100,000 Ounces Of Gold Gone - Coin Community Forum

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Author	Replies: 6 / Views: 1,765
schockergd Valued Member United States 397 Posts	Posted 08/17/2011 10:23 pm Not a personal collection mind you, but Hugo Chavez, the idiot leader of Venezuela has nationalized their gold industry. This means that 100,000 ounces of gold a year will go into their vault rather than sold to the market. Granted 3 tonnes of gold a year isn't big in the scale of the world, however it still will have a impact. http://www.reuters.com/article/2011...G53L20110817 Report this Post to the Staff

CPC24 Pillar of the Community United States 619 Posts	Posted 08/18/2011 01:20 am If you read the article, he was already taking 70 percent of it anyway. Now he's taking it all... Edited by CPC24 08/18/2011 01:21 am Report this Post to the Staff
wpd7 Valued Member United States 257 Posts	Posted 08/18/2011 02:35 am Most of that gold rarely hits the world market anyway, before or after the nationalization. So it doesn't really affect market pricing too much. Report this Post to the Staff
SA4H Pillar of the Community United States 2764 Posts	Posted 08/22/2011 10:28 pm He also taking delivery of $11 billion worth in gold (about 211 tons, they said), 99tons of which is in the Bank of England. JPMorgan and other major PM vault hold the rest. If Chavez action follow his word then a major squeeze of physical gold will make those bankers sweating for a while and that may justify why the quick run up of PM (especially gold) in the last few days.... IMHO. http://www.bloomberg.com/news/2011-...ndustry.html http://www.fastmarkets.com/scoop/?i...43568&type=1 Report this Post to the Staff
Ron2012Paul Valued Member 175 Posts	Posted 08/23/2011 02:35 am Why would he want to sell his gold to the market when fiat currency is doing so bad? Report this Post to the Staff
gilpo New Member United States 48 Posts	Posted 08/23/2011 11:33 am I wouldn't call him an idiot on this matter. It's pretty smart. The idiots are the ones buying paper gold and silver and thinking their money is safe. It's just another form of fiat money. Report this Post to the Staff
GoThunder Pillar of the Community United States 830 Posts	Posted 08/23/2011 11:55 am Investing in gold is not totally safe no matter what form (paper or physical). Show me any investment that is totally safe and I'll show you an investment that has little up side. Edited by GoThunder 08/23/2011 11:55 am Report this Post to the Staff
	Replies: 6 / Views: 1,765

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