SHTF Venezuela Gold Gold!!

[Magritte]

https://www.bbc.co.uk/news/amp/world-latin-america-52733299

interesting article about BofE holding Venezuela’s gold, when fiat fails Gold rules!
Certainly brings home the adage if you don’t possess it you don’t own it!! 

[John79]

Did the Germans ever get their gold back from America? 

[Prophecy]

The thing is, Venezuela will most likely not use it to prop up their currency and economy, they'll just use it as untraceable payment for nefarious things like organised crime and terrorism. That's why it is being embargoed, any promises otherwise is probably bullshit... 

[Magritte]

21 minutes ago, John79 said:

Did the Germans ever get their gold back from America? 

Yes apparently they repatriated 743 tons of gold from the US between 2013-17.

[swanky]

1 hour ago, Prophecy said:

The thing is, Venezuela will most likely not use it to prop up their currency and economy, they'll just use it as untraceable payment for nefarious things like organised crime and terrorism. That's why it is being embargoed, any promises otherwise is probably bullshit... 

Except here Venezuela is not asking for gold or cash, instead for the  gold to be sold to United Nations Development Programme (UNDP) to buy and ship medical equipment. Hard to argue against that.

[MancunianStacker]

9 minutes ago, swanky said:

Except here Venezuela is not asking for gold or cash, instead for the  gold to be sold to United Nations Development Programme (UNDP) to buy and ship medical equipment. Hard to argue against that.

Sounds good but I wouldn’t be surprised if the UN just gave the Venezuelan President the cash immediately. Just like I wouldn’t be surprised if the WHO covered up Covid-19 China

[Prophecy]

10 minutes ago, MancunianStacker said:

Sounds good but I wouldn’t be surprised if the UN just gave the Venezuelan President the cash immediately. Just like I wouldn’t be surprised if the WHO covered up Covid-19 China

Russia, China have vetos at UN. Giving the bullion to the UN is pretty much giving the bullion to a the Venezuelan junta by proxy.

[New2Metals]

Still sounds like a good reason not to vault gold to me, one day in the future you may not be able to retrieve your gold because your social credit score is too low. Not a concern at the moment, but in a few years who knows.

[Prophecy]

1 hour ago, New2Metals said:

Still sounds like a good reason not to vault gold to me, one day in the future you may not be able to retrieve your gold because your social credit score is too low. Not a concern at the moment, but in a few years who knows.

Exactly. But the reason why many countries vault theirs in Switzerland, US or UK is because it's less risky compared to holding it in their location  (also, it's closer to liquidity there so when they sell it they don't have to deliver it which is time consuming expensive and risky)

[ZigZag]

Medical supplies or join a few dots...oil payments?

https://www.reuters.com/article/us-venezuela-gasoline-iran-guaido-idUSKBN22W2H1

Either way, things going to heat up and get interesting, in a bad way for someone.

[Martlet]

1 hour ago, ZigZag said:

Medical supplies or join a few dots...oil payments?

https://www.reuters.com/article/us-venezuela-gasoline-iran-guaido-idUSKBN22W2H1

Either way, things going to heat up and get interesting, in a bad way for someone.

What an epic fail of a country, should be the Saudi of South America, instead they are importing fuel. 

[SilverApe]

9 hours ago, Magritte said:

Yes apparently they repatriated 743 tons of gold from the US between 2013-17.

Zerohedge covered this really well and I recommended reading the pieces. One fact that stood out was the German central bank was asked to confirm the repatriation, which they did, but were then unable to confirm if the gold bars they got back were the same as the ones first deposited. The German central bank was also not able to recount the serial numbers of the original bars. Instead the bars they recieved were just denominated as no. 1, no. 2, and so forth. Also, the total number of bars were not the same, so the sizes must have been different.

So, there is at least suspicion on the CB level that bars are not fully segregated and are just in a pool. Interesting given the the trouble they go to serialise and stamp names on the bars only to have Fort Knox or the Kentucky Gold Reserve to just ignore it.

 

 

[Antwerpstacker]

I traveled trough Venezuela for 3 weeks in the summer of 2003. Far from perfect, it was a beautiful country. When I see the state it is in now, it nearly makes me cry. I don't want to imagine how some of the people who I met back then, would be doing now.... 

[ZigZag]

6 hours ago, Martlet said:

What an epic fail of a country, should be the Saudi of South America, instead they are importing fuel. 

Always been the way since Chavez pressed self destruct button. Years ago I owned Rusoro, they were a favoured play in country but he just couldn’t resist interfering.

Venezuela at that time nationalised or tried to so much to “protect” their interest, yet succeeded in screwing  up so many assets and industries with the failings of state intervention. Shame really because I remember Rusoro were so enthusiastic at prospects and producing, then state greed took over.

[Belgianstacker]

On 21/05/2020 at 12:50, Antwerpstacker said:

I traveled trough Venezuela for 3 weeks in the summer of 2003. Far from perfect, it was a beautiful country. When I see the state it is in now, it nearly makes me cry. I don't want to imagine how some of the people who I met back then, would be doing now.... 

I was in cucuta(border colombia venezuela) in 2018 and last year...Met alot of venezuelans on bus trips , some nice people

Also in cucuta alot of them offered services to go into venezuela but i refused cause not everybody has good intentions there

[Airhead]

The tragedy of Venezuela is that they should be one of the richest countries in the Americas: 

"The proven oil reserves in Venezuela are recognised as the largest in the world, totalling 300 billion barrels as of 1 January 2014".

Socialism, don't you just love it

[StackerCollector]

Corrupt Venezuelan politicians storing the people's/ government gold in another country! Unbelievable! They should be sent straight to prison!

[MancunianStacker]

Sky news report in Venezuelan prison tonight (pre lockdown apparently). Prison Head shows Sky team around their nice new security and surveillance office (all equipment supplied by China they said).

I can see what’s going to happen here!! China will be after their oil (Almost as much as Saudi Arabia).

Remember what happened when the Russians tried to help Cuba out with a few nuclear missiles??

Keep an eye on Venezuela guys!! It’s being sold out underneath the people. 

[sixgun]

On 20/05/2020 at 23:31, John79 said:

Did the Germans ever get their gold back from America? 

 

Quote

Germany holds the world's second-largest gold reserves after the United States, at 3,378 tons or 270,000 ingots of around 12 kilograms each. The amount has a market value of around 120 billion euros. Some 1,710 tons - or 50.6 percent - are now kept in Frankfurt, while 1,236 tons remain in New York and 432 in London.

i don't believe the US has the gold but anyway - Gold is still owed to Germany but i expect it is long gone. The Germans never got their original bars back - i wonder why?

[sixgun]

1 hour ago, MancunianStacker said:

Sky news report in Venezuelan prison tonight (pre lockdown apparently). Prison Head shows Sky team around their nice new security and surveillance office (all equipment supplied by China they said).

I can see what’s going to happen here!! China will be after their oil (Almost as much as Saudi Arabia).

Remember what happened when the Russians tried to help Cuba out with a few nuclear missiles??

Keep an eye on Venezuela guys!! It’s being sold out underneath the people. 

The Venezuelans have a problem with their oil - they have a lot of it but it is very heavy crude. They would send it to Texas for refining but the Americans are not as cooperative as they used to be. Russia and China are keeping Venezuela afloat. They don't want the Americans to take over, which of course they would and then loot the assets as is their way. There is a lot of Russian/Chinese capital going in and Russia is supporting their oil industry. Russia has become the world's oil trader - Russia buys up crude from Venezuela and Iran - it invests in refining industries around the world. Between Saudi and Russia (who are actually working together) they dominate the global oil industry. 

[Minimalist]

On 20/05/2020 at 22:13, Magritte said:

BofE holding Venezuela’s gold

Nearly fell out of my chair laughing at the terminology used here. The BoE is a terrorist organisation stealing Venezuelas assets. 

[Minimalist]

3 hours ago, MancunianStacker said:

Remember what happened when the Russians tried to help Cuba out with a few nuclear missiles??

Keep an eye on Venezuela guys!! It’s being sold out underneath the people. 

@sixgun explaining it well with the trading balances regarding oil. We are under the false cold war part 2. The BBC will make you believe Putin is modern Stalin while they churn out monster profits in EM markets while the BoE is stealing Venezuelan gold.

[MancunianStacker]

So we can expect USA to roll into Venezuala soon like they did in Iraq and Libya and “bring them some Democracy” and the $ as their new currency?? Or is USA too scared to do this due to Russia and China’s interests?? A bit further from Russia and China than say Syria is. So could this start a war? A little like Cuba almost did? 

RE: their gold. It is their people’s gold not the dictator’s who will likely run to Dubai or Panama with suitcases full of the stuff onboard a 747 - likely the plan (a bit like Thaksin Shiniwatra did when he left Thailand’s presidency). Everyone knows what he’s done to this country.

So the USA could do nothing (Trump seems to be less of a warmonger than the previous 4 presidents and would have gone in already right?) and hope it sorts itself out given 4 more years. However, If the Democrats get in in November I reckon the tanks will start rolling into Venezuela in the new year!! It will help pay for Covid over the next decade.

[BSquared]

Big nothing burger.  Trumps many things, but no warmonger. Trump will solve this in 2021