Chavez Emptying Bank of England Vault as Venezuela Brings Back Gold Hoard
By GCRU Gold News on Friday, August 19 2011, 15:27 - Permalink
Bloomberg: 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, Barclays, and Standard Chartered also hold Venezuelan gold, he said.