Venezuela to move its Gold out of USA, UK and European banks.

Then once this gold is in Venezuela, how does he liquidate it into reserve currency? I already asked this once, but there was no answer. These are 400 ounce London good delivery bars. Each one is serialized and can be tracked back to the mine it came from. Sure, he could start up a big smelting operation, but even then it would be incredibly difficult to dispose of this much gold in small quantities. All of these "options" exposes him to many many people that he is stealing the gold, which I don't believe he intends to do.

 

Log in or Sign up to hide this ad.

I simply believe sir that it will get resmelted, possibly mixed in with other production from minesin Venezuela, and sold on the open market. The fungibility that makes gold a good coinage medium as you like to claim also adds greatly to its ultimate lack of tracability. I am simply saying over the coming years I believe this stock will quietly be liquidated to pay for his programs, with some probably accumulating in associates bank accounts as usually happens.

I would wager, net net, that some mine in Venezuela will had some extremely good production in the near future and continuing for quite a while. I am sure the Chinese would be happy to buy this "excess" production. Just my prediction.

 

There are people who believe the same has happened to the gold in Ft. Knox also.

 

I have to ask, why does he have to liquidate these assets?

I also believe he has no intentions of stealing it. I don't know much about Chavez, but I have read a lot about Fidel Castro, spent time in Cuba, and they seem to have the same idealism. Dictators, as they are called here on coin talk, relize they can no longer steal a countries assets and leave with it. We have seen several examples of this in the past few years.
[h=3][/h]

 

Shocking...isn't it?

 

Yes, I think we have reached that point. Further political or religion discussion will be removed and infractions may result.

Thanks, Jim

 

You are asking the wrong person. I've said he has no intention of doing this.

 

Boycotting Venezuelan oil and tapping the strategic reserves would drain the reserves completely in a little over two years. Do you really think we could get the alternative fuels online that fast?

 

I thought they already tapped the strategic reserves which is why we're not looking at $4 gas? I am pretty sure Junior hit up the ANWR, and Obama is doing the NY reserves. Just going off memory though so I might be wrong.

We could have had electric cars 10 years ago but they got junked. Some would argue with Tesla's technology we could have had free wireless electricity 100 years ago (arguably this is what the Egyptians used for their wireless lightbulbs on some of the murals). It's not really a matter of if but why not.

 

My apologies, I misread your comments. I thought somehow there was a need for Hugo to liquidate.

Maybe Uncle Sam should do some liquidating and bring that 14 trillion dollar debt down.

That is, if the vaults aren't empty.

 

When comletely full, the US strategic oil reserve holds about 30 days worth of oil based on current daily US usage. It's probably not going to make much of a dent if we decide to use it against Venezuela. They will just sell the oil to someone else.

 

Actually FDR sold that gold to the Federal Reserve decades ago for $35/ounce. This was after he forced the public to sell it to him for $20/ounce. The difference was used to fund his social programs of the 1930s. The Federal Reserve lists this gold on their balance sheet.

For the common person, this was an immediate devaluation of the $'s purchasing power by 75%.