Venezuela's 1.4 tons of gold bars will remain in Bank of England
It was late August 2018. Central bank of Venezuela (Banco Central de Venezuela), on behalf of the Government of the Republic of Venezuela, just requested the return of 1.4 tons of gold bars, held in foreign institution. The request was urgent. Now, three months later, no one, neither the central bank of Caracas, nor the Venezuelan dictator Nicolas Maduro, brought home a single gram of the 1.4 tons of pure gold. For which they asked for as "urgent delivery". It is well sealed in their wooden crates, the 12.4 kilos bars will remain in London until the Bank of England decides otherwise.
Inside the Bank of England's gold vaults
In practice, 10% of Venezuelan gold reserves are seized without any apparent reason. And without any legal basis. Except for one, really surprising: on the gold custody contract, the Bank of England has written a clause in small letters that speaks for itself: "The Bank of England reserves the right not to return sovereign gold in custody"
What to say? Or maybe, what not to say: This, as understood by Venezuela (and others) is certainly not the best time to put pressure on the British, especially on deposits of sovereign gold: between the anxieties for Brexit, the fear of a collapse of bonds, the global currency and geopolitical uncertainties, sovereign gold has returned to occupy a key role for states and markets. Whether as a value reserve in the event of a currency or systemic crisis, or as collateral for speculative investments or for balancing portfolio risks.
Venezuela's economy is in free fall. The International Monetary Fund estimates hyperinflation could hit 1 million percent this year. Much of the population lives in extreme poverty. There are dire shortages of food, medicine, electricity, water and — despite all those reserves — gasoline.
source:npr.org
Yet their nation is known to have some of the world's largest gold deposits, many of which are beneath the soil of the "mining arc," along with diamonds, coltan, bauxite and other riches.
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the ultimate corporate evil method to get to the venezuelan resources.
This is war in a different style.. But just as deadly
Right. It's in a full bloom, and even an average guy can smell it from a far
The problem is that the corporate slave drivers don't give a shit about how many people die, As long as they come out on top. Only when their kind goes down then things might change. But they just move to another place where life is good.They are not bound to any state, yet working-class people are.
That's right. And I always ask myself...why are people in case of riots only going after politicians. Is that because of scarcity? Because big bankers are the main cause of the disorder, unrest....
I have been wondering about that myself. My experience is that most people don't have a clue about corporate globalism. Federal banking is indeed evil, but bankers only can make money if corporations are shifting with money. So yes bankers are part of the equation, but the men who are moving corporate money those are the ones to blame. But they hide behind corporate paperwork.They have some guy sitting temporary on some chair to sign the deals. And all we see is money moving from bank account a to bank account b.
Pentagon buys weapons, then someone has manufactured those weapons. they make the deals, and the bankers will never say no when they can skim a few % off as a fee.
That's al true, but you forgot one thing. Big banks, central banks...make money out of thin air. Meaning, all the new currency they make in a matter of seconds (btw, they do it with new loans, credits, QEs, derivates....) makes our life poorer. why? because WE get less paid in same currency. Number is the same, but in reality we get less every day, because fiat currencies are made to fail. There is no fiat currency in the world, which would be able to get through longer period ( say...at least few hundred years). Mostly around 25-60 years. So banks are ripping an average guy every day, and I guess 99.99% people do not know that, because they don't know how the system works.
indeed, but thats mainly the central banks right? and wallstreet
hmmm this is indeed just as bad....
What's in bank is no longer your property, here's a warning to everyone, it will be shown to everyone in such a simple way....
take your money, Gold, homes... away from the banks.
True. I just hope, that information will stay in people's minds, even when times are rosy, do not leave your currency on your bank account. Every cent you keep on your account, is going into bank's trading accounts (few minutes after you deposit). You have only around 10% left. And instead you would get a piece of profit, bank made with your money, they give you 1% per year! Disgrace.... They make 1% in a day or less.
YEs this is true :( ... and this why I like BTC and Steemit.
According to reuters, the official reason for withholding the gold is difficulties obtaining insurance for the transport - though it also says the Bank of England has questioned the motives for moving the gold, without getting any answers.
The article states that Venezuela has been using the English-held gold reserves as collateral for obtaining loans, unable to repay the loans quite much of the gold has already been seized by creditors. Now they are unable to take up more loans due to sanctions - hence they don't need those gold reserves there anymore. However, the most likely buyer would be Turkey, it doesn't make sense to ship the gold to Venezuela first and then to Turkey.
From a moral point of view, the gold ultimately belongs to the citizens of Venezuela, for the people of Venezuela it may possibly be best that the current president does not get access to those reserves.
Mainly, gold does not belong to Bank of England, so they don't have to worry or fake any news - why they can not give it back to Venezuela, because again, it is not theirs. A fact. But if Bank of England is a little bit scared about the coming economic depression and fiat currencies falling all over the world like a drunk old men, that is their own problem. They still do not own the gold. In this case, Venezuela is the owner. This is the same as you would have your money on a bank account. Than economy depression comes and you want your money back, and the bank says they aint got any money...or that they just will not give you back because you face looks suspicious... :) Venezuela is trying now to substitute their currency Peso with centralised Petro crypto currency.
This is a physical asset - transportation, security and insurance costs money, and Venezuela have to pay for it, but they cannot afford it. It could be the real reason why the gold hasn't been returned yet.
I've gotten my bank accounts frozen a couple of times, it sucks big time.
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