Bloomberg reports this afternoon that Hugo Chavez has announced on Venezuelan state television that Venezuela’s first repatriated gold shipments from cartel banks in London and NY are being delivered today.
Naturally this news is announced in the afternoon on one of the most thinly traded days of the year, when literally only Tyler Durden and The Doc are anywhere near a trading desk.
The Doc’s recommendation for Mr. Chavez: cut every last bar in half as we give it 2:1 odds Hugo was shipped gold painted Tungsten.
Chavez, speaking on state television, said that the bars will be escorted to vaults in Venezuela s central bank by the military after arriving by air to the South American country. The gold that was over there in England will soon be arriving, said Chavez. The opposition says that I’ll put the gold in the presidential palace or give it away to Cuba or something. This gold is going back to where it should have never left — to the Central Bank of Venezuela. Chavez, a former paratrooper and self-professed socialist, in August ordered the central bank to repatriate $11 billion of gold as a safeguard against volatility in financial markets.