Hugo Chavez makes gold go parabolic

Chavez Gold Action Leads to Backwardation, Short Squeeze and Havoc Concerns . Venezuela's President wants all the country's gold being held in European and American banks returned to Caracas. It would be the largest physical movement of gold in recent history. Hugo Chavez said he's trying to protect his country from the financial woes on both sides of the Atlantic. Chavez is brilliant, one of the only true leaders of the age. He puts these massive immoral countries to shame. He empowers his people and takes control of his resources while these other monsters that bad mouth him oppress their people and sell their resources for pennies to their friends..Chavez should make sure that every single gold bar be tested when it returns to Venezuela.Make sure these scam artists dont gold plate a load of tungsten bars to give back to him.Pretty bad when a small country puts its larger competitors to shame by following the rules of just governance.

President Hugo Chavez said his government plans to "bring home" 211 tons of gold currently stored in international banks. Up to USD 6.3 billion in liquid reserves will also be transferred to banks in Brazil, China, and Russia. The transfers are expected to take more than two months. Chavez has also announced that he may invoke the Enabling Act which will grant him powers to pass a law next week to nationalize the country's gold industry. Some critics say this move may lead to possible international sanctions after next year's elections. According to Venezuela's Ministry of Finance and Central Bank, two-thirds of its total reserves (USD 18 billion) are in gold.


Related ETFs : Ishares Silver ETF (SLV), SPDR GOld ETF (GLD) SPDR GOld ETF (GLD), Powershares DB SPDR Gold ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX), GoldCorp (GG)

Marc Faber : I do not see a huge downside risk in Gold

Marc Faber : I think that Gold have had a bit of a run-up here that is above the trend line and that a correction can occur but I do not see a huge downside risk in Gold because if you think it through and people are concerned about cash they are concerned about sovereign debt they are concerned about everything and the stock market has given a very powerful sell signal , I think as soon as gold price drops say a 100 - 150 dollars there will be a lot of physical buying ...




Related ETFs : Ishares Silver ETF (SLV), SPDR GOld ETF (GLD) SPDR GOld ETF (GLD), Powershares DB SPDR Gold ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX), GoldCorp (GG)

Chinese Rush for Gold as Prices Climb

Gold prices are climbing as nervous investors around the world seek a safe way to preserve their wealth. Global gold prices are pushing record highs as investors shun risk.But rising prices aren't deterring Chinese investors--who are buying up large quantities of the precious metal. The trend is likely to continue, as experts say the price of gold will climb higher. Not only for the Chinese gold has always had a timeless appeal. And since the world markets are on shaky legs, the Chinese investors increasingly put their money in gold . Since investors want to avoid the risks of other investments, with gold prices now reaching record levels. Gold has always carried a timeless appeal in China--but even more so as panic grips global markets and Chinese investors seek out the precious metal as a way to preserve their wealth. Despite high prices, demand in China's jewelry stores is high. Customers of the jewelers see gold as a good investment. "Because stock prices fall, and there is no better way to invest, gold for us probably the safest investment." says one Chinese buyer Chinese economists believe that the price will continue to rise, "The monetary system is still in crisis. And in the future it could be worse. So I am assuming that the gold price will rise for a long time. " says Gold expert Liu Shan'en . Some stores are already sold out on gold bars, where the customers are already in the morning lining up before the shops open .With soaring prices, gold jewelry stores in China have become hot spots. In some stores, gold bullion has reportedly sold out--with customers queuing outside before they opened."The currency system has not yet passed its gloomy period and things may go worse in the future. In this case, I personally think that gold price will experience a long-term rise."says Gold expert Liu Shan'en. A gold investor said, "Gold was only 215 yuan a gram a few years ago. Now the price has nearly doubled. I think gold retains value though, and it has been appreciating. It is worth investing." Gold retailers are laughing all the way to the bank. Some are even enjoying sales up 70 percent from a year ago.