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Chavez Plans on Nationalizing Gold Industry

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Fox Business
August 17, 2011

Venezuelan President Hugo Chavez said Wednesday he plans to nationalize the gold sector, including extraction and processing, and use the production to boost the country’s international reserves.

The socialist leader said he would carry out the nationalization through a decree to be issued in the coming days and called on the military to help control the sector.

“I have here the laws allowing the state to exploit gold and all related activities. That is to say, we’re going to nationalize the gold and we’re going to convert it, among other things, into international reserves because gold continues to increase in value,” he said in a call to state television.

The announcement comes a day after an opposition legislator revealed a report showing the government’s top finance officials were recommending the repatriation of 90 percent of Venezuela’s gold reserves held abroad.

Full story here.

This article was posted: Wednesday, August 17, 2011 at 12:46 pm





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