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Venezuela may nationalize the gold sector

Hugo Chavez announced this Wednesday his will to nationalize the gold sector, including mining and processing, to increase Venezuela international reserves...

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"I do have laws allowing the state to exploit the gold and all related activities. This means that we will nationalize gold and convert it, amongst other things, in foreign exchange reserves because the value of gold continues to rise" he said on public television.

Simple anticipation of higher gold price? Or protection against potential accounts’ seizures? Hugo Chavez’s announcement raises a lot of comments in the western governments. The head of the Venezuelan State intends indeed to sign a decree to that effect in the coming days, and requested the army’s assistance to take control of the activity.

Venezuela has also claimed gold bars deposited in the BIS (Bank for International Settlements) in Switzerland and in various commercial banks such as JP Morgan and HSBC. Ongoing trials, against many multinational companies which consider themselves penalized by the numerous nationalizations, assess a significant risk on Venezuelan assets if convicted by courts.

Next Finance , August 2011

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