Hugo Chavez calls JP Morgan - We want our Gold back.

Dynoman

Dynoman

Active Member
OK. Let the fun begin! Today Venezuelan President Hugo Chavez announced that it planned to nationalize his countries gold mining industry in an attempt to increase its international reserves.

President Chavez also released documents showing that he plans to transfer billions of dollars in cash reserves held abroad to banks in China, Russia and Brazil. The documents also showed that he planned to move 211 tons of gold it has stored abroad and values at 11 billion to the Central bank in Caracas, where the government keeps its remaining 154 tons of bullion.

This could be a big game changer in the United States because one of the banks that holds 10.6 tons of Venezuela's gold is none other than JP Morgan. In a recent audit of JP Morgan's holdings it was reported that they held 338,303 ounces of gold or roughly 10.6 tons. While this is a modest size deposit it is sure to cause some jitters at JP Morgan as they scramble to find the replacement gold which has already been pledged about 100 times across various paper markets to ETF's like the SPDR Gold ETF.


More here at source: http://etfdailynews.com/2011/08/17/...metal-etfs-a-wakeup-call-gld-iau-slv-gdx-agq/
 
I'll be impressed if he deals with the bankers like Joe does :

[youtube]http://www.youtube.com/watch?v=mbwqeSV8Wc4[/youtube]
 
Chavez nationalises something every week - power, oil etc. This is just the latest in a string to try and consolidate his own power IMO.
 
Smoothcriminal said:
Chavez nationalises something every week - power, oil etc. This is just the latest in a string to try and consolidate his own power IMO.
Click to expand...

That's one explanation, although i suspect he's more interested in protecting his country's gold which the banking elite have leased out a hundred times to other unsuspecting idiots.

Call it the possible start of a 'gold run', but the fact is that anybody who trusts the banking elite with any of their physical gold is clearly more insane than Hugo Chavez is ...
 
Yippe-Ki-Ya said:
Smoothcriminal said:
Chavez nationalises something every week - power, oil etc. This is just the latest in a string to try and consolidate his own power IMO.
Click to expand...

That's one explanation, although i suspect he's more interested in protecting his country's gold which the banking elite have leased out a hundred times to other unsuspecting idiots.

Call it the possible start of a 'gold run', but the fact is that anybody who trusts the banking elite with any of their physical gold is clearly more insane than Hugo Chavez is ...
Click to expand...

Theirs probably an element of that in it YKY but his policies have some serious issues - after he nationalised the power companies productivity dropped off a cliff resulting in power shortages across the nation which impacted further on national productivity.........but he got to supply cheap power (sometimes when there wasn't a blackout) to his supporters to buy their loyalty so he got what he wanted at the cost of the national good i.e. bought votes on using "the rich" folks dime and the nations lost productivity/dollars was collateral damage he could hide since he controls what the media in the country can report.
 
MelbBrad said:
Ahhh, now it makes sense.

http://www.commondreams.org/view/2009/08/07-6
http://venezuelanalysis.com/analysis/5214

...obviously the new US bases in neighbouring Colombia are going to come in very handy over the next few months...

Iraq
Libya
Iran
Venezuela...

...and anyone else who voted for Palestine joining UNESCO...

Gee, thank GOD Australia voted against it...I'm so proud to live in a country that stands up for itself and its own beliefs. :(
Click to expand...
Austraila follows orders ...it is told wich way to vote
 
Yup only a matter of time before bombs start dropping on the basis of "terrorism" and "humanitarian reasons" on Venezuelans.

Juliar has come out today saying the IMF should be given more powers in response to the Greek debt crisis - they will just use this manufactured crisis to push towards world government
 
That announcement is from August. Here are some more recent reports on the story from October:
Venezuela will begin repatriating its gold reserves from Western nations by mid-November, the central bank head said on Wednesday.
...
Click to expand...

http://af.reuters.com/article/idAFN1E79423620111006

...
A senior government source involved in transporting the ingots, which amount to 90 percent of Venezuela's gold held abroad, told Reuters they will be shipped in several cargo flights beginning next month and ending before the New Year.
...
Click to expand...

http://af.reuters.com/article/metalsNews/idAFN1E79P1B120111026
 
Smoothcriminal said:
Yippe-Ki-Ya said:
Smoothcriminal said:
Chavez nationalises something every week - power, oil etc. This is just the latest in a string to try and consolidate his own power IMO.
Click to expand...

That's one explanation, although i suspect he's more interested in protecting his country's gold which the banking elite have leased out a hundred times to other unsuspecting idiots.

Call it the possible start of a 'gold run', but the fact is that anybody who trusts the banking elite with any of their physical gold is clearly more insane than Hugo Chavez is ...
Click to expand...

Theirs probably an element of that in it YKY but his policies have some serious issues - after he nationalised the power companies productivity dropped off a cliff resulting in power shortages across the nation which impacted further on national productivity.........but he got to supply cheap power (sometimes when there wasn't a blackout) to his supporters to buy their loyalty so he got what he wanted at the cost of the national good i.e. bought votes on using "the rich" folks dime and the nations lost productivity/dollars was collateral damage he could hide since he controls what the media in the country can report.
Click to expand...

His politics - namely extreme socialism/marxism - is clearly retarded.

however his decision to take control of his gold is clearly an excellent one! He clearly understands the principle "if you cant touch it it aint yours..."

Conclusion: even a communist can be wise! :lol:
 
Yippe-Ki-Ya said:
Smoothcriminal said:
Theirs probably an element of that in it YKY but his policies have some serious issues - after he nationalised the power companies productivity dropped off a cliff resulting in power shortages across the nation which impacted further on national productivity.........but he got to supply cheap power (sometimes when there wasn't a blackout) to his supporters to buy their loyalty so he got what he wanted at the cost of the national good i.e. bought votes on using "the rich" folks dime and the nations lost productivity/dollars was collateral damage he could hide since he controls what the media in the country can report.
Click to expand...

His politics - namely extreme socialism/marxism - is clearly retarded.

however his decision to take control of his gold is clearly an excellent one! He clearly understands the principle "if you cant touch it it aint yours..."

Conclusion: even a communist can be wise! :lol:
Click to expand...

The important thing to remember about Chavez is that he's nobody's bitch. Some things he gets wrong, some things he does right, some people don't like his politics, some people do, but at the end of the day he does what he thinks is best for the country he leads.

Its obvious he believes energy (oil) is a resource worth controlling and now it seems having real money is also on his agenda.
 
Gold Deposits Of USD 1 Billion To Be Collected By Turkish Bank
http://www.zerohedge.com/news/gold-deposits-usd-1-billion-be-collected-turkish-bank

Turkiye Is Bankas? AS, Turkey's biggest bank by assets, plans to collect $1 billion of gold in its deposit accounts by the end of the year, citing deputy chief executive officer Erdal Aral.

As much as 5,000 metric tons of gold is stored "under the mattress" in Turkey, Aral said, according to the Istanbul-based newspaper. Gold deposit accounts have surged to 13.6 billion liras ($7.4 billion) from 3.1 billion liras within the past year, according to data released by the banking regulator, Aral was quoted as saying.
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The players are beginning to take their seats in this game of musical chairs. Just how many chairs are out there no one knows?
 
thatguy said:
Gold Deposits Of USD 1 Billion To Be Collected By Turkish Bank
http://www.zerohedge.com/news/gold-deposits-usd-1-billion-be-collected-turkish-bank

Turkiye Is Bankas? AS, Turkey's biggest bank by assets, plans to collect $1 billion of gold in its deposit accounts by the end of the year, citing deputy chief executive officer Erdal Aral.

As much as 5,000 metric tons of gold is stored "under the mattress" in Turkey, Aral said, according to the Istanbul-based newspaper. Gold deposit accounts have surged to 13.6 billion liras ($7.4 billion) from 3.1 billion liras within the past year, according to data released by the banking regulator, Aral was quoted as saying.
Click to expand...
The players are beginning to take their seats in this game of musical chairs. Just how many chairs are out there no one knows?
Click to expand...

Wow, maybe there will be more Ottoman gold coins up for sale on eBay ( :) )

also regards the musical chairs - with the current system the music can go on forever and since the chairs are created out of thin air, they can keep adding them too forever -
...however, it is the stage where the chairs are placed that will collapse, or the speakers that emit the music will short out - one or the other and any will do.
 
If the nation is an IMF member then I would not take notice of their gold request.
If they play the Maritime Trade game, then same as above.
If they role dice with World Bank, then same as above.
Central Bank, meh, you get the idea.

As I said before; it's a game, and we are all the pawns.
Global cartel network. Anything that will encourage more 'buying' of gold and silver, until you all go into shock after hearing record dumping gold and silver smashing the metals down. You, the fool, now in debt with only your house, car and clothes to default on.

Eventually, I expect anti-bankruptcy laws to be here in Australia, no more defaulting on public and private loans.
.
 
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