Chavez Orders $11 Billion of Gold Home From Vaults Including Scotiabank’s
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 the metal rises to record levels behind a weakening U.S. dollar.
Venezuela, which holds 211 tons of its 365 tons of gold reserves in U.S., European, Canadian and Swiss institutions, will progressively return the bars to the central bank’s vault, Chavez said yesterday.JPMorgan Chase & Co. (JPM), Barclays Plc (BARC), Standard Chartered Plc (STAN) and the Bank of Nova Scotia (BNS) also hold Venezuelan gold, the president 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.”
Probably, that and the fact that the entire FIAT system is at its end game, with most of the world bankrupt, and with a debt based system, only default can sort that situation out
and that alone would of course implode the entire house of cards
The system is well and truelly f*cked
The insiders have known it for years, when will the people realize it?I'd say now is the time. With 84 percent here saying they ahve lost faith in the ability of leaders
to tackle the situation
http://www.cnn.com/
Jeez what took them so long?
I could have told them that 3 years ago or longer
As we have an entirely FAITH based system I would say the fat lady is about to sing on our KEYNESIAN , FIAT BASED EXPERIMENT OF THE LAST 40 YEARS OR SO.
GOLD IS TELLING US THAT
Of course when it happens it will be totally unexpected and noone could have seen it happen.
Noone with an IQ below 10 of course or our leaders totally in the pockets of said system
BUY ALLOCATED PHYSICAL (not ETFs) GOLD and SILVER and have FAITH in the only non dilute-able asset, with no counter party risk left on the planet before its too late
www.bullionvault.com
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