It's an awful situation in Venezuela as
hyper-inflation and disastrous economic planning has led to a depression. The
economy is expected to contract 18% this year and the US is continuing to pile
on sanctions. Reuters today reported yesterday that Venezuela has approached
the Bank of England about getting back approximately 15 tons of gold bullion
held in the bank's vaults. The country's gold reserves have fallen to about 400
tons from 575 tons and it appears the government is considering selling more.
The total value of its gold reserves is about $14 billion at today's prices. More…
Wednesday, November 7, 2018
Venezuelan gold sales will continue to be a headwind
It's an awful situation in Venezuela as
hyper-inflation and disastrous economic planning has led to a depression. The
economy is expected to contract 18% this year and the US is continuing to pile
on sanctions. Reuters today reported yesterday that Venezuela has approached
the Bank of England about getting back approximately 15 tons of gold bullion
held in the bank's vaults. The country's gold reserves have fallen to about 400
tons from 575 tons and it appears the government is considering selling more.
The total value of its gold reserves is about $14 billion at today's prices. More…
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