Hugo goes for GOLD!

[Mega]

http://www.reuters.com/article/2011/...77G53L20110817
Mike

[globaleconomicollaps]

Re: Hugo goes for GOLD!

ZH reporting that Venezuela is pulling all it's gold out of BoE vaults and also out of JP Morgan. They are speculating that this will be more than the 10 tons on hand at JPM. Look for a run on gold after trading hours.

[shiny!]

Re: Hugo goes for GOLD!

It's about time somebody tries it.

[rdc2008]

Re: Hugo goes for GOLD!

Dimon will be looking around the office going "Hey %You-nameless-guy-in-charge-of-the-gold-vault%, do we have enough in the vault to cover this? No? Ok thanks"

[shiny!]

Re: Hugo goes for GOLD!

I bet the banks try to settle in paper.

[don]

Re: Hugo goes for GOLD!

“The Bank of England recently received a request from the Venezuelan government about transferring the 99 tons of gold Venezuela holds in the bank back to Venezuela.” The fun begins if Chavez demands physical delivery of more than 10.6 tons of physical because as today’s CME update of metal depository statistics, JPM only has 338,303 ounces of registered gold in storage. Or roughly 10.6 tons. A modest deposit of this size would cause some serious white hair at JPM as the bank scrambles to find the replacement gold, which has already been pledged about 100 times across the various paper markets. Keep an eye on gold in the illiquid after hour market. The overdue scramble for delivery may be about to begin.

Mad Max

[Southernguy]

Re: Hugo goes for GOLD!

Well, what´s going on with Libya taught Chavez how to procede. The least credible people in the world are occidental banks and govs.
So, let´s have money, that´s the bills, in our own vault. And the same for metals.
I wonder what´s he is gonna do with treasuries and other bonds, these also are held in accounts in New York, AFAIK by central banks.
And yes, the run for physical may begin any time.
Viva Chavez, carajo