Financials Matter

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Why Won’t England Give Venezuela’s Gold Back?

You’re gonna need a tin-foil hat for this story.

Last week, after Trump’s sanctions targeted Venezuela’s gold sector, president Maduro said to the Bank of England (BoE currently holds 14 tons of Venezuela’s gold), “Gimme my gold back.”

The BoE’s response:  “You want your gold back??  LOL!”

They flat out refused to give Venezuela their gold back due to its insistence that standard measures to prevent money-laundering be taken — “including clarification of the Venezuelan government’s intentions for the gold.”

In Plain English, the BoE is saying, “Sorry, we don’t have your gold because we loaned it out to some Eastern nations (Cough! China, Cough!) so we’ll use the excuse that we’re concerned you’ll be using the gold for some kind of terrorist activities.”

This confirms what we’ve said for years about gold: “If you don’t hold it…You don’t own it.” (Link to the article)

Sorry, Maduro…you’ve just been Goldmanized.

(Pun intended here because in 2004 Goldman Sachs made the arrangements for Venezuela to store their Gold at the BoE).

The lesson here is:  Giving your gold to criminal banksters for “safekeeping” is like asking tigers to safeguard your piglets.

Soon you’ll be hearing all the Gold Bugs screaming how most of the gold held by central banks does not exist.

And they’re right in the sense that it doesn’t exist in their vaults (or Fort Knox).

It’s been systematically shipped to China, Russia, and other eastern nations.

(Side note* Under the Patriot Act it is illegal for YOU to keep gold in your safe deposit box.  You will be labeled a terrorist if you’re caught).

So, if you don’t keep it in your possession, you’re likely to end up like Venezuela.