In ten years of revolution, Venezuela has only increased its holding of international reserves in gold at 2.2%


Published at 08:15 AM on March 16, 2010 | Report
Other interesting was the "Seminar for Journalists on gold", held two weeks ago and at the headquarters of the teacher transmitter. Some interesting facts are perceived in the encounter that ceased to be myths, not only by saying that 60% of gold production in the country comes from informal work, but our gold reserves are officially in the Bank of England, since President Chavez had ordered his transfer to Europe in 2005 and held it in his dissertation Jesus Arvelo, Director of International Reserves Management BCV, adding that those gold reserves were being sheltered at the Federal Reserve New York, came to the Central Bank, slept some nights there, and then marched to the British Empire, the one who fell for the Argentine club over the issue of the Falklands in 1981, Arvelo Auque held the secret to tell us how many tons are in London and how many are there in the vaults of the BCV, in fact they are there, wear the Gold Seal Delivery that make optimal serving as international securities backed by BCV, whereas those that are here have said seal, making them less competitive in foreign markets if we allow the term. Another interesting fact is that Venezuela, by the end of February this year, took the box 12 between the countries with the largest holding of gold in their reserves of 364 tonnes (tons.) and as a paradox of fate, 54 Tons. again that the country cares for us as it is England who is ranked 13, but we must emphasize that while Venezuela has only increased its ownership of gold reserves by 2.2% in the last ten years, China has increased the 165%, reaching now to 1054 Tons. of pure gold. What luck for the Chinese when the prized metal prices have reached historical present, and to be serious, the Yankee empire ranks first with more possession of gold in the world with over 8,000 gold Tns!, Is that are precisely why an empire. Another Central Bank ceased to be a taboo was exports of gold, of which he spoke the young professional and discerning Eli Sanchez, Operations Coordination with Gold BCV, that if it were not for a slip that was the beginning exposure on the legal regulations on the marketing of gold in Venezuela and committing some inaccuracies date, his presentation was excellent for others. Sanchez, in his study revealed interesting facts like the fact that between 1986 and 1998 alone exported 2.57 Tons of gold which authorized the Central Bank, and not treated as held by the rapporteur, who explained that because 1985 was banned from the export of gold in the country (The Official Gazette of January 20, 1984 allowed the export of gold bars with the permission of BCV), or that from June 1995 BCV authorized only for export 60% of the metal, but rather the opinion of other experts, it was business that was not the BCV seek authorization for export when it could easily handle in other ways, John Hilary. Legislation So, when the Revolution came in 1999, was in effect the standards that could export 85% of the gold bar produced in the country, and was the Central Bank itself which gave permission to get out of the country 35 Tons, ie an increase of 1000% between one and the other republic, and who came to recognizing this was a noble and venerable Nelson Merentes knee on the ground that as chairman of the Central Bank took on 30 April last Resolution 09-04-03 year, published in Official Gazette No. 39,169, which now required to devote to the domestic market, at least 70% of total gold production in the country, of which 60% should be offered Central Bank, while the other 10% would go to the transformational sector of the country, then being able to export only 30% remaining, but they were wrong, did the wrong thing, because in the opinion of someone you had to make a distinction between the private sector and the public sector. That proviso would come sooner rather than later, the Resolution 09-06-03 with publication in the Official Gazette of June 16 is the last regulatory scheme governing the marketing of gold and its alloys, in which he contends that the private sector was just like the previous rule, 70% domestic market, 60% of which goes to the BCV and the other 10% downstream sector, leaving the remaining 30% for export, while the Commercial Companies in which the Republic has a direct or indirectly, a share equal to or greater than 50% that has to do with the exploitation of gold, have the obligation to allocate 50% of its production to the domestic market, of which only 25% will be offered for sale to the BCV, and the other 25% will be for the national processing industry, the other 50% may be exported without problems. In this sense, before the first regulations, for every 100 ton (ton) of gold produced in the country was obliged to sell to the Central Bank 60 tons. Now with the new rules, if the 100 tons, 50 were made by the private sector and 50 public sector, we have, that while the private sector necessarily sell to the BCV 30 Tn (60%), the public sector allocates its 50% local market only 12.5 tons at BCV (25% of 50 tons). In this case, the BCV only be buying a total of 42.5 tons per 100 tons, a far cry from the 60 it acquired with the previous law, and by the new rules of marketing gold in the country, the public sector will draw more gold abroad that the private sector.

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