Hugo Chavez Wins Venezuelan Election

Moments ago, the man who fully understands the concept of rehypothecation, and the fact that 1 good delivery good bar in a Venezuelan vault is worth 100 in a FRBYN or Bank of England vault was re-elected in Venezuela’s Presidential elections

While we thought Chavez’ actions repatriating Venezuela’s gold out of the cartel’s grip last summer would have triggered an avalanche of physical gold repatriation requests out of NY and London, or at the very least the launching of ‘Operation Enduring Venezuelan Freedom‘, as the action appeared to trigger a massive short squeeze in gold and a move to all-time nominal highs over $1900, it appears that the cartel has been able to keep the charade functioning for another trip around the sun.

Perhaps now Chavez can turn his focus to getting his socialist partner Barack re-elected as he mentioned earlier in the week.