What is Venezuela gonna do with the gold it supposedly acquired now that Chavez is dead?

cohodk

???

roadrunner

Can't they do with all the other central banks of the world do with their gold?.....keeping it vaulted as an asset on the nation's balance sheets? Good thing Chavez brought the
gold back when he did or they'd be waiting just like Germany. Venezuela mines about 15 tonnes per year. So they will probably just continue to accumulate. The $5 BILL gold stake
is an order of magnitude lower.

cohodk

Is there a chance that those who may gain power could "withdraw" the gold from the vaults?

CaptHenway

It has probably been stolen already.

roadrunner

<< <i>It has probably been stolen already. >>



Probably true.....just like the Fort Knox gold (encumbered, leased or stolen).

derryb

What gold?

What Chavez?

Ken Lay? Never heard of him.

CaptHenway

What was the tonnage of gold that he brought back from England?

LochNESS

So are we pro or anti Hugo?

PerryHall

<< <i>So are we pro or anti Hugo? >>



A NY Congressman praised him yesterday so I guess the answer to your question depends what end of the political spectrum you reside. As far as the gold I have no idea what happened to it but I assume it's stored somewhere in Venezuela in a secure facility.

jmski52

What gold?

What Chavez?

Ken Lay? Never heard of him.

They are all likely staying at Charlie Rangel's place with Bernie Madoff in the Dominican Republic.

roadrunner

They brought back around 100-110 tonnes of gold as I recall.

derryb

160 tons now sitting in their central bank vault. Probably enough there to put them on the "terrorist nations to be invaded" list. Would be interesting to know where Libya's 140 tons ended up, especially since there was a sudden need for tonnage to satisfy Venezuela's demand. Any possibility that peter got robbed in order to pay paul?

carew4me

Considering this thug looted the country of an estimated 2 billion for his personal use, I highly
doubt anyone but him knows where it his after the delivery drivers were executed.

I you want to be rich AND loved by the left...Steal it..do not earn it like Romney.

LochNESS

I'll spin my Peter Paul & Mary LP and get back to you Anyway what I meant was, Do we think the Chavez gold move was good or bad for the PM market? In other words if you were Chavez would you have "brought" back the gold? How did it affect the market? I could invoke my library card and research but it's easier to ask y'all old folk who lived it

johnny9434

<< <i>What gold?

What Chavez?

Ken Lay? Never heard of him.

They are all likely staying at Charlie Rangel's place with Bernie Madoff in the Dominican Republic. >>

word is bernie is on the roll with his funds out that way.

mhammerman

"What is Venezuela gonna do with the gold it supposedly acquired now that Chavez is dead?"

Hummmmmmmm...I'm thinking boating accident but it might have been something else.

Justacommeman

Non event. MJ

Baley

People will continue to do what they have always done about gold throughout recorded history: dig it out of the ground, refine it to purity in pieces of convenient size, which are also often beautifully artistic, and then put the gold back in the ground in either subterranean vaults or clearly marked large stone buildings. People (well, primarily men) do this because the ancient aliens who visited this planet eons ago (sometimes they were interpreted by the primitive people as "gods" who descended in "sky chariots" or "fire breathing dragons" both instructed them to do this and encoded the drive to do this in the human genome. These aliens often said, "keep the faith, we'll be back later", in the meantime, be good to each other and "keep on stackin"

roadrunner

<< <i>People will continue to do what they have always done about gold throughout recorded history: dig it out of the ground, refine it to purity in pieces of convenient size, which are also often beautifully artistic, and then put the gold back in the ground in either subterranean vaults or clearly marked large stone buildings. People (well, primarily men) do this because the ancient aliens who visited this planet eons ago (sometimes they were interpreted by the primitive people as "gods" who descended in "sky chariots" or "fire breathing dragons" both instructed them to do this and encoded the drive to do this in the human genome. These aliens often said, "keep the faith, we'll be back later", in the meantime, be good to each other and "keep on stackin" >>



That makes much more sense than what we currently do with fiat money and treasury bonds. We print up a $100 note on 2c worth of material and tell people that will buy about a tenth
of an ounce of gold or 3-1/2 ounces of silver. That ounce of gold worth $1580 cost about $1200-$1300 to dig it out of the ground. Now if only central banks could "print" gold for 2c a bar. Wait a minute....they already do that on the Comex and LBMA.

Warren Buffet tried to spin the same BS about gold saying that we dig it out of the ground...then dig another hole (vault) to bury it in. Then place guards around the hole. Funny thing is,
Buffet did that same thing with 130 MILL oz of silver from 1996-2006. He had that silver dug out of the ground, vaulted, and then guarded. He held it for 10 yrs. That's a pretty long
time if you ask me to not understand what you are doing. Maybe Buffet is a direct descendant of one of those ancient aliens? The only other guy I can think of that changed his spots in
mid-stream was Greenspan. But being given a key to the executive washroom at the USTreasury and FED can do that to you.

The Chavez gold event was factored into the market last year. The pundits will say it was a bad move because the price of gold went down since he took delivery.

Mission16

<< <i>

<< <i>So are we pro or anti Hugo? >>



A NY Congressman praised him yesterday so I guess the answer to your question depends what end of the political spectrum you reside. As far as the gold I have no idea what happened to it but I assume it's stored somewhere in Venezuela in a secure facility. >>




As NYS is pretty much a communist state, I'm not surprised by the praise.

I'm thinking that gold never made it to the central bank in the first place.

cohodk

@derryb said:
160 tons now sitting in their central bank vault. Probably enough there to put them on the "terrorist nations to be invaded" list. Would be interesting to know where Libya's 140 tons ended up, especially since there was a sudden need for tonnage to satisfy Venezuela's demand. Any possibility that peter got robbed in order to pay paul?

So they had 360 tons in 2012 at $1700. Now they have 150 tons at $1200.

Got insurance? LOL

derryb

@cohodk said:

@derryb said:
160 tons now sitting in their central bank vault. Probably enough there to put them on the "terrorist nations to be invaded" list. Would be interesting to know where Libya's 140 tons ended up, especially since there was a sudden need for tonnage to satisfy Venezuela's demand. Any possibility that peter got robbed in order to pay paul?

So they had 360 tons in 2012 at $1700. Now they have 150 tons at $1200.

Got insurance? LOL

And what would they have if they had converted it into bolivars? LOL

cohodk

@derryb said:

@cohodk said:

@derryb said:
160 tons now sitting in their central bank vault. Probably enough there to put them on the "terrorist nations to be invaded" list. Would be interesting to know where Libya's 140 tons ended up, especially since there was a sudden need for tonnage to satisfy Venezuela's demand. Any possibility that peter got robbed in order to pay paul?

So they had 360 tons in 2012 at $1700. Now they have 150 tons at $1200.

Got insurance? LOL

And what would they have if they had converted it into bolivars? LOL

Or the US dollar or US stock market. LOL

ricko

I always chuckle at these figures that say 'XXXX has XX tons of gold'...and of course, those figures are nothing more than guestimates based on acquisition numbers etc.. Sure, the gold is somewhere... and I would wager Maduro has a bunch hidden away - which, if he does not get out of there soon, he will never get to enjoy....Just like Fort Knox.... How much gold? Cheers, RickO

CaptHenway

Yeah, I wouldn't be surprised if the gold wasn't in a Swiss lockbox by now under the name of the current dictator's pet llama!

cohodk

@ricko said:
I always chuckle at these figures that say 'XXXX has XX tons of gold'...and of course, those figures are nothing more than guestimates based on acquisition numbers etc.. Sure, the gold is somewhere... and I would wager Maduro has a bunch hidden away - which, if he does not get out of there soon, he will never get to enjoy....Just like Fort Knox.... How much gold? Cheers, RickO

Actually he is selling it to his people.
https://bloomberg.com/news/articles/2018-08-27/venezuela-to-sell-gold-ingots-to-pensioners-as-inflation-soars

wionews.com/world/venezuela-government-prepares-to-sell-small-gold-bars-in-public--161775

https://www.thetimes.co.uk/article/nicolas-maduro-sells-gold-to-impoverished-citizens-c068cvzlc

ricko

This should be interesting.....Cheers, RickO

TwoSides2aCoin

How can impoverished people afford gold ? And then they don't get gold. They get a certificate ?

The guy should be a banker. 

ShadyDave

@Baley said:
People will continue to do what they have always done about gold throughout recorded history: dig it out of the ground, refine it to purity in pieces of convenient size, which are also often beautifully artistic, and then put the gold back in the ground in either subterranean vaults or clearly marked large stone buildings. People (well, primarily men) do this because the ancient aliens who visited this planet eons ago (sometimes they were interpreted by the primitive people as "gods" who descended in "sky chariots" or "fire breathing dragons" both instructed them to do this and encoded the drive to do this in the human genome. These aliens often said, "keep the faith, we'll be back later", in the meantime, be good to each other and "keep on stackin"

Tell me more

ricko

And Venezuela continues the death spiral.....Very sad.... Cheers, RickO