Hugo Chavez Nationalizes Venezuelan Gold Industry, Demands 211 Tons Be Returned From Abroad – JPMorgan, Bank Of England & ETFs Scramble For Physical Metal
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 whopping 338,303 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