The Venezuelan gold rush: No opportunity here
Nicolas Maduro has trashed Venezuela’s economy: Council of Americas VP
Council of Americas Vice President Eric Farnsworth discusses the humanitarian crisis in Venezuela and why disputed Venezuelan President Nicolas Maduro needs to step down.
Did you hear about the Venezuelan gold rush?
This is different than the California gold rush. In Venezuela, it’s more of a rush to get gold out of the country in case you get deposed. According to reports, at least 8 tons of gold (worth more than $45 million) were removed from the Venezuelan central bank's vaults last week.
According to the reports, the gold was removed in government vehicles between Wednesday and Friday last week when there were no regular security guards present at the bank. Disputed President Nicolas Maduro must have decided to give the security guards the rest of the week off because let’s face it, it’s hard work to stand around guarding gold day after day. In fact, Maduro may have given them plenty more days off in the past year because a reported total of 20 tons of gold was removed from Venezuelan vaults in 2018.
The operation apparently took place while Venezuelan central bank head Calixto Ortega was abroad on a trip. Perhaps he won a contest, or perhaps Maduro was as generous with giving the banker time off as he was the guards at the bank.
According to Reuters, gold in Venezuela’s vaults is at the lowest level in 75 years. (Which is sad commentary for a nation that sits atop the world’s biggest proven reserves of black gold — AKA oil — in the world.)
Venezuela’s socialist regime first pilfered what they could from the black-gold supply, sucking the state-owned oil industry dry and stealing its wealth from the Venezuelan people. And it looks like now they have turned to yellow gold, so they can keep the regime rich and happy while they fight to deny their own people food and medicine.
Before you know it, all the gold in Venezuela will be in a bank somewhere in somebody else’s name.
Phil Flynn is senior energy analyst at The PRICE Futures Group and a Fox Business Network contributor. He is one of the world's leading market analysts, providing individual investors, professional traders, and institutions with up-to-the-minute investment and risk management insight into global petroleum, gasoline, and energy markets. His precise and timely forecasts have come to be in great demand by industry and media worldwide and his impressive career goes back almost three decades, gaining attention with his market calls and energetic personality as writer of The Energy Report. You can contact Phil by phone at (888) 264-5665 or by email at pflynn Learn even more on our website at www.pricegroup.com.@pricegroup.com.