Venezuela has been stocking and “returning” gold! In fact, as mentioned many times before, like other developing countries, Venezuela has been increasing its gold reserves in recent years. On the one hand, it has “returned” its gold from foreign countries, and on the other hand, it has begun to reserve some gold. .
Here are some of the big moves in Venezuela for gold in recent years:
1) In 2011, then President Chavez ordered the shipment of 160 tons of gold from the United States and Europe back to Caracas.
2) Since 2014, Venezuela, whose economic situation has gone from bad to worse, has started its money-losing transactions with its own gold reserves and borrowed billions of dollars.
3) 2017, banned by the US governmentAmerican FinanceAfter the institution's financial business in Venezuela, it is difficult for Venezuela to reach a swap agreement.
In the past four years, the Venezuelan central bank's gold reserves have been reduced from more than 12 million ounces to about 5 million ounces. It is reported that these gold are mostly used for sale to cover the cost of imported goods, which is what the United States hopes to limit.
As of June this year, the country's central bank's gold reserves were 160 tons, while in 2014 the country had 364 tons of gold reserves.
What is the reason for “returning” gold? I want to go to the dollar!
Due to the originalOil priceThe continued decline of the grid, the Venezuelan economy has experienced a recession in recent years, inflation is as high as 400,000%, and gold has become a few "self-help" ways.
In fact, this South American country is currently facing one of the worst economic crises in history. As mentioned in several previous articles, Venezuela has experienced a five-year recession and, in addition, more than 400,000% of annual inflation. .
This is also the main reason why Venezuela wants to “return” gold.
In addition, the US sanctions against Venezuela and the reliance on the dollar are another reason for Venezuela to “return” and reserve gold.
Last week, US President Trump signed a presidential decree to impose sanctions on the gold trade in Venezuela. It is reported that the presidential order signed by Trump is the 13692 order of March 2015, which is aimed at the gold trade between Venezuela and Turkey.
(Article source: China Gold Network)