We just reported that Hugo Chavez has nationalized the entire Venezuelan gold industry this afternoon.
Well, Hugo didn’t stop there, as latest headlines flashing indicate that Chavez has requested that the Bank of England return 99 Tons of Venezuelan gold held on deposit, and a total of 211 Tons of gold held abroad (WSJ).
For those with any knowledge of the cartel, you know where this is heading.
For those who don’t….the Bank of England currently stores 211 tons of Venezuela’s gold in the vaults of (per Bloomberg) JP Morgan, Barclays, and the Bank of Nova Scotia.
A last check of physical gold inventory in The Morgue’s vault showed a whopping338,303 total ounces of gold…roughly 10.6 tons.
In an absolute shocker to all who follow gold and silver here, are we about to see the COMEX GOLD market busted/default before COMEX SILVER?????
Look for gold to VAULT past $1800 in the access/ Asian markets tonight when this news spreads.
If Chavez carries through with this ultimatum, look for Venezuela to receive the Gaddafi/ Libyan treatment within the week.
By Brandon Smith
It’s amazing. In the wake of the 2008 derivatives and housing bubble collapse, created by the U.S. Treasury and the private Federal Reserve with engineered low interest rates and easy money designed to artificially pump up the economy after the effects of the dot-com bust, the faltering markets of 2000-2001, and the rapidly depreciating dollar, we have now seen these same entities pour Trillions, yes, TRILLIONS in fiat injections into every conceivable corner of the markets. They have spent incredible sums on toxic equities (worthless equities, and don’t let anyone tell you different) to “ease” the debt spiral, they have propped up almost every large international bank, they have propped up the Federal Government and the Dollar itself with sizable purchases of our own Treasury debt, and, they have even thrown money into the pockets of foreign institutions and corporate beggars. Keep in mind, that all the debt that these actions generate is eventually placed squarely in the lap of one group of people; the American Taxpayer!
They have manipulated unemployment figures. They have consistently released completely fraudulent CPI (inflation) figures based on calculations which neglect numerous factors that used to be counted only two decades ago. They have used coordinated naked short selling in precious metals markets to hold back the natural spikes in gold and silver values. They have blamed every negative development in the economy (that they could not hide) on extraneous circumstances and outside culprits rather than themselves. They have done all this, to conjure the illusion of recovery for an increasingly agitated general public.
So much tap dancing and snake oil selling, and all it took, was the pain of $4 a gallon gas to wipe everything away… Continue Reading
Tens of thousands of government supporters in Venezuela have continued to protest a recent US decision to impose sanctions on a state-owned oil company for doing business with Iran.
“It’s not the first time sanctions are imposed on us. We must remember that once President [Hugo] Chavez enacted a carbon dehydrate law and took control of our oil industry, the American imperialism orchestrated a coup,” Venezuelan Minister of Energy and Petroleum, Rafael Ramirez said.
Venezuelans have continued their protests for nearly a week after the US imposed sanctions on Petroleos de Venezuela (PDVSA) for its trade deals with Tehran, a Press TV correspondent reported.
“I think economic sanctions are an act of aggression, even if they may not have a negative impact on the country’s economy. Venezuela does not borrow money from the US, [but under the sanctions] they’re still going to sell oil to the US,” American Peace Activist, Cindy Sheehan said. Continue Reading