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Venezuela gets its first shipment of gold bars back from Europe

Discussion in 'International Forum' started by BAK, Nov 26, 2011.

  1. BAK

    BAK JF-Expert Member

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    Venezuela gets its first shipment of gold bars back from Europe

    President Hugo Chávez has ordered almost all of the country's foreign bullion reserves to be repatriated from western banks
    [​IMG]
    Vehicles carrying gold bars drive past Miraflores Palace in Caracas. Photograph: Reuters


    A first shipment of gold bars arrived in Venezuela on Friday after President Hugo Chávez ordered almost all of the country's foreign bullion reserves to be repatriated from western bank vaults.

    Experts have cautioned that the operation, which will eventually transport more than 160 tonnes of ingots worth more than $11bn (£7.1bn) to Venezuela – will be risky, slow and expensive.

    Central bank chief Nelson Merentes did not say how much gold was brought back in the first shipment.
    The bars were unloaded at Maiquetia international airport, driven across the runway and packed on to pallets with an armed soldier riding on top, before being transferred to several grey armoured cars for the journey to Caracas.

    "They say Chávez is going to take the gold … and give it to Cuba as a gift," the president chuckled yesterday, mocking rivals who accuse him of planning to sell the ingots to fill his warchest ahead of next year's presidential election.

    "It's coming to the place it never should have left … the vaults of the Central Bank of Venezuela, not the bank of London or the bank of the United States," he said. "It's our gold."
    A senior government source involved in transporting the bars, which amount to 90% of Venezuela's gold held abroad, has said they will be shipped in several cargo flights before the end of the year.

    "The gold comes from European countries," Merentes told reporters at the airport. "We cannot give exact dates [for the arrival of the other gold] due to questions of security. When we bring the last shipment, the people will learn about it."

    Chávez announced the repatriation in August as a sovereign step that would help protect Venezuela's foreign reserves from economic turbulence in the US and Europe. It also was seen as a populist measure ahead of next October's election, when the socialist leader will seek another six-year term.

    Next year's vote is likely to be contentious, and some critics suggest Chávez is worried about Venezuela's foreign reserves being frozen - as happened to Muammar Gaddafi.
    The repatriattion also reduces the risk of assets seizures related to arbitration cases, including those linked to the nationalisation of oil projects run by big US companies.
     
  2. Chamoto

    Chamoto JF-Expert Member

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    This guy really got balls of steel
     
  3. Rutashubanyuma

    Rutashubanyuma JF-Expert Member

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    26 November 2011 Last updated at 00:32 GMT

    [h=1]Chavez repatriates Venezuela's foreign gold reserves[/h] [​IMG] The gold was escorted through Caracas by troops and armoured vehicles
    Continue reading the main story [h=2]Related Stories[/h]

    Venezuela has received its first shipment of gold bars, after President Hugo Chavez ordered the repatriation of 85% of the country's bullion reserves.
    The gold was unloaded from a plane and taken under heavy guard to the Central Bank in the capital, Caracas.
    President Chavez has explained the move as an act of sovereignty that will protect Venezuela's reserves from global economic turbulence.
    However critics say it is expensive and unnecessary.
    Venezuela plans to bring home around 160 tonnes of gold, worth more than $11bn (£7bn).
    "The gold is returning to where it was always meant to be: the vaults of the Central Bank of Venezuela," Mr Chavez said.
    Hundreds of troops lined the route to Caracas as a convoy of armoured security trucks escorted by military vehicles carried the bullion to the bank.
    'Historic act' Officials said the gold had come from European countries but did not say how much was in the first shipment, citing security concerns.
    Central Bank chief Nelson Merentes said the return of the gold to Venezuela was a "historic act".
    "It has historic value, it has symbolic value, and it has financial value," he said.
    "The country's finances will be backed by autonomous wealth, so we are not subject to pressure from anyone."
    Opposition groups have criticised the move as a populist measure aimed at boosting Mr Chavez's popularity ahead of next October's presidential elections, when he is seeking another term in office.
    Some critics have suggested that Mr Chavez is acting out of fears Venezuela's overseas assets could one day be frozen by sanctions, as happened to his friend and ally, the late Libyan leader Col Muammar Gaddafi.

    Most of Venezuela's foreign gold reserves are held in London.


    [h=2]More on This Story[/h] [h=3]Related Stories[/h]


     
  4. Rutashubanyuma

    Rutashubanyuma JF-Expert Member

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    mwache ajihami yasije yakamkuta ya kadaffi.............
     
  5. FaizaFoxy

    FaizaFoxy JF-Expert Member

    #5
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    Great move.
     
  6. Mtazamaji

    Mtazamaji JF-Expert Member

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    Sisi tanzania wanachimba mashimo ya dhahabu lakini BOT hakuna reserve. Bei ya hahabu inaanda lakini thamani ya shilingi inashuka. Dhahabu yetu imekuwa $$$$$ ya USA. Hivi jamani Tanzania tuna wachumi kweli . Au wamekaririshwa falsafa za kimagharibi.
     
  7. FaizaFoxy

    FaizaFoxy JF-Expert Member

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    Tunae mmoja tu. Dr. Slaa, kila akianzisha maandamano dola inapanda. Mchumi mzuri sana.
     
  8. Rutashubanyuma

    Rutashubanyuma JF-Expert Member

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    una uhakika na hili au wachapa siasa tu? BOT wana sababu nyingine hapo au nao wanabwatuka tu yabidi wakusikilize wewe?
     
  9. BAK

    BAK JF-Expert Member

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    IMO this is a very good decision.
     
  10. Ab-Titchaz

    Ab-Titchaz Content Manager Staff Member

    #10
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    ...but what were the intentions?
     
  11. Bantugbro

    Bantugbro JF-Expert Member

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    It is very unfortunately that most of the so-called top economics experts are the products of: Harvard, Oxford, Princeton, LSE et al. :lol:

    Traditionally, the economic theories inculcated from these institutions have been regarded so noble that nothing else will be taken serious. To the extent that, today we are witnessing the world economy collapsing in front of us with no or very little idea of how to reverse the situation...

    Bravo comrade Hugo Chaves.:poa
     
  12. LoyalTzCitizen

    LoyalTzCitizen JF-Expert Member

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    Kidume!
     
  13. LoyalTzCitizen

    LoyalTzCitizen JF-Expert Member

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    Is it for the benefit of his people or a good plan for his future?? there is always a catch!!! mmmmhh fishy!!!
     
  14. Bantugbro

    Bantugbro JF-Expert Member

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    Zamani BOT ilikuwa inahifadhi ya dhahabu ili kulinda uchumi na thamani ya shilingi yetu, lakini World Bank na IMF walipoanza kutushauri kurekibisha uchumi wakashauri pia kuuza dhahabu yote, matokoeo yake leo hii Shillingi yetu inaporomoka bila breki kama vilima ya Upareni...:lol:
     
  15. Njowepo

    Njowepo JF-Expert Member

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    Nasi tungeweza pata viongozi wenye kuthubutu kama Chaves tungelipiga hatua sana.
    Tutabaki na mashimo yetu wakati Barrick coupled with other Vultures wananeemeka
     
  16. M

    MkamaP JF-Expert Member

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    Kwani serikali hawawezi kuchimba dhahabu Buzwangi kwa siku 3 na kujaza BOT? ama mnaongelea dhahabu gani? wanachumi tusaidieni.
    Labda yawezekana munaongelea dola??
     
  17. Mtazamaji

    Mtazamaji JF-Expert Member

    #17
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    FF Dr slaa au hata prof Lipumba hawahusiki hapa. Tujulize kwa nn nchi kama USA, UK ambazo fedha zao ni strong globally bado zinaona umuhimu wa kuwa na reserve ya dhahabu lakini sisi wenye dhahabu tunategema reserve ya $$$$$ dola tu.

    Acha kufanya kila itu siasa kama maandamo tu $$$$ inapanda mbona wasipoandamaa haishuki. I wish Kikwete , Ndulu na Mkulo baada ya matatizo ya uchumi wa dunia watoona umuhimu wa kuwa na reserve ya dhahabu. Itapendeza JK akirudsha sera hii.

    Hili ndio Kosa kubwa watendaji wetu wanafanya wandhani IMF wanajua kila kitu. Umo IMF kuna majasusi ya matafifa mbali mbali. Sio kila wanachpendekza kwa ila nchi ni kizuri. Sio kitu kilichofanya kazi keya basi kitafanya kazi Tanzania. China Wanasema hawezi kufuata sera za iMF na WB ambazo hwakushrikishwa kutunga. Mimi sio mchumi lakini ningeuliza watu wa IMF kwa nn Tanzania ilazmishwe kuuza reseve ya dhahabu wakati hata wamerekani ambao fedha yao ndio inatumika duniani wanayo reserve ya dhahabu?

    huyu jamaa dhumuni lake ni la kisiasa au kibainafsi zaidi. Sababu ya Uadui na USA ameona yaliyomtokea Gaddafi. So anaona reserve za nchi yake nje zinaweza kutumika kuwa supprt wapinzani pale itakapotokea hali tete of wich USA wanavizia ,kuisubiri na inawezekana kuisuka . May be yuko sahihi au hayuko sahihi lakini nchi kama Tanzani tunatakiwa kujifunza kuwa na contigency plan kwenye mamb ya fedha.

    Kama hata USA na UK wana Gold reserve kwa nn sisi tulilazimishwa kuuza?
     
  18. Chamoto

    Chamoto JF-Expert Member

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    Oh! yeah every intelligent person knows that the west is bankrupt, smart leaders get their money out of those countries, for stupid ones (Oh! I don't wanna get there but you get the point).
     
  19. Chamoto

    Chamoto JF-Expert Member

    #19
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    Most of those theories especially those algorithms developed by the so called financial engineers are only good for mental orgasm and for lobbying politicians to make laws that benefiting big corp.
     
  20. Mtazamaji

    Mtazamaji JF-Expert Member

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    The treasure safes at BOT were an designed only for $$$$$ , ££££££££ and Tsh . It expensive and risky for Tanzania to have gold reserve ............................ lol .
     
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