Economia
Venezuelan President Hugo Chavezordered the central bank to repatriate $11 billion of gold reserves held in developed nations’ institutions such as theBank of England as prices for the metal rise to a record.
Venezuela, which holds 211 tons of its 365 tons of gold reserves in U.S., European, Canadian and Swiss banks, will progressively return the bars to its central bank’s vault, Chavez said yesterday. JPMorgan Chase & Co. (JPM), Barclays Plc (BARC), andStandard Chartered Plc (STAN) also hold Venezuelan gold, he said.
“We’ve held 99 tons of gold at the Bank of England since 1980. I agree with bringing that home,” Chavez said yesterday on state television. “It’s a healthy decision.”
Chavez, whose government depends on oil for 95 percent of its export revenue, is looking to diversify Venezuela’s cash reserves from U.S. and European banks to include investments in emerging markets including Brazil, China, India, Russia andSouth Africa, central bank President Nelson Merentes said yesterday. The world’s 15th-largest holder of gold is bringing back its gold after a 28 percent rally in the price this year.
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Economia
Venezuela repatria o seu ouro
Chavez Emptying Bank of England Vault as Venezuela Brings Back Gold Hoard
By Daniel Cancel and Nathan Crooks - Aug 18, 2011 6:07 PM GMT-0300
Enlarge image
Venezuelan President Hugo Chavez
Juan Barreto/AFP/Getty Images
Venezuelan President Hugo Chavez.
Venezuelan President Hugo Chavez. Photographer: Juan Barreto/AFP/Getty Images
Enlarge image
Chavez Orders $11 Billion of Gold Home as Metal Hits Record
Kerem Uzel/Bloomberg
In all, Venezuela has 365.8 metric tons of gold reserves, according to the World Gold Council.
In all, Venezuela has 365.8 metric tons of gold reserves, according to the World Gold Council. Photographer: Kerem Uzel/Bloomberg
Venezuela, which holds 211 tons of its 365 tons of gold reserves in U.S., European, Canadian and Swiss banks, will progressively return the bars to its central bank’s vault, Chavez said yesterday. JPMorgan Chase & Co. (JPM), Barclays Plc (BARC), andStandard Chartered Plc (STAN) also hold Venezuelan gold, he said.
“We’ve held 99 tons of gold at the Bank of England since 1980. I agree with bringing that home,” Chavez said yesterday on state television. “It’s a healthy decision.”
Chavez, whose government depends on oil for 95 percent of its export revenue, is looking to diversify Venezuela’s cash reserves from U.S. and European banks to include investments in emerging markets including Brazil, China, India, Russia andSouth Africa, central bank President Nelson Merentes said yesterday. The world’s 15th-largest holder of gold is bringing back its gold after a 28 percent rally in the price this year.
Mais
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- Padrão Ouro
"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone...
- China No Caminho De Padrão Ouro
China continues to hoard gold en masse. In June, China imported 104.6 tonnes from Hong Kong. That would bring China's gold imports from Hong Kong to 1,160 tonnes since the beginning of this year. Officially, China reports its total gold holdings...
- Política Econômica Venezuelana
The Market Monetarist sobre a política econômica de Hugo Chavez: Hugo Chavez’s economic legacy – the two graph version Today (March 5h) – on the 60 year anniversary of Stalin’s death – Venezuelan president Hugo Chavez passed away. I think...
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BEIJING (AP) -- China's central bank said Saturday that its foreign exchange reserves rose 16 percent year-on-year to $1.9537 trillion by the end of March. China's reserves, already the world's largest, increased by $7.7 billion in the first...