Can't be having any other hot headed dictators even thinking about copying Chavez' move, now can we?
Reuters' report today is literally one denigrating attack on gold after another.
Contest time- how many MOPE (management of perspective economics-managing public opinion) statements can you find in this single Reuters article on Chavez' repatriation of Venezuela's gold?
Repatriating about 190 tonnes of bullion worth more than $11 billion from banks in the West will be risky, slow and expensive, experts say.
It is just the latest in a string of grand gestures and controversial plans by the unpredictable socialist leader that are easier for him to order than to put into practice
"It doesn't make sense. It would be cheaper to sell the gold and at the same time buy gold in closer locations," said Russ Dallen of Caracas Capital Markets.
There are few precedents for moving gold on such a huge scale.
The gold move will have limited impact in financial markets.
"This issue should be absolutely irrelevant for the markets," said Alejandro Grisanti of Barclays Capital. "They are simply returning it to the custody of the central bank"
Read the entire indoctrination here:
