Venezuela gold reserves

Governments Buying Gold


Venezuelan gold mining companies had until recently been forced to sell 50% their gold production to the government for their reserves. This was increased last month to 100%. It accompanied President Chavez’s nationalization of the mining industry. This lays the country open to the seizure of foreign-based assets belonging to Venezuela, including all its gold. To guard against this Chavez has ordered that all the country’s gold held in foreign vaults be repatriated back to the country. The tonnage involved is 365 tonnes. This is a huge amount. While it seems political opportunism guided the decision, it was an excellent investment move. In the ground inside Venezuela sits around 1,000 or more tonnes of gold, which over time will take Venezuela’s gold reserves above those of Switzerland, once it is mined.

Other Countries Following

This is a small country, whose exports are 95% oil. It can sell these to any nation including China, ignoring any Western consequences. At the same time it is switching out of the euro, pound and the U.S. dollar into the BRIC nation’s assets. In doing so it is cutting itself off from a decaying flat growth, debt-bound developed world and investing in growth and gold. This leaves the country’s reserves a growing portfolio, dependent for its cash flow on the evergreen cash cow, oil. Small countries may be seeing the wisdom of Venezuela’s reserves. They may be tempted to follow that example. Go to story

Devotees got SILVER, GOLD and GOD, so we got everything we need. We don’t look back. Keep chanting the GOLDEN NAME, Hare Krishna.

excerpt from Interview with John Nordheimer, New York Times correspondent, New Vrindaban, September 2, 1972:

PRABHUPADA: If one gets a diamond, he possesses something valuable. But in this civilization you are simply making plastic plates and plastic cups. Indeed, in Japan I have seen pasteboard homes. And everyone is thinking that he is advanced. Formerly people used to have golden and silver utensils, but now they have plastic ones, and still they are very proud to be so materially advanced. What is your position? You have a bunch of paper and think, “I am a millionaire.” What is the value of that paper? Is that not cheating? However, if we possess gold or diamonds worth a million dollars, that is actual wealth. But we are educated in such a way that we think we are millionaires by paper only. As soon as there is some catastrophe, millions of such dollars could not buy bread. This actually happened in Germany; millions of marks could not purchase one piece of bread. All this is going on in the name of advancement of civilization, and the real purpose of life, God consciousness, is missing. So every thoughtful man should come forward to understand this movement and take it seriously. Why are the people being misled? We just have to try to understand this philosophy, the basic principles of God consciousness.

JOHN NORDHEIMER: Can you really expect to change the whole society?

PRABHUPADA: That I have already explained. The change is up to you; it is your choice. If everyone becomes God conscious, the world becomes the kingdom of God.

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