Venezuela repatria o seu ouro

Chavez Emptying Bank of England Vault as Venezuela Brings Back Gold Hoard

By Daniel Cancel and Nathan Crooks - Aug 18, 2011 6:07 PM GMT-0300

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Venezuelan President Hugo Chavez

Juan Barreto/AFP/Getty Images

Venezuelan President Hugo Chavez.

Venezuelan President Hugo Chavez. Photographer: Juan Barreto/AFP/Getty Images

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Chavez Orders $11 Billion of Gold Home as Metal Hits Record

Kerem Uzel/Bloomberg

In all, Venezuela has 365.8 metric tons of gold reserves, according to the World Gold Council.

In all, Venezuela has 365.8 metric tons of gold reserves, according to the World Gold Council. Photographer: Kerem Uzel/Bloomberg

Venezuelan President Hugo Chavezordered the central bank to repatriate $11 billion of gold reserves held in developed nations’ institutions such as theBank of England as prices for the metal rise to a record.
Venezuela, which holds 211 tons of its 365 tons of gold reserves in U.S., European, Canadian and Swiss banks, will progressively return the bars to its central bank’s vault, Chavez said yesterday. JPMorgan Chase & Co. (JPM), Barclays Plc (BARC), andStandard Chartered Plc (STAN) also hold Venezuelan gold, he said.
“We’ve held 99 tons of gold at the Bank of England since 1980. I agree with bringing that home,” Chavez said yesterday on state television. “It’s a healthy decision.”
Chavez, whose government depends on oil for 95 percent of its export revenue, is looking to diversify Venezuela’s cash reserves from U.S. and European banks to include investments in emerging markets including Brazil, China, India, Russia andSouth Africa, central bank President Nelson Merentes said yesterday. The world’s 15th-largest holder of gold is bringing back its gold after a 28 percent rally in the price this year.
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