Maduro Quietly Exports 36 Tonnes Of Gold To Switzerland.
ZH: Two weeks ago, shortly before noting that Venezuela’s CDS is now at the same level where Greece was 3 months before its default, we wrote that as a result of a recently implemented gold swap with Deutsche Bank, Venezuela was preparing to liquidate its remaining gold holdings (ostensibly temporarily, if only on paper) in order to pay down its upcoming debt maturities.
As it turns out Venezuela has already started moving much of its gold reserve to Europe where it will be located closer to swap-provider and ultimate custodian, and liquidator, Deutsche Bank, by way of Switzerland. According to BullionStar, Switzerland has imported a net of 35.8 tonnes of gold from Venezuela in January 2016.
You know how socialists read at night before there were candles?
Electric lights.
The next move for Maduro is to export himself to a country without extradition back to Venezuela.
What a desperate country will do to be able to import toilet paper.
I’m sorry to say that Canada used to have gold reserves of over 1,000 tons but for decades has been selling it off and investing in things like Albanian state bonds and collector mint coins and the like. I gather we’re down to something like 6 tonnes and that will be gone soon. Gold as a perfect currency backstop isn’t always the best way to protect your money but having a fair bit on hand can make the currency speculators think twice about trying to do a “Soros” on you.
They should hurry up and default before September so Obama can bail the out. After all, a country like Venezuela is too big to fail.
Yeah, well I kinda wonder what the status of the US Gold Reserve is? Fuckin gov’t has lied about everything else …
I grew up in Venezuela in the 60’s, what wonderful people. What a shame. I guess I will never get to go back every again. I was in Nicaragua during the Sandinista/Cuban rebellion in the 70’s, I hope Trump would look at making a regime change in Venezuela.