Chavez wants his gold back from US and England

Hugo Chavez wants to repatriate all of Venezuela's gold reserves deposited abroad, mainly in London and New York Vaults . Hugo Chavez Demands 99 Tons of Venezuelan Gold Returned From the Bank of England/ JP Morgue he also have decided to nationalize the exploration and exploitation of gold and related activities inside Venezuela . He calls it a measure of national sovereignty by ordering the central bank to repatriate $11 billion of gold reserves held in developed nations' institutions such as the Bank of England as prices for the metal rise to a record high . 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), and Standard Chartered Plc (STAN) also hold Venezuelan gold, he said. 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 and South 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. This is the same what France did in 1969, Charles de Gaulle, sent a naval battleship to reclaim their gold due to a trade imbalance deficit, 300 million or something? The "exorbitant privilege?" There is a cool video up about this. England tried to do it right away also but was told no. France was unhappy about Bretton-Woods. They got it back! Uprated. Geitner and the Bernanke are going to do the Old "Check is in the Mail" story. Yeah we got your gold, we are just arranging a barge to bring you your gold....... Two weeks late ring ring, Hey Hugo, this is Tim Geitner at US Treasury, bad news on the gold you ordered, what I know you didn't order it you mean the gold you own well the barge it was on, someboy was playing with the controls at the HAARP facility and it get sunk by a water spout, but we are getting it for you, don't worry.:) "what happens if the physical gold is not there?", i.e. it's rumored that a lot of gold held by the international banks has been in play for so-called "Leasing". This move by Venezuela might uncover that the physical Gold just isn't anywhere to be found even though the au is still carried as inventory by numerous bullion banks, etc. The US gold reserve hasn't been audited for a long, long time (better than 20 years). Is there gold at Fort Knox or are there just IOU's from a wide range of counter-parties? An organization called GATA has maintained for a long time that most of the physical gold has been "leased" and will never been seen again. It's an interesting issue to follow during these troubling times.
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