|The New Revolucion is GOLD|
You didn’t think that the cartel would just sit there and politely hand Mr. Chavez his 210 tons of gold back now, did you?
The first retaliatory shot has been fired in the great gold war.
In another Friday night shocker, S&P tonight downgraded Venezuela’s credit rating to B+ from BB-.
Shockingly, S&P actually admited that the reason for the downgrade was Hugo Chavez demanding Venezuela’s gold be repatriated from the BOE (kept by JP Morgan and friends)!
S&P “expressed concern” that Venezuela’s gold will no longer be held at The Morgue.
Standard & Poor’s on Friday downgraded Venezuela’s credit ratings as it implemented a new methodology more heavily focused on political risk—a key weakness in the oil-producing country.
S&P cut Venezuela’s long-term sovereign rating to B-plus from BB-minus. The outlook on the new rating is stable.
However, S&P expressed concern about the actual level of Venezuela’s gold and foreign exchange reserves after reports that the country plans to repatriate them.