Government of Venezuela Gains Control of All Gold Mined

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Government of Venezuela Gains Control of All Gold Mined

The government of Venezuela headed by President Hugo Chavez now has full control of the gold mining industry in the country. This is after a decree was sign by Pres. Hugo Chavez last month which aims to control the gold mining operations in this part of the globe.

The new law will require all gold mined in the country to be sold to the government. This means all mining companies operating in Venezuela will not be able to sell their produce to private firms at a price they see it fit. Instead, they will sell it to the government, for a price that is obviously below average.

According to inside reports, gold mined in Venezuela will be bought by the government for less than half of its price in a normal gold market.

The Venezuelan government is aggressively seeking to increase its own gold reserves after gold value reached its all time high in almost 60 years. Now that the there are no more "safe" currencies, national governments and central banks are increasing their gold reserves as a safety measure.

Last month, Pres. Hugo Chavez expressed his desire to repatriate the $11 billion worth of gold reserves the country owns which are currently held in the US and a number of European banks.

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Tags: • currencies • nationalization • venezuela • european banks • central banks • national governments • gold value • gold reserves • gold market • mining companies • mining industry • gold mining • hugo chavez •

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