There have been numerous attention catching headlines lately concerning gold and the rest of the precious metals family. A really important one the other day was Hugo Chavez, Venezuela’s notorious leader calling to repatriate his country’s gold and requesting over 200 tons to be delivered back home. At todays prices his Venezuela’s gold holdings are over $12 billion.
As gold has pulled back over $100 from the recent high in less than 72 hours, it seems that vaults throughout the western countries are moving gold inventories to accomodate the order placed by the South American leader. Though this can not be proven at the moment, the downward move in gold recently is a tell tale sign that central banks are taking action.
Yes the shanghai metal exchange raised there margin requirements, and investors are taking some profits off the table in fear of the CME doing the same thing. But these two factors do not have the influence needed for such a drastic drop in the yellow metal in such a short amount of time. The only entities with the financial power and gold inventories able to cause such a dramatic fall in the yellow metal this quick are, central banks and certain vaults.
This is just phase one of the ordeal….
Phase two will be logistics.
Ask yourself this question.
“If you were an insurance company, would you take on the responsibility of having over $12 billion in gold in a ship going across the ocean?”
More than likely the Venezuela gold has been accumulated over time, in numerous shipments. That’s just an assumption on our part, but logical.
Having it all delivered at once?……
A little illogical.
Everyone has a personal agenda, and Chavez is no different. What are his true intentions, and who put this idea in his head? If this is a challenge to take a peek in to the gold inventories of the western vaults and the metal is not there, it could cause multiple countries to follow the lead of Chavez. If that is the case, and that is a big “IF” this could very well be the catalyst for $5000/oz. gold.
By the way…. didn’t Gadaffi have an ample supply of gold? Where is it?
Chavez and Gadaffi are close friends, right?
Where is Gadaffi?…….