Venezuela Cracks Down on Sale, Export of Domestic Gold Reserves

Source:

". . .70% of the gold mined in Venezuela must be sold domestically. . .60% must be offered first to the Central Bank. . ."

Venezuela's Finance Ministry now requires that 70% of the gold mined in Venezuela must be sold domestically and that 60% must be offered first to the Central Bank, while the remaining 30% can be exported.

The resolution issued by new Minister for Economy & Finance, Nelson Merentes, also mandates, "In cases where the producer does not intend to export the gold or has been denied permission to do so, the gold should be offered for sale in its entirety to the Central Bank of Venezuela."

Philip Gotthelf, the president of Equidex Brokerage Group in New Jersey, suggested to Bloomberg that the resolution may be the first step in rebuilding government gold reserves on expectations that the U.S. dollar will weaken.

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