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overtheedge
Member since May 2012
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Cash-strapped Venezuela may sell gold, Citigroup says - Chris Powell - GATA

Pure speculation by Citigroup and the trotted out by Bloomberg.
Then foisted on more readers by GATA.

Where is the evidence?
Probable default by Venezuela is NOT evidence.
As the Bloomberg article points out, banks won't be willing to accept gold held in Caracas as collateral.
Perhaps GATA, Bloomberg and Citigroup don't understand the reason that Venezuela repatriated their gold.

If it looked like you might default on a debt to those who financed you profligate lifestyle, would you leave your assets where they could be easily seized?
The bankruptcy laws are meaningless when it comes to the choice between eating and satisfying a debt.
Now consider this on a country-wide basis and the socioeconomic pressures faced by the ruling socialists.

Commented 3164 days ago

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Beginning of the headline :Countries facing cash shortages may be tempted to sell part of their gold reserves to raise funds, according to Citigroup Inc., which cited Venezuela as a potential example amid concern it may default. The South American nation is one country that may be at risk of selling part of its holdings after oil fell and commodity prices weakened, analysts including David B. Wilson and Aakash Doshi, wrote in a report. Calls by Bloomberg to Venezuela’s central bank and the media office at the finance mini... Read More

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