4:42 am - Saturday November 22, 2014

Venezuela To Nationalize the Gold Sector (for Gold Business)

Hugo Chavez said Wednesday his intention to nationalize the gold sector, including mining and processing, to increase international reserves of Venezuela.

“I have laws allowing the state to exploit the gold and all activities related thereto. This means that we will nationalize gold and convert it, among other things, international reserves because the value of gold continues to rise, “he said on public television.

Simple anticipation of higher gold? Protection against the risk of seizure of accounts? Hugo Chavez’s announcement raises a lot of comments in the Western governments. Indeed, the head of the Venezuelan State intends to sign a decree to that effect in the coming days and requested the assistance of the army to take control of the activity.

Venezuela has also brought back his gold bars deposited in the BIS (BIS) in Switzerland and in various commercial banks such as JP Morgan and HSBC. Ongoing trials, against many multinational consider themselves dispossessed by the many nationalization, pose a significant risk in Venezuelan assets if convicted by the courts.

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Filed in: Business, General Business

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