Venezuela to Repatriate Gold Reserves From U.S. and Europe
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Venezuelan President Hugo Chavez said he will move forward with a proposal to repatriate as much as $11 billion of gold reserves held in the U.S. and Europe as part of a plan to shift assets away from American institutions.
Venezuela will transfer 99 tons of gold from the Bank of England to the South American country’s central bank, Chavez said today on state television. Venezuela also has gold at JPMorgan Chase & Co., Barclays Plc, Standard Chartered Plc and the Bank of Nova Scotia, he said.