to Chavez!" and "Long live our sovereignty!"

Chavez addressed the nation on local television last week with the Council of Ministers, the Executive Cabinet and representatives of the Venezuelan Central Bank, including bank chief, Nelson Merentes.

Speaking from the Miraflores presidential palace Chavez said the move was giving back the country’s, “Body and soul,” and went on to say the return of the gold gave Venezuela more independence from what he described as imperialist powers. While brandishing a copy of the constitution he explained that the Central Bank would carry out the repatriation.

Chavez said the central bank would now be independent of foreign powers and subject only to the national constitution. 

Chavez announced the repatriation in August as a "sovereign" step that would help protect Venezuela's foreign reserves from economic turmoil in the United States and Europe. Most of Venezuela's gold held abroad is in London.

"They say Chavez is going to take the gold to Miraflores (presidential palace) and is going to give it to Cuba as a gift," the president chuckled on Friday, mocking political rivals who accuse him of planning to sell the ingots to fill his electoral war chest ahead of next year's election.

"The gold is returning to where it was always meant to be: The vaults of the Central Bank of Venezuela."

“It’s our gold. It’s the economic reserve for our kids. It’s growing and its going to keep growing, both gold and economic reserves,” said Chavez. “Venezuela is going to become an economic power, not for the bourgeois or capitalism, but for the Venezuelan people.”

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.

Merentes said in August that Venezuela will look to deposit some of its $6.3 billion of cash reserves in emerging-market financial institutions in Russia, China and Brazil.

Like most of those gathered outside the bank, 62-year-old university professor Jose Escalona wholeheartedly agreed.

"There was no reason for it to be in England," he said. "This gold belongs to all Venezuelans," he told Reuters.

A senior government source involved in transporting the bars, which amount to 90% of Venezuela's gold held abroad, has told Reuters they will be shipped in several cargo flights that will be completed before the end of the year.

The total cost of the operation will be no more than $9 million, the source said, without elaborating.

Chavez often accuses previous presidents of selling off Venezuelans' national assets, including by storing most of the country's gold reserves with Western banks in the mid-1980s.

Chavez is worried about Venezuela's foreign reserves being frozen by sanctions.

By repatriating the bullion, he also reduces the risk of any seizure of assets related to arbitration cases, including those linked to the nationalization of multibillion-dollar oil projects run by US multinationals.

Critics have suggested that Mr Chavez is acting out of fears Venezuela's overseas assets could one day be frozen by sanctions, as happened to his friend and ally, the late Libyan leader Col Muammar Gaddafi.

Chavez, the Venezuelan central bank and some of its people clearly understand the value of gold. 

This is in marked contrast to the majority of people in the western world who have forgotten gold’s ‘historic’, ‘symbolic’ & ‘financial’ value.

With increasing systemic and monetary risk, gold is reasserting itself as money and as an important safe haven monetary asset.

SILVER 
Silver is trading at $32.03/oz, €23.98/oz and £20.58/oz 

PLATINUM GROUP METALS 
Platinum is trading at $1,551.63/oz, palladium at $590.50/oz and rhodium at $1,575/oz. 

NEWS
(Reuters)
Gold jumps 1 percent on rising euro, Italy aid hopes

(Bloomberg)
 Australian Gold Output Declines as Miners Use Lower-Grade Ore

(Reuters)
Euro area crisis threatens EU sovereign ratings: Moody's

(Euro News)
Video: Gold Bullion Returns to Venezuela‎ 

COMMENTARY
(Reuters)
Today's Currency War May be Tomorrow's Global Crisis: Book

(ZeroHedge)
Bifurcated Euro Begins As AAA-Only 'Elite'-Bond Issuance Considered

(ZeroHedge)
Gold Follows Stocks Vertically

(Wall Street Journal)
Inner Workings of Market Readied for Euro Breakup

(Reuters)
Insight - Euro zone staring into the abyss, waiting for ECB

 

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Mon, 11/28/2011 - 09:45 | 1920550 AngryGerman
AngryGerman's picture

gold safe? so the imf did not pirate it? thought they would use their black pearl...

Mon, 11/28/2011 - 09:49 | 1920566 CPL
CPL's picture

Gold and Oil.

 

Anyone feeling the invasion plans already being drawn up?

Mon, 11/28/2011 - 09:54 | 1920587 Oh regional Indian
Oh regional Indian's picture

Anyone notice this before?

Gold

Oil

Dollar

 

GOD?

Hmmmmmm......

hooray for the little guy. Now when will he be disappeared?

ORI

/the-plan/

Mon, 11/28/2011 - 10:09 | 1920635 i-dog
i-dog's picture

It's actually  Gold + Oil + Drugs = GOD

Chavez may be about to receive some "humanitarian assistance". :)

Mon, 11/28/2011 - 11:11 | 1920870 SHEEPFUKKER
SHEEPFUKKER's picture

Tis the season......

Although maybe the shipment of tungsten bars have arrived so no assistance needed. 

Mon, 11/28/2011 - 11:35 | 1920951 gmrpeabody
gmrpeabody's picture

Sounds like a Woody Allen movie in the making.

Mon, 11/28/2011 - 10:13 | 1920661 CPL
CPL's picture

Dollar

Oil

Gold

 

Dog?

Mon, 11/28/2011 - 10:35 | 1920744 i-dog
i-dog's picture

You rang?

Mon, 11/28/2011 - 10:59 | 1920833 Taint Boil
Taint Boil's picture


I taint got Bullion or Oil = Taint Boil, Coincidence?

Mon, 11/28/2011 - 10:01 | 1920588 Carlyle Groupie
Carlyle Groupie's picture

Venezuela's people are heavily armed.

"Venezuela's main synagogue desecrated by armed people, slogans such as ‘Jews get out’"

http://www.ejpress.org/article/34306

Just sickening.

Mon, 11/28/2011 - 10:06 | 1920640 Belarusian Bull
Belarusian Bull's picture

I bet jews are already used to it.

Mon, 11/28/2011 - 10:14 | 1920660 Carlyle Groupie
Carlyle Groupie's picture

Nah brah. Glenn say "it will only get worse, mark my words".

We must fight this at all costs. Prepare for war-on-Venezuela. "Stomp out the hate in 2012". Restore non-hate like it was back in the..... Adam&Eve days (i think, maybe before).

Mon, 11/28/2011 - 12:10 | 1921090 Ahmeexnal
Ahmeexnal's picture

Venezuela pogroms.
Yep, when pressure builds up, tyrants let the mobs steal from those who save.
When TSHTF, the tyrants themselves will steal from those who save.

Mon, 11/28/2011 - 10:21 | 1920690 agNau
agNau's picture

Actually this will be a good temporary storage. My recommendation is however to bury it in several places in the Venezualan backyard.

Mon, 11/28/2011 - 09:46 | 1920552 bernorange
bernorange's picture

First one out of the Ponzi wins, right?

www.pmbug.com

Mon, 11/28/2011 - 10:59 | 1920802 Ag Tex
Ag Tex's picture

Who will be left holding the party bag?  The Venezuelans ought test drill a few bars before celebrating.

Mon, 11/28/2011 - 09:46 | 1920557 traknologist
traknologist's picture

They better make sure it's real!

Mon, 11/28/2011 - 09:51 | 1920574 Eally Ucked
Eally Ucked's picture

And probably they're so stupid that they accepted any shit that looks like gold without checking it!

Mon, 11/28/2011 - 09:47 | 1920558 infotechsailor
infotechsailor's picture

Adelante, Comandante.  Yup, first ones to take physical delivery will be better off for it. 

Mon, 11/28/2011 - 09:51 | 1920573 Carlyle Groupie
Carlyle Groupie's picture

Hugo is looking regal, fit, and ready to rule the world.

Mon, 11/28/2011 - 12:11 | 1921096 Ahmeexnal
Ahmeexnal's picture

Not with all those "fake" ailments he's supposed to have.

Mon, 11/28/2011 - 09:51 | 1920570 TuesdayBen
TuesdayBen's picture

I am confident it will be accepted as ransom to secure the release of kidnapped MLB sluggers.

Mon, 11/28/2011 - 09:51 | 1920572 Dexter Morgan
Dexter Morgan's picture

I thought:

A--Gold was in a bubble.

B--Gold has no value.

C--Both of the above.

 

Mon, 11/28/2011 - 09:53 | 1920582 midtowng
midtowng's picture

d) you can't eat it.

That's the way all currency is measured - is it edible?

Mon, 11/28/2011 - 10:30 | 1920727 agNau
agNau's picture

Contrare......
From what I see so far, there will someday be people that will eat fiat, and maybe grass, as both will have the same value. That will be monetarily, and nutritionally.
History not only rhymes, but it leaves that same taste in your mouth.

Mon, 11/28/2011 - 11:05 | 1920847 Taint Boil
Taint Boil's picture

Gold is not edible but pepper spray is.

Mon, 11/28/2011 - 10:05 | 1920634 GMadScientist
GMadScientist's picture

Examine the contrapositive for a sec: are you claiming Hugo Chavez, renowned socialist nincompoop,
is a better investor than most capitalist pigs?

http://www.youtube.com/watch?v=FknxIkLbn7E

Mon, 11/28/2011 - 12:35 | 1921188 Temporalist
Temporalist's picture

He didn't make any investment he took possession of the investment to get it out of counterparty hands.

If I owned something I wouldn't leave it with a bunch of other criminals either.

Mon, 11/28/2011 - 09:52 | 1920575 midtowng
midtowng's picture

Did they make Chavez agree to honor the hundreds of billion of derivative contracts associated with the gold as well?

Mon, 11/28/2011 - 09:58 | 1920605 GMadScientist
GMadScientist's picture

Killjoy. :)

Mon, 11/28/2011 - 10:05 | 1920633 Belarusian Bull
Belarusian Bull's picture

I actually laughed. Good one.

Mon, 11/28/2011 - 09:53 | 1920581 lolmao500
lolmao500's picture

Who cares about Venezuela? WW3 is at our doorstep... Russia clearly warning NATO... back the fuck off or we nuke your ass!

http://www.spacewar.com/reports/Russia_to_send_warships_to_Syria_in_2012...

Russia to send warships to Syria in 2012: report

Russia will send a flotilla of warships led by its only aircraft carrier to its naval base in Syria for a port call next year amid tensions with the West over the Syrian crisis, a report said Monday.

The ships, headed by the Admiral Kuznetsov aircraft carrier, will dock at the little-utilised Russian base in the Syrian port of Tartus in spring 2012, the Izvestia daily said, quoting the Russian navy.

The Tartus base, a strategic asset for Moscow dating back to Soviet times, is rarely used by Russian vessels and currently no Russian ship is based there although civilian and military personnel are present.

Mon, 11/28/2011 - 10:17 | 1920672 trav7777
trav7777's picture

that's why the west will strike now.  There won't be a port by next year.

The Kuznetzov would get sunk quickly in a contest between CBGs.  Its construction means that the Su33s that fly off its decks cannot carry heavy strike packages.

Nobody is going to nuke anyone

Mon, 11/28/2011 - 10:47 | 1920758 i-dog
i-dog's picture

But ... but ... it will be carrying 12 aircraft! That'll scare off any American CBG. For a start, the 90 aircraft plus choppers on the GHWB wouldn't stand a chance.

This puff-piece is even more laughably just for stirring the drooling rednecks than Medvedev's one a few days ago.

Gave you +1 for "Nobody is going to nuke anyone"

Mon, 11/28/2011 - 12:21 | 1921121 Ahmeexnal
Ahmeexnal's picture

The Kuznetzov will try out it's brand spanking new directed energy weapons on the GHWB.
Watching live ordnance detonate in their cases is a sight to behold.
That's also why firearms will be obsolete.
Directed energy will detonate all your ordnance and leave you looking like a limp bizkit.
Just buy sacks of nickels, nails and other ferromagnetic small projectile like items and build your gauss gun.

Mon, 11/28/2011 - 13:40 | 1921461 Freddie
Freddie's picture

The Russians have the guts to deal with the Somali pirates.  Americans just put those muslim somalis in the white hut.  Check his tribe - they are more muslim somali than kenyan.

Mon, 11/28/2011 - 10:44 | 1920777 hannah
hannah's picture

"Russia will send a flotilla....."

 

god i love mexican food.

 

Mon, 11/28/2011 - 13:46 | 1921483 Ahmeexnal
Ahmeexnal's picture

let me guess: you are a blonde chick

Mon, 11/28/2011 - 09:53 | 1920583 monopoly
monopoly's picture

There is no doubt in my mind that this will be the lead story on all the MSM networks tonight. Maybe, Brian and Diane will even wear a little gold to celebrate the wonders of this nation. 

Nothing but the truth for the masses no matter what the advertisers want.

Mon, 11/28/2011 - 09:55 | 1920585 Paper CRUSHer
Paper CRUSHer's picture

Better not celebrate,the stuff's comin' from the BOE vaults!!!!!! ....ya kiddin'.....i suggest a full assay is carried out on every gold bar.

Mon, 11/28/2011 - 09:57 | 1920598 GMadScientist
GMadScientist's picture

They're all 99.999% Au....198.

Mon, 11/28/2011 - 09:54 | 1920586 Paul Thomason
Paul Thomason's picture

That probably puts them next on the list of 'countries to liberate' and leaders to assassinate?

Mon, 11/28/2011 - 09:58 | 1920604 Carlyle Groupie
Carlyle Groupie's picture

Within 15 years Oil trade will be settled in gold.

Mon, 11/28/2011 - 10:11 | 1920650 Falcon15
Falcon15's picture

When the USD collapses, it may take 15 years for world economies and countries to normalize, let alone trade any commodities. Gaddafi wanted to return to a gold backed government issued currency, and sell his oil for gold. Look what that got him. We are facing a complete economic collapse of every major economy worldwide. The only question is: when?

It really is a zero sum game. Got preps? Pray for the best, prepare for the worst.

Mon, 11/28/2011 - 10:20 | 1920686 Carlyle Groupie
Carlyle Groupie's picture

I'm preped. Underground, lead lined, air filtration, water from a deep aquifer, and my Internets so I can stay in touch with you's.

Mon, 11/28/2011 - 10:23 | 1920701 Smiddywesson
Smiddywesson's picture

Hey, reverse globalization isn't such a bad thing, especially at the bargain basement price of one or two billion lives.

Mon, 11/28/2011 - 09:55 | 1920589 GMadScientist
GMadScientist's picture

How much of it will end up in American vaults as Chavez spends into a blackhole and is forced to liquidate either the gold or his belief system?

 

Mon, 11/28/2011 - 09:55 | 1920591 vegas
vegas's picture

What a bunch of fucking chumps. The only time you will see gold bars is when Hugo and pals leave power and they fly out in a plane. Other than that, you morons in the street got as much chance of seeing that gold as a snowballs chance in hell.

In Ven everything is for the "people". In Amerika it's for the children. Not much difference really.

 

http://vegasxau.blogspot.com

Mon, 11/28/2011 - 10:17 | 1920673 i-dog
i-dog's picture

 

"you morons in the street got as much chance of seeing that gold as a US congressman has of visiting Fort Knox"

There, fixed it for ya.

Mon, 11/28/2011 - 09:56 | 1920594 Yellowhoard
Yellowhoard's picture

If they'd just leave it in the basement in New York like everyone else, we wouldn't have to invade them later to get it back.

 

 

Mon, 11/28/2011 - 09:57 | 1920602 GMadScientist
GMadScientist's picture

#Efficient

Mon, 11/28/2011 - 10:00 | 1920601 PaperWillBurn
PaperWillBurn's picture

Seems to be a bit harder to find bars in Bangkok.(gold..not the kind that serve alcohol and ladies) Walked by 5 in a mall that didn't have any. Went into my normal shop and they only had a baht(1/2oz) and half baht..another shop told me I'd have to order and then found another shop with plenty.

 

Supply may be getting tighter

Mon, 11/28/2011 - 10:20 | 1920682 Pladizow
Pladizow's picture

Thanks for the post - its always good to hear local stories from foreign grounds!

Mon, 11/28/2011 - 10:49 | 1920798 Hunch Trader
Hunch Trader's picture

You do know that exporting bullion from Thailand is illegal, right?

That's why everyone buys jewelry, and that's not in short supply on Yaowarat Rd.

 

Mon, 11/28/2011 - 13:09 | 1921342 AgShaman
AgShaman's picture

I was on Yaowarat Rd....takin' in the show, when gold first broke thru $1k

It was a sight to behold (really starnge)....watching how the Chinese wealthier types buy gold

 

Mon, 11/28/2011 - 13:43 | 1921476 PaperWillBurn
PaperWillBurn's picture

You do know that exporting 23k gold no matter it's form is illegal right?? doesn't matter if it's formed into a bar or a necklace..it's 23kt gold.  I never met many Thai's who are looking to leave Thailand anyways so that is a non factor.  lol @ leaving the border with 1000 baht(weight) worth of jewelry and telling the customs agent it's ok, it's not formed into bars.

Mon, 11/28/2011 - 11:26 | 1920912 swanpoint
Mon, 11/28/2011 - 12:18 | 1921122 The Real Fake E...
The Real Fake Economy's picture

i said this about Bangkok earlier in the year.  when a night class was being taught to janitors, teachers and blue collar workers about the benefits of buying gold and it was being held across the street from jpmorgan headquarters, i knew something was not right.  

Mon, 11/28/2011 - 09:59 | 1920610 jcaz
jcaz's picture

So...... Chavez gathers up a big pile of gold and puts it in HIS vault, and the people cheer this?

No matter how you slice this,  monetary power in Venezuela just became more centralized.

Chumps........

Mon, 11/28/2011 - 10:03 | 1920624 Seasmoke
Seasmoke's picture

Sean Penn must be estatic

Mon, 11/28/2011 - 10:03 | 1920626 DOT
DOT's picture

Hugo has become a gold bug, NOT !   I was down south last week and had the pleasure of meeting a young couple from Venezuela. The common place violence and expropriation of property is truly horrific. The gold will be held in trust by the corrupt cabal, which means that it has already been stolen.

Mon, 11/28/2011 - 10:05 | 1920632 sampo
sampo's picture

Several european countries

What is this scam? The gold was supposed to be held in NY and London. And the delivery was about to be done BY the end of month.

Mon, 11/28/2011 - 10:22 | 1920683 i-dog
i-dog's picture

NY is a European (Goldman) country. The NY Fed vault is foreign soil.

Mon, 11/28/2011 - 10:07 | 1920642 QuantumCat
QuantumCat's picture

Before the down arrows start pouring in, let me say that I believe that gold and silver are real money.  However, a dictator repatriating gold to cheering crowds is not positive for gold.  If anything, it means that the "herd" has moved aggressively toward gold with a manic fever, and probably without any real understanding of gold's place as real money.  In fact, many people are leveraging up on gold and silver in lieu of paying their mortgage or credit cards (kind of like Black Friday shoppers who never intend to pay the bill).  In the minds of many, gold has become the sure path to riches as opposed to a store of value.  With that in mind, government is part of the herd because they do what is popular among the people to retain power.  Governments have been selling gold all the way up since 1998, and folks think that is a good sign. Unfortunately, it is a contrarian one. Until people abandon fiat cash for transactions and government relents on tyrannical monetary schemes, we are destined for boom-bust cycles in fiat vs real money.  By the way, here is a chart of the UK selling gold from 1999 to 2008 to help make the point that government action is not a leading indicator.

  http://4.bp.blogspot.com/-gQxJXhH9cCs/Tjrqv35P3XI/AAAAAAAABmk/6pB3s20HGKU/s1600/Sales+of+Gold.png

Mon, 11/28/2011 - 11:07 | 1920809 Widowmaker
Widowmaker's picture

Even 3rd world dictators know that fraud-fiat is worthless and flacid.

Fiat = extortion of productivity through taxation.  Leveraging the lies over and over in a .01% circle-jerk doesn't make them worth anything more -- ONLY less.

Got gold?  That settles it, all else is denial.

The Mayans would be proud.  Fuck Western lies and denial. 

Expect the ghost of Osama Bin Laden to haunt a house in South America shortly.

Mon, 11/28/2011 - 12:42 | 1921224 Temporalist
Temporalist's picture

Idiots like you are contrarian.  You make me want to buy more.

Mon, 11/28/2011 - 10:11 | 1920653 Pangasius
Pangasius's picture

Summon the drones!

 

Mon, 11/28/2011 - 10:11 | 1920655 PulauHantu29
PulauHantu29's picture

NATO's next target = Venezuela...to "save the civilians," of course.

Mon, 11/28/2011 - 10:16 | 1920669 NumberNone
NumberNone's picture

Does any of the gold delivered to Chavez have "Property of Libya" stamped on them?

Mon, 11/28/2011 - 10:18 | 1920675 hunglow
hunglow's picture

If I hear any more threats against Captain Chavez's life, if I hear any more wild talk about going down to headquarters and killing the General, or raping the nurses at the field hospital, I'm going to strangle the guy with my bare hands! You understand that?

 

 

 

Mon, 11/28/2011 - 10:50 | 1920803 Dubious Maximus
Dubious Maximus's picture

lol.  Classic!

Mon, 11/28/2011 - 10:20 | 1920680 GoodMorningMr.V...
GoodMorningMr.VanRumpoy...'s picture

Smart man. Now verify it's not the gold plated tungsten rubbish (which has the same density as gold so hard to tell) .

Mon, 11/28/2011 - 10:31 | 1920735 dumpster
dumpster's picture

all political theater..gold was delivered in sept ,

now the smoke and mirrors sing their song .

who believes the press.. the report .. gold arrived in sept  ,, whopping and hollering now to cover for the earlier delivery .

and to whoop up the crowd .

could not announce it earlier while the fed was selling the paper gold and buying more real.. as dennenger the chump  would want to say try having sex with gold .

 

Mon, 11/28/2011 - 10:32 | 1920736 halflink123
halflink123's picture

When the dumbass politicians start buying, you know it's time to get the fuck out and not let the door hit you on the way out.

Mon, 11/28/2011 - 12:46 | 1921236 Temporalist
Temporalist's picture

When the dumbass people think that moving gold is buying gold buy more than you can afford on credit.

Mon, 11/28/2011 - 14:35 | 1921658 halflink123
halflink123's picture

Ahh yes you're right repatriation. They're not buying yet, it's true but the hoopla is certainly building.  As for buying things on credit, well, I learned my lesson in 08.  And it's a lesson I'm never, ever, ever going to forget.

 

Anyway isn't it ironic that a communist/socialist country like Venezuela is obsessed with gold? I guess as long it belongs to 'everyone' (yeah, right), it's OK?  

Mon, 11/28/2011 - 15:27 | 1922022 Bansters-in-my-...
Bansters-in-my- feces's picture

Hey  Bozo,halflink123.

Did ya read the article...?

I think when they were offering brains,You thought they said"chains"

and asked for a halflink..

See what ya get for not paying attention......

BOZO.

Mon, 11/28/2011 - 10:32 | 1920739 chaartist
chaartist's picture

go hugo go, bring it home :)

Mon, 11/28/2011 - 10:46 | 1920784 MrTown3
MrTown3's picture

Somebody watched Qaddafi and took notes....

Mon, 11/28/2011 - 10:49 | 1920800 Teapot_Dome
Teapot_Dome's picture

 

Or Chavez is a ZH reader?

Mon, 11/28/2011 - 12:47 | 1921242 Temporalist
Temporalist's picture

So Chavez will be hiding in a hole soon too?

Mon, 11/28/2011 - 10:49 | 1920797 Dubious Maximus
Dubious Maximus's picture

Congrats, your gold is back.  Just make sure that it doesn't disappear by the end of the month, ok?

Mon, 11/28/2011 - 11:10 | 1920865 Dr. Gonzo
Dr. Gonzo's picture

You're not done Chavez. Take the gold to the mint and make it into coins and let it circulate among your people. They'll never be able to get back Venezuala's gold  this way and your economy will prosper. Otherwise you'll just be Qadaffied and lose it all back to them in a few years. The safest place for your gold is in a million of your people's hands. Bet Qadaffi wished he would have done this 1 week before they sodomized him with a bayonette and shot him in the face.

Mon, 11/28/2011 - 12:23 | 1921146 vato poco
vato poco's picture

You actually believe Chavez gives a flying fuck about any Venezuelan not named Hugo Chavez? That gold is back home for 1 reason only: Hugo saw Qaddafi's billions in the Swiss and Caribbean banks get locked up, and he wants his retirement fund/bug-out fund close by. His enemies can't seize or 'sanction' his money if HE's the guy who's holding it. If he ends up having to make a run for it, there are plenty of places that'll give a scumbag tinpot dictator a place to rest his sorry cancer-ridden bones - but they all want payment in cash. No checks, no wire xfers. Gold will do just *fine*, Excellente! Also, are you really fool enough to think that if Qaddaffi had just "given his people some gold" they still wouldn't have shot his ass the first chance they got?

Mon, 11/28/2011 - 11:53 | 1921028 johny2
johny2's picture

Well done Venezuela! Now get rid of fancy US paper and get some Silver too.

Mon, 11/28/2011 - 12:01 | 1921058 ReeferMac
ReeferMac's picture

Now all's we need is a Mr. T sighting on the TV, and it will be time to commence the shorting.

Mon, 11/28/2011 - 12:04 | 1921074 Odin
Odin's picture

Quick, hide it away in the central bank before anyone discovers it's actually tungston...

Mon, 11/28/2011 - 13:01 | 1921302 Paul67
Paul67's picture

This illustrates one of the problems with gold (at least at current prices anyway).  For something to be a medium of exchange it ‘must’ freely circulate by definition; both within a nation and between nations.

 

While I understand the arguments of freegold, something tells me that they’ll be ‘national’ hoarding /confiscation/illegal to exchange phase ‘before’ that comes about if ever.  If the past has taught us anything we should expect that every bad idea in the book will be tried first.

 

Until that point the TPTB (the primary hoarders of Gold right now) may ignore Silver as medium of exchange until they figure out freegold.

 

So it’s best to be diversified in both Gold and Silver.  Silver for the phase 1 and Gold for phase 2.

Mon, 11/28/2011 - 13:35 | 1921439 Omen IV
Omen IV's picture

Chavez is a lot smarter than the average Premier / President in the USA or Europe - he runs circles around them - i can now see why cheny hates this guy - 

i hope he contributes to BKing the USA 

Mon, 11/28/2011 - 14:05 | 1921562 slvrizgold
slvrizgold's picture

Zionists are going to let him have it because they are going to take it right back after H.C. dies!     They'll send in mercenaries to overthrow things just like they did with Moammar.

Mon, 11/28/2011 - 14:47 | 1921702 Bansters-in-my-...
Bansters-in-my- feces's picture

Merentes says"we'll bring the rest back,little by little".

As you can read the gold repatriated was from European countries.

They have to wait for Canada and the USA to dig it out of the ground"little by little".

You know,that new classification"Deep Storage"

I kinda tink dat means it's still deep in da ground.....

Like, Unmined yet.

Mon, 11/28/2011 - 15:03 | 1921763 Bansters-in-my-...
Bansters-in-my- feces's picture

Can you believe J P Morgan Chase & Co have a bunch of Hugo's gold...!!!.?

The Odds of him getting it back from them is ZILCHO,NADDA...NONE.

J P Morgan Chase, IS, the USA Goverment.

 Do you think they want to give Gaddafi's buddy (was) ,Hugo....the Gold.....?

Nope,Now way....Aint gonna happen.

Hugo better stay away from grassy knolls.

 

Mon, 11/28/2011 - 16:18 | 1922430 Baptiste Say
Baptiste Say's picture

They might call it ‘People’s Gold’ but should a Venezuelan demand their share of the nations tax purchased gold for safe keeping you can bet you'll find as much resistance as you'd get should you hypothetically ask the Fed for your share of America's gold back.

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