The chart sure is making it look like we are going to breakout, gawd I never thought I would be saying this. I cannot believe it looks this good with all the market turmoil going on. I do not know if the Russoro thing is a sign but looks like they are out of favor. Maybe the Chinese can advise Chavez on banking. After all it is their money!
My guess is that the exchange rate will have to be fixed closer to 8:1 and then the law which forces gold sales to the Ven bank will work. Venezuelans would have to deal with higher prices for awhile but after their currency is backed by a gold reserve it will become stronger. I am hoping something gets started by the angry beer drinking crowd that turns out to be a totally new direction for Venezuelan politics.