Traders prepare for Chávez gold transfer

Traders prepare for Chávez gold transfer


August 18, 2011 7:21 pm
Traders prepare for Chávez gold transfer
By Jack Farchy in London and Benedict Mander in Caracas

In for the long haul: gold bars in the Bank of England vaults – it could take about 40 shipments to return Venezuela’s gold to Caracas
Bullion traders are preparing for one of the largest transfers of physical gold in recent history after Hugo Chávez, Venezuela’s president, ordered the country’s gold reserves to be returned to Caracas.
Venezuela’s central bank is the world’s 15th largest holder of gold, with 365.8 tonnes, of which some 211 tonnes, worth $12.3bn, are held overseas, according to a proposal for the transfer from the Venezuelan central bank and finance ministry.
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Gold traders and logistics specialists said the transfer of 211 tonnes of gold – about 17,000 standard 400-ounce bars – would represent one of the largest moves of physical gold in decades.

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Traders prepare for Chávez gold transfer

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