Venezuela's Chavez Plans To Nationalize Gold Industry

I wonder how long it will be until NATO fabricates, some Humanitarian mission that needs to be done in Venezuela.

Quote:

CARACAS (Dow Jones)--Venezuelan President Hugo Chavez said Wednesday that he plans to nationalize the country's gold industry in bid to take over production and ramp up international reserves.

Speaking on state television via telephone, the leftist leader said he would be introducing a new decree in the coming days to put exploration and extraction of gold into the government's hands.

It will be "a decree to take the gold sector," which still remains in the hands of a "mafia and smugglers," Chavez said. "We don't only have oil wealth, we have here one of the largest reserves of gold in the world ... Let's convert it into our international reserves because gold is increasing in its value."

The move comes one day after documents reviewed by The Wall Street Journal showed that the Venezuelan government plans to transfer billions of dollars in cash reserves held abroad to banks in Russia, China and Brazil and tons of gold from European banks to its own central bank vaults. According to the documents, the South American country aims to move 211 tons of gold it keeps abroad and values at $11 billion to the Central Bank in Caracas, where the government keeps its remaining 154 tons of bullion.

http://online.wsj.com/article/BT-CO-20110817-710008.html

#2 - Posted 17 August 2011, 2:56 PM
abc200 Location: United Kingdom, Dominican Republic Join date: August 2008 Member #: 1307 Posts: 10609	RE: Venezuela's Chavez Plans To Nationalize Gold Industry Quote: time2rize previously said: I wonder how long it will be until NATO fabricates, some Humanitarian mission that needs to be done in Venezuela. Quote: CARACAS (Dow Jones)--Venezuelan President Hugo Chavez said Wednesday that he plans to nationalize the country's gold industry in bid to take over production and ramp up international reserves. Speaking on state television via telephone, the leftist leader said he would be introducing a new decree in the coming days to put exploration and extraction of gold into the government's hands. It will be "a decree to take the gold sector," which still remains in the hands of a "mafia and smugglers," Chavez said. "We don't only have oil wealth, we have here one of the largest reserves of gold in the world ... Let's convert it into our international reserves because gold is increasing in its value." The move comes one day after documents reviewed by The Wall Street Journal showed that the Venezuelan government plans to transfer billions of dollars in cash reserves held abroad to banks in Russia, China and Brazil and tons of gold from European banks to its own central bank vaults. According to the documents, the South American country aims to move 211 tons of gold it keeps abroad and values at $11 billion to the Central Bank in Caracas, where the government keeps its remaining 154 tons of bullion. http://online.wsj.com/article/BT-CO-20110817-710008.html Yes, a superb decision by Chavez. The British had to nationalize almost all mines in the 40's due to unfair working conditions and lack of return to the state. Even in the ancient Roman empire it is well known that mineowners used to return 50% of all the gold mined to the Emperor. I'm sure the Emperor would never dream of storing the gold in Germania or elsewhere. The UK unfortunately had to ship the last of its gold in South Africa to the US to pay for munitions in the last war so was left with very little gold. Welsh goldmines have proved difficult to operate. But Venez potentially has much gold and this should buy progress for its people. S.
	Post IP/Country: 190.167.3.10* / DO

#1 - Posted 17 August 2011, 2:10 PM
time2rize Location: Dominican Republic Join date: December 2007 Member #: 31 Posts: 1142	Venezuela's Chavez Plans To Nationalize Gold Industry I wonder how long it will be until NATO fabricates, some Humanitarian mission that needs to be done in Venezuela. Quote: CARACAS (Dow Jones)--Venezuelan President Hugo Chavez said Wednesday that he plans to nationalize the country's gold industry in bid to take over production and ramp up international reserves. Speaking on state television via telephone, the leftist leader said he would be introducing a new decree in the coming days to put exploration and extraction of gold into the government's hands. It will be "a decree to take the gold sector," which still remains in the hands of a "mafia and smugglers," Chavez said. "We don't only have oil wealth, we have here one of the largest reserves of gold in the world ... Let's convert it into our international reserves because gold is increasing in its value." The move comes one day after documents reviewed by The Wall Street Journal showed that the Venezuelan government plans to transfer billions of dollars in cash reserves held abroad to banks in Russia, China and Brazil and tons of gold from European banks to its own central bank vaults. According to the documents, the South American country aims to move 211 tons of gold it keeps abroad and values at $11 billion to the Central Bank in Caracas, where the government keeps its remaining 154 tons of bullion. http://online.wsj.com/article/BT-CO-20110817-710008.html
	Post IP/Country: 200.88.145.1* / DO

#3 - Posted 17 August 2011, 3:37 PM
anthonyC Location: United States Join date: June 2008 Member #: 933 Posts: 9420	RE: Venezuela's Chavez Plans To Nationalize Gold Industry Quote: time2rize previously said: I wonder how long it will be until NATO fabricates, some Humanitarian mission that needs to be done in Venezuela. You have no clue about the metal commodity market do you. Gold is not a strategic element like Oil or rare earth metals. Aside from a few electronic applications, which it can be replaced, it has little use except for a currency or ornament. So those invested in gold welcome this development. Government takeover of the mines will most assuredly lower production. Lower production lower supplies. Lower supplies higher prices. Higher prices......I am happy and The mining company gets a big insurance heck. The only people who will get screwed are the Venezuelan people Proof of dreadlocks Bigotry. "....... what did Cubans do to deserve preferential treatment?......and treat Black people in the most racist of ways.......... the Cubans are just a bunch of uberracist savages." : I WILL NOT ANSWER ANY POSTS BY THE BIGOTS KNOWN AS DREADLOCKS & iNGLE23
	Post IP/Country: 98.254.152.12* / US

#6 - Posted 17 August 2011, 6:30 PM
time2rize Location: Dominican Republic Join date: December 2007 Member #: 31 Posts: 1142	RE: Venezuela's Chavez Plans To Nationalize Gold Industry Quote: anthonyC previously said: Quote: time2rize previously said: I wonder how long it will be until NATO fabricates, some Humanitarian mission that needs to be done in Venezuela. You have no clue about the metal commodity market do you. Gold is not a strategic element like Oil or rare earth metals. Aside from a few electronic applications, which it can be replaced, it has little use except for a currency or ornament. So those invested in gold welcome this development. Government takeover of the mines will most assuredly lower production. Lower production lower supplies. Lower supplies higher prices. Higher prices......I am happy and The mining company gets a big insurance heck. The only people who will get screwed are the Venezuelan people Yeah ok trying telling that to NATO. Edited on 8/17/2011 6:35 PM by time2rize.
	Post IP/Country: 200.88.145.1* / DO

#8 - Posted 17 August 2011, 7:36 PM
time2rize Location: Dominican Republic Join date: December 2007 Member #: 31 Posts: 1142	RE: Venezuela's Chavez Plans To Nationalize Gold Industry Quote: abc200 previously said: Nato stands for North Atlantic Treaty Organisation! S. Oh i thought it was the North Atlantic Terrorist Organisation !
	Post IP/Country: 200.88.145.1* / DO

#10 - Posted 17 August 2011, 9:58 PM
anthonyC Location: United States Join date: June 2008 Member #: 933 Posts: 9420	RE: Venezuela's Chavez Plans To Nationalize Gold Industry Quote: time2rize previously said: RT? That is your source? Russian Television? Go away!!! Proof of dreadlocks Bigotry. "....... what did Cubans do to deserve preferential treatment?......and treat Black people in the most racist of ways.......... the Cubans are just a bunch of uberracist savages." : I WILL NOT ANSWER ANY POSTS BY THE BIGOTS KNOWN AS DREADLOCKS & iNGLE23
	Post IP/Country: 98.254.152.12* / US

#4 - Posted 17 August 2011, 4:18 PM
abc200 Location: United Kingdom, Dominican Republic Join date: August 2008 Member #: 1307 Posts: 10609	RE: Venezuela's Chavez Plans To Nationalize Gold Industry Quote: anthonyC previously said: Quote: time2rize previously said: I wonder how long it will be until NATO fabricates, some Humanitarian mission that needs to be done in Venezuela. You have no clue about the metal commodity market do you. Gold is not a strategic element like Oil or rare earth metals. Aside from a few electronic applications, which it can be replaced, it has little use except for a currency or ornament. So those invested in gold welcome this development. Government takeover of the mines will most assuredly lower production. Lower production lower supplies. Lower supplies higher prices. Higher prices......I am happy and The mining company gets a big insurance heck. The only people who will get screwed are the Venezuelan people Welsh gold is worth at least 3 time the price of normal gold. If governments combine to limit production then gold value goes up. Russia and South Africa are already co-operating. aC is being stupid again! Gold price up - more income for fewer miners working! S.
	Post IP/Country: 190.167.3.10* / DO

#5 - Posted 17 August 2011, 4:56 PM
abc200 Location: United Kingdom, Dominican Republic Join date: August 2008 Member #: 1307 Posts: 10609	RE: Venezuela's Chavez Plans To Nationalize Gold Industry Yes, perhaps Venez has been free of foreign company exploitation for a while now. Great! A champion for the region! State owned oil companies are doing great: http://www.bbc.co.uk/news/business-14540942 S, Edited on 8/17/2011 5:01 PM by abc200.
	Post IP/Country: 190.167.3.10* / DO

#7 - Posted 17 August 2011, 6:38 PM
abc200 Location: United Kingdom, Dominican Republic Join date: August 2008 Member #: 1307 Posts: 10609	RE: Venezuela's Chavez Plans To Nationalize Gold Industry Nato stands for North Atlantic Treaty Organisation! S.
	Post IP/Country: 190.167.3.10* / DO

#9 - Posted 17 August 2011, 7:42 PM
abc200 Location: United Kingdom, Dominican Republic Join date: August 2008 Member #: 1307 Posts: 10609	RE: Venezuela's Chavez Plans To Nationalize Gold Industry You were a supporter of Serbian genocide no doubt! The result was the Dayton accords I think. S.
	Post IP/Country: 190.167.3.10* / DO

June 18, 2013, Updated 6:43 AM
Search

Login \| Not a member? Create your account \| Lost your password?
User		Password

Advertisement
Sponsored Links