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Desperately dollar-short Venezuela planning gold reserves swap operation

Friday, November 29th 2013 - 07:23 UTC
Full article 8 comments

Venezuela is evaluating a swap agreement involving gold reserves as a way to fortify dollar supplies in a country which suffers chronic product shortages and inflation close to 55%. Opposition leader Henrique Capriles said last week that the government was negotiating a swap operation with Goldman Sachs involving 1.45 million ounces of gold worth around 1.86 billion dollars. Read full article

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  • Anglotino

    Old Mother Maduro
    Went to the cupboard
    To get his poor voters a bone;
    But when he came there
    The cupboard was bare,
    And so the poor voter had none.

    Boy I have been giggling about this story for several days since I read it on FT.com. What is even more galling I am sure is that the gold is to be move to the Bank of England as safe and recoverable collateral.

    How's that socialism model working out now with Goldman Sachs and the Bank of England making money from those poor suffering Venezuelans.

    Nov 29th, 2013 - 08:16 am - Link - Report abuse 0
  • zathras

    Hang on a minute.
    Maduro told the central bank that November WILL have 5% deflation !
    Something is wrong here.

    Nov 29th, 2013 - 08:17 am - Link - Report abuse 0
  • yankeeboy

    Goldman Sachs better have them move that gold to The NYC Fed Reserve bank before they give them any U$.
    They probably have a lot of painted bars that look like gold by now.

    Nov 29th, 2013 - 10:36 am - Link - Report abuse 0
  • Captain Poppy

    Happy delayed Thanksgiving to all......American or not, we all have something to be thankful for.

    on that note, they deserve any losses they may absorb if they do not take possession. They'd have to be idiots not to take possession and loan them money. Default on loans is the SOP for they Bolivarian commies in SA.

    Nov 29th, 2013 - 12:36 pm - Link - Report abuse 0
  • GeoffWard2

    Hmmm,
    Maduro should ask the UK's 'New Labour Party' about how to get rid of a nation's Gold Reserves ... a Black Wednesday moment, if ever there was one!

    Blair and Brown did a 'superb' job of taking a kingdom of countries to bankrupcy.
    [ Liam Byrne's note for his successor (David Laws, Coalition) which said - without apology - “there's no money left”. The Guardian 17 May 2010.]

    Maduro should ask the British socialists about how to strip the people of a group of nations not only of their pensions, but also of those nations' gold reserves.

    Nov 29th, 2013 - 03:46 pm - Link - Report abuse 0
  • ChrisR

    @ 5 GeoffWard2

    The Cunt Brown actually TOLD the market he was going to sell gold. A VERY wealthy friend of mine sold all his gold (£9M of it) and put the money into LIBOR, then when the 'UK' gold came up for sale at the knock-down, stupid price he put ALL his £9M + LIBOR interest back into gold. Before the recent move down he was sitting on a 100% return.

    In my modest way (I chickened out putting ALL my liquidity in gold) while I was waiting to transfer money to Uruguay and in just 9 months made 29%. (Used Sovereigns so no VAT, only capital gains).

    And the New Labour twats reckon Brown “saved the world”. He couldn’t save himself when the time came to face the electorate, but he cost me half my net worth in 3 years.

    Nov 29th, 2013 - 08:33 pm - Link - Report abuse 0
  • aussie sunshine

    *6 “ The cunt Brown” ......hahahhaha what beautiful English you have my lad!!!
    hahahahaha... and you are a mover in the world of the rich?? :) :)

    Dec 01st, 2013 - 02:41 am - Link - Report abuse 0
  • ChrisR

    @ 7 Dickhead aussie raincloud.

    OK, as you wish.

    Urinate on your way out of the building (you are in).

    Otherwise (so you do understand me): piss off!

    Dec 01st, 2013 - 04:31 pm - Link - Report abuse 0

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