Both Dow Jones and the Wall Street Journal are reporting this morning that leftist strongman Hugo Chavez plans to nationalize the gold industry of Venezuela. There looks to be little if any influence on the gold price from this news. About the only effect that I can see is on mining companies that have their operations down there.
He's also pulling all his gold from London. What affect do you think this will have on the price?
ReplyDeletehttp://www.zerohedge.com/news/chavez-pulls-venezuelas-gold-jp-morgan-great-scramble-physical-starting
He won't get an ounce.
ReplyDeleteThe banks don't have it, it was long ago scattered to 100 different winds...