Pravda: Hugo Chavez To Hide Venezuela's Riches From the West

Venezuelan President Hugo Chavez has decided to secretly transfer the gold reserves and financial accounts of Venezuela, transferring them to Russia and China. His opponents in Venezuela refer to a document, which Chavez signed on August 12. Officials of the Venezuelan administration confirmed his intention. According to Jorge Giordani, the Finance Minister of Venezuela, the weakening dollar, the danger of default by our USA, and the ongoing crisis in Europe, have put Venezuela's national savings at risk. The savings, the minister added, would be safer at home, and in "allied countries". According to Jorge Giordani, the Finance Minister of Venezuela, the weakening dollar, the danger of default in the USA and the ongoing crisis in Europe put Venezuela's national savings at risk. The savings, the minister added, would be safer at home, and in "allied countries." According to various estimates, it goes about 11-29 billion dollars. Julio Montoya, a spokesman for the opposition in the parliament of Venezuela, said Chavez could invest as much as $6.3 billion in the developing markets. These cash assets are currently being saved on accounts in Western states: 59% in Switzerland, 18% in Britain, and 11.3% in the USA. As for gold reserves, they are expected to be delivered back to Venezuela too. High ranking opposition officials say that it goes about the withdrawal of gold bars (211 of the nation's 365 tons) from US, Canadian, British and Swiss credit organizations (JPMorgan Chase&Co., Barclays Pl, Standard Chartered Plc, Bank of Nova Scotia, and others.) Britain, for example, is the home of 99 tons of Venezuelan gold, which has been stored in that country since 1980! Financial analysts believe that Hugo Chavez's decision is based on the growing prices on precious metals, as well as on the weakening of the American dollar.