Chavez’s 70% Gold Bet Unravels as Reserves Plunge

Chavez’s 70% Gold Bet Unravels as Reserves Plunge

Scott Eells/Bloomberg

After rewarding Venezuela with a more than 500 percent rally in the past decade, gold has tumbled 25 percent this year, pushing the central bank’s reserves to an eight-month low and compromising the government’s ability to repay foreign bondholders.