Chavez wants Venezuala’s gold back from Canada, England, France, Switzerland, U.S. starting in November

The Golden TruthHugo Chavez Issues A Wake-Up Call To Paper Gold Shorts:

Venezuela will begin repatriating its gold reserves from Western nations by mid-November, the central bank head said on Wednesday…first boat laden with reserves would be back by mid-November. “It will be here as soon as possible, no later than in a month-and-a-half,” he said…Venezuela’s gold abroad is in England, Switzerland, the United States, Canada and France.

We wuz just guarding the gold for Venezuala. Guarding. Yeh, that’s the ticket.

If many countries do this “giving back the gold we wuz guarding” thing and there are some audits on central banks it might prove to be a bit embarrassing. Hypothetically, some of the gold might might not all be there. Or it’ll be there, but it might be doublecounted, triplecounted, or more for leasing and auditing purposes.

An accurate count would reduce the world’s stated supply of gold. Which would cause the price of gold to go nowhere but up, laws of supply and demand being what they are.

This is one of those reasons I think the price of gold has nowhere to go but up in the coming years:

  • There probably isn’t as much gold as we’ve been led to believe. When the auditing’s done, the value of the gold that does exist will be higher.
  • There’s probably been suppression of the gold price by central banks. When the price suppression fails, the price of gold will rise.
  • The central banks will probably absolutely certainly continue to print paper money, just as the U.S. has done with its quantitative easing programs, devaluing currencies and increasing the value of gold.

PreviouslyThe Time Has Come to Give it Back

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