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Ronan Manly: Venezuela's gold repatriation had banks scrambling
10:54a ET Thursday, May 14, 2015
Dear Friend of GATA and Gold:
In the concluding part of his study of Venezuela's gold repatriation, gold researcher and GATA consultant Ronan Manly writes that the country's gold seems to have been put in play by bullion banks throughout Europe and that a repatriation shipment probably came from the Banque de France though Venezuela had not deposited any gold there. That is, the repatriation required some scrambling on the part of bullion banks, central banks, and the Bank for International Settlements.
But now, Manly notes, as Venezuela's socialist regime continues to push the country toward bankruptcy, the regime is pawning its gold again and actually seems to have a close relationship with certain bullion banks.
Manly concludes: "Gold leaving Venezuela on a flight back to London, New York, or elsewhere will not get the fanfare and celebration that accompanied the same gold's arrival into Caracas a short few years ago."
Manly's study is headlined "Venezuela's Gold Reserves -- Part 2: From Repatriation to Reactivation" and it's posted at Bullion Star here:
CHRIS POWELL, Secretary/Treasurer
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