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Stefan Gleason: Battle for Venezuela's gold is a lesson in counterparty risk

Section: Daily Dispatches

By Stefan Gleason
Money Metals Exchange, Eagle, Idano
Wednesday, February 6, 2019

He who controls the gold makes the rules. That adage applies aptly to the crisis in Venezuela.

An international battle for control of Venezuela's gold is underway. At stake is the country's political future -- and, with it, the global market for its immense oil reserves.

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In a desperate effort to cling to power, Venezuelan strongman Nicolas Maduro has been depleting his country's gold reserves.

The oil-rich nation once had gold reserves of over 160 tons. But in recent months, Venezuela has sold off dozens of tons of gold to allies such as Turkey, United Arab Emirates, and Russia in exchange for euros and other globally recognized currencies. ...

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