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Chavez Emptying Bank of England Vault as Venezuela Brings Back Gold Hoard

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User ID: 1494580
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08/20/2011 03:30 AM
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Chavez Emptying Bank of England Vault as Venezuela Brings Back Gold Hoard
I heard about Chavez saying he was taking back the gold from Germany, but didn't see anything about him taking back the gold from the UK and US.

"Venezuelan President Hugo Chavez ordered 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.

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."

[link to www.bloomberg.com]

I don't doubt that we have enough gold to give him Venezuela's gold back, but I do think that it will affect the gold market, and further drive down the US dollar. I wonder when it will actually happen?
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