| Venezuelan President Hugo Chavez ordered the central bank to repatriate $11B of gold reserves held in developed nations' institutions such as the Bank of England as prices for the metal rise to a record. Venezuela, which holds 211 tons of its 365 tons of gold reserves in U.S., European, Canadian and Swiss banks, will progressively return the bars to its central bank's vault, Chavez said yesterday. JPMorgan Chase & Co. (JPM), Barclays Plc (BARC), and Standard Chartered Plc (STAN) also hold Venezuelan gold, he said. "We've held 99 tons of gold at the Bank of England since 1980. I agree with bringing that home," Chavez said yesterday on state television. "It's a healthy decision." Chavez, whose government depends on oil for 95% of its export revenue, is looking to diversify Venezuela's cash reserves from U.S. and European banks to include investments in emerging markets... |
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