Ronan Manly: Bank of England tears up its gold custody contract with Venezuela
Submitted by cpowell on 02:17AM ET Thursday, January 31, 2019. Section: Daily Dispatches 9:18p ET Wednesday, January 30, 2019
Dear Friend of GATA and Gold:
Confiscation of Venezuela's gold by the Bank of England, Bullion Star gold researcher Ronan Manly writes today, seems to have been plotted by the United Kingdom and the United States last April when Venezuela's central bank paid Citibank $172 million to recover gold bars kept at the Bank of England that had been given as collateral for a loan.
In any case, Manly writes, the Bank of England's reputation as a safe and impartial custodian of international gold reserves has been destroyed. Of course Venezuela's removal of so much gold from the Bank of England might have greatly endangered the gold price management operation of the major central banks, which is centered on the Bank of England.
Manly's analysis is headlined "Bank of England Tears Up Its Gold Custody Contract with Venezuela's Central Bank" and it's posted at Bullion Star here:
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
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In Maduro's Venezuela, even counting gold bars is a challenge
Submitted by cpowell on 01:33AM ET Thursday, January 31, 2019. Section: Daily Dispatches By Laura Millan Lombrana Bloomberg News Wednesday, January 30, 2019
Venezuela is home to rich gold deposits and holds billions of dollars of foreign reserves in gold bars in the central bank's vaults. The question is: How much is there?
The answer has taken on added significance as beleaguered President Nicolas Maduro faces increasing pressure to resign. Last week countries including the U.S. and U.K. recognized the leader of the National Assembly, Juan Guaido, as the Venezuela's legitimate leader, amid mass protests. On Monday, the Trump administration issued new sanctions that effectively block crude exports to the U.S., where Venezuela gets the bulk of its cash.
While crude is by far Venezuela's largest export, refined oil and then gold both make up significant sources of revenue, according to data compiled by the Observatory of Economic Complexity of the Massachusetts Institute of Technology. But both the nation's gold reserves and mining production have dropped in recent years as Maduro's regime used the yellow metal to generate hard currency in international transactions - - and even to exchange it for food and medicine. ... ... For the remainder of the report:
Don't deal in Venezuelan gold, White House says in anti-Maduro push
Submitted by cpowell on 01:04AM ET Thursday, January 31, 2019. Section: Daily Dispatches By Shaylim Castro and Jeff Mason Reuters Tuesday, January 29, 2019
CARACAS, Venezuela -- The White House warned traders on Wednesday not to deal in Venezuelan gold or oil following its imposition of stiff sanctions aimed at forcing socialist President Nicolas Maduro from power.
National security adviser John Bolton tweeted that traders should not deal in gold, oil, or other commodities "being stolen" from the Venezuelan people, as opponents of Maduro's government worried that a Russian-operated plane had shipped gold out of Caracas this afternoon.
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