Chavez’s 70% Gold Bet Unravels on Reserves Plunge: Andes Credit

Chavez’s 70% Gold Bet Unravels on Reserves Plunge: Andes Credit

Guenter Schiffmann/Bloomberg

After rewarding Venezuela with a rally of almost 400 percent in the past decade, gold has tumbled 25 percent this year, pushing the central bank’s reserves to an eight-month low.