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What are you doing right now!!!


Tookkae
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  • 5 months later...

Reading about Venezuela covering their ass

"CARACAS, Venezuela (AP) — President Hugo Chavez announced Wednesday he is nationalizing Venezuela's gold mining industry and intends to bring home $11 billion in gold reserves currently held in U.S. and European banks.

He said the recall of the gold reserves is intended to help protect this oil-producing country from the economic woes in the United States and Europe.

"We're going to start to bring back our gold to the Central Bank," Chavez said in a telephone call broadcast live on state television.

It wasn't clear how soon the overseas gold reserves are to be brought to Venezuela.

The Central Bank said recently that the country has about $17.9 billion in gold out of a total of more than $28.6 billion in international reserves. Chavez said $11 billion worth of the gold is held in other countries.

Central Bank president Nelson Merentes said on television that the decision to move the gold reserves was being taken out of "prudence."

"At the time of these disturbances, it's preferable to recover our assets, in this case the gold, and have it here in the vaults," Merentes said.

Venezuela has nearly $4.6 billion of its gold reserves in the Bank of England, according to a report by Finance Minister Jorge Giordani that was leaked to the news media Tuesday by an opposition lawmaker."

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