Venezuela refining gold in Turkey to avoid sanctions

Section:

From Reuters
Wednesday, July 18, 2018

CARACAS -- Venezuela's central bank this year began refining gold in Turkey following a wave of international sanctions that have left it unwilling to carry out such operations in Switzerland, the country's mining minister said today.

The central bank for several years has been buying gold from small miners in the south of the country and refining it to be used as monetary gold to shore up its international reserves, which have tumbled as the country's socialist economy implodes.

... Dispatch continues below ...



ADVERTISEMENT

Fisher Precious Metals is preparing and equipping
clients for the upcoming 'Everything Bubble'

Fisher Precious Metals, voted North America's bullion dealer of the year for 2018 and known for personal service and great pricing, has been helping Americans and Canadians protect their wealth with precious metals for more than a decade. Enjoying a five-star client rating across the internet with no complaints at the Better Business Bureau, the team at Fisher Precious Metals works hard to serve you.

We have helped thousands of clients in buying and selling bullion, arranging segregated and offshore storage, establishing precious metals IRAs, and obtaining certified precious metals appraisals. We provide security to our clients with our Bullion Authenticity Guarantee. We recommend that you read our article "How to Avoid Bullion Counterfeits":

https://fisherpreciousmetals.com/precious-metals/bullion-authentication/

As a family-owned business, we strive to help you assess your wealth-protection goals and overall investment objectives. From the new precious metals buyer to the seasoned bullion investor, we are here to help you with a no-pressure, confidential consultation. Rest assured that everyone in our firm owns physical precious metals and no one is compensated via commission -- period.

Fisher Precious Metals is your full-service precious metals investment partner for life. Please call us at 1-800-390-8576 or visit us here:

https://fisherpreciousmetals.com



"This is an agreement established with Turkey and the Venezuelan central bank," said Victor Cano in a press conference. "It's being done by allied countries because imagine if we sent gold to Switzerland and we are told that it has to stay there because of sanctions."

He did not say which Turkish companies were involved or how much had been refined there, but said the government had purchased 9.1 tonnes of gold from small miners this year.

The gold is returned to Venezuela after being refined in Turkey and becomes part of the central bank's portfolio of assets, he said. ...

... For the remainder of the report:

https://www.reuters.com/article/venezuela-gold/venezuela-says-it-is-refi...

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
https://neworleansconference.com/

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16