Venezuela To Nationalize Gold Industry

Venezuela's president Chavez stated his intention to nationalize the gold industry in his country. He said that the military would be used to enforce the nationalization. This news comes as gold hit over $1800 per ounce.

It is clear why Chavez wants to keep Venezuelan gold under his control. At $1800 or more gold is best stored in your own vault or ours. Gold is expected to reach $5000 in the next few years. This is good news for those who hold gold. But for those holding Dollars, Euros or other paper currency or paper equivalent like plastic or carbon credits the news is dire.

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