Friday, August 19, 2011

Orinoco oro observations...


Oro: gold! Krusty has announced that he will nationalise Venezuela's gold industry to boost the country's reserves; interestingly the same day he stated that gold reserves deposited in foreign banks will be brought back to Venezuela. Hugo may not be so much of a clown in this action: OK, he may have something to gain from this latest nationalisation but the country already owns it all already except one half of the only private gold miner left [miningdotcom] but the "bringing home the 211 tonnes of gold reserves, worth $12.3 billion, held overseas, is a different story altogether" and "bullion traders are preparing for one of the largest transfers of physical gold in recent history"...another BUT, more importantly:
CTV News quotes a precious metals strategist at investment bank UBS: "There is a growing preference among many different communities in the gold market to have their physical gold at home."...[I'd say that was entirely sensible, wouldn't you?]
P.S. Looking at that first link, from Q2 2006, gold had almost touched it's second highest price ever; now it's USD1100 more per ounce than then, did anyone take my advice then? Gold price chart provided by goldprice.org (click on image)

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