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Old October 23rd, 2012 #11
Dawn Cannon
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Good move by Chavez.

Venezuela Makes A Huge Transfer Of Gold From Switzerland To Banks In China, Russia, And Brazil (August 17, 2011)

Just days after returning home from another round of chemotherapy in Cuba, Hugo Chavez has ordered billions of dollars in cash and hundreds of tons of gold to be relocated.

According to The Wall Street Journal, Venezuela will move the cash from Swiss and English banks to Russia, China, and Brazil while moving hundred of tons of bullion from abroad into its own central bank vaults.

No official statement has been released, but following the U.S. debt ceiling crisis senior Venezuelan officials have been vocal about "a crisis of uncertainty" with their dollar based monetary system.

Banking officials call the move a big risk that could be prompted, in part, by litigation to recover damages from the nationalization of Venezuela's oil fields -- a bill that could range from $10 to $40 billion.

Read more: http://articles.businessinsider.com/...#ixzz2AATTI4j2


Massive security headache as Hugo Chavez orders 100 tonnes of gold bullion stored in Bank of England vault back to Venezuela (August 2011)
Fears 'hostile countries' may seize bullion

Read more: http://www.dailymail.co.uk/news/arti...#ixzz2AAV5BSFd