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Venezuela learns the hard way: "If you don't hold it, you don't own it."

ZZZZZ

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#1
HAHAHAHA!

Bank of England Refusing Venezuelan Request to Return $550 Mln in Gold – Report
© AP Photo / Mike Groll, File
WORLD
17:58 07.11.2018Get short URL
624136
Earlier, Caracas indicated that it was looking to repatriate some 14 tons of gold bars back from the UK out of concern that the bullion may be affected by harsh US sanctions against the Latin American country.

The Bank of England is refusing to release Venezuela's gold bars, worth about $550 million or £420 million, back to Caracas, with British officials understood to have referred to "standard" anti-money laundering measures, The Times reports, citing unnamed sources.

"There are concerns that Mr. [Nicolas] Maduro may seize the gold, which is owned by the state, and sell it for personal gain," the newspaper explains.

On Tuesday, two informed sources told Reuters that the Venezuelan government has been trying to move its gold from Bank of England vaults back to Venezuela for nearly two months, with the shipment thought to be held up over difficulties in obtaining insurance.


© AP PHOTO / MICHAEL PROBST

Gold Rush Home: Venezuela Wants $550 Mln Bullion Reserves Back From UK – Reports

Washington imposed new restrictions against Venezuela last week targetingthe country's gold exports, accusing the Maduro government of "looting" Venezuela's stocks of the precious metals amid the country's economic crisis. The sanctions, which target US individuals and companies trading in Venezuelan gold, was announced by US National Security Advisor John Bolton last week, with Bolton also branding Caracas a member of a "troika of tyranny" along with Cuba and Nicaragua.

Venezuela has made a concerted effort to become a major gold exporter, and is engaged in certifying some 32 gold fields, and building 54 processing plants in a bid to become what Maduro said would be "the second largest gold reserve on Earth."

The Venezuelan government has made an effort to reduce dependence on US-led or controlled financial institutions and instruments, including the dollar, and committed last month to trading in euros, yuan and "other convertible currencies" amid US restrictions.

In recent years, Venezuela has faced an acute economic crisis accompanied by hyperinflation, the devaluation of its currency, the bolivar, and goods shortages in shops, with the crisis caused by crippling US restrictions as well as mismanagement on the part of state oil company PDSVA. Winning a second term in office in May 2018, Maduro promised to make economic recovery one of the government's top priorities. Amid the difficult situation facing his country, Maduro has repeatedly accused the US and Colombia of plotting to overthrow the Venezuelan government in an invasion or coup.

https://sputniknews.com/world/201811071069596712-uk-refuses-return-of-venezuelan-gold/
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michael59

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OH boy...these guys are screwed. First the people feed their faces off of oil and that tanks, because it just does and now they want to dig dirt and feed themselves off of an old ancient relic? yeppers this looks like act duce.
 

Buck

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#4
Not quite true


They have Venezuelan gold
 

GOLDBRIX

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Venezuela has made a concerted effort to become a major gold exporter, and is engaged in certifying some 32 gold fields, and building 54 processing plants in a bid to become what Maduro said would be "the second largest gold reserve on Earth."
Shee-it, They have far more Black Gold and they can not keep it up and running under those socialists. The entire population could be elevated to US standards if Maduro would get his cronies out of the oil fields and bring in professionals, and use the money correctly instead of pocketing it.
 

Libertaurum

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#6
I suppose the BoE is just watching out for Venezuelan taxpayers, huh...

Hi, will you hold all my gold for me?
-Sure.
Hey can I have it back now?
-N-nope.
 

Joe King

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#7
Venezuela must be getting extra hard up. $550 million in gold is like nothing. On a National scale at least. For you or I it might be considered a lot. lol

Look at this chart from just 3 years ago that showed they held about $12 billion in gold, but selling fast. $550 million in gold would barely be noticeable on this chart. Have they blown through all that gold?
....and what happened to the money it was sold for? Did what's his face keep it and that's why the BoE is not wanting to give him more to sell? Ie: that they are in fact trying to protect the Venezuelan peoples gold from being plundered by their corrupt leader? Sounds to me like he already blew through the $12billion worth and is lookin' for another fix.

BTW, the gold holdings reflected in this chart is what their previous glorious leader repatriated in 2011.

https://money.cnn.com/2015/10/29/news/economy/venezuela-selling-gold/index.html
151028135754-venezuela-gold-780x439.jpg



Venezuela sells gold reserves as economy worsens
State’s stock of the precious metal at record low
Venezuela began selling its gold reserves in March 2015, according to IMF data. At roughly 367 tonnes, Venezuela has the world’s 16th-biggest gold reserves, according to the World Gold Council. In contrast, China and Russia both added to their gold holdings this year, the data show
 
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michael59

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#8
No, idk bank of England can suck bricks...I think Venezuela owes big time and the gold was sent as collateral and has been hypoticised (?)
 

Treasure Searcher

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#9
Venezuela should tell the Bank of England, that they are in the process of selling the gold to the Russians. Russians already fronted the cash and
now we need it back to make delivery. :rotf: Russians want delivery ASAP.
 

Pyramid

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#10
No, idk bank of England can suck bricks...I think Venezuela owes big time and the gold was sent as collateral and has been hypoticised (?)
I could be wrong, but "rehypothecation" might me the term you are looking for.

It basically means banksters issue a loan to a debtor and in return get up front interest, cash, securities, or collateral of some sort to cover the loan. The banksters then in turn use that money as a temporary cover for their own obligations, bad investments, debt, margin accounts or derivatives gone wrong. Round and round it goes, where the same "money" may change hand several times on paper or electronically between several financial institutions, but never producing any relief to the lendee or lendor, nor producing any real wealth.
 

Cigarlover

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#11
You cant have your gold but if your a good boy and play by our rules, like we steal your oil and in return you get these lovely dollars, Then you can feed yourself and be a playa in our circles again. Until your oil runs out.
 

Fatrat

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#12
Bankers are thieves...get the tattoo.
 

GOLDBRIX

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#13
You cant have your gold but if your a good boy and play by our rules, like we steal your oil and in return you get these lovely dollars, Then you can feed yourself and be a playa in our circles again. Until your oil runs out.
SHEE-IT! Russia has opened its own version of SWIFT for International Transactions, and China has too.
Start processing that TAR / SOUR Crude and hell the sheeple might vote you in for another term. Oh, that's right you already got the voting block locked up.
Maybe literally
 

michael59

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I could be wrong, but "rehypothecation" might me the term you are looking for.

It basically means banksters issue a loan to a debtor and in return get up front interest, cash, securities, or collateral of some sort to cover the loan. The banksters then in turn use that money as a temporary cover for their own obligations, bad investments, debt, margin accounts or derivatives gone wrong. Round and round it goes, where the same "money" may change hand several times on paper or electronically between several financial institutions, but never producing any relief to the lendee or lendor, nor producing any real wealth.
Yep, had a problem with the Brandy about oh....about 3am this morn and it din't dissipate...well till bout now.
 

Fatrat

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#16
Boycott the Bank of England now...BDS while you are at it.
 

Peter52

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#20
Venezuela should tell the Bank of England, that they are in the process of selling the gold to the Russians. Russians already fronted the cash and
now we need it back to make delivery. :rotf: Russians want delivery ASAP.
This is genius TS,

- Why do you want your gold back? Please prove that you'll use it for legitimate reasons. Only after a thorough examination we will...

- ... we don't want it back.
Forward it to Moscow.
Asap.
Thanks.
Bye.
 

keef

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#21
This is genius TS,

- Why do you want your gold back? Please prove that you'll use it for legitimate reasons. Only after a thorough examination we will...

- ... we don't want it back.
Forward it to Moscow.
Asap.
Thanks.
Bye.
That is some funny shite. "You can't have your gold back cuz YOU SIR, ARE A CROOK!"

So when do we see Trump at Fort Knox?

1543419962238.png


You just ain't in the club if your leader isn't seen flashing the real BLING
 

keef

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#22
Charlie Sheen gets an audit of Fort Knox.

 

Buck

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#24
Charlie Sheen is a dick!