The Venezuelan Government moves to nationalise its gold mining and bring its overseas gold back home

Caracas- Posted by: Agencia Púlsar Posted date: 18 August 2011 In: Economics, South America

The Venezuelan Minister for Energy and Oil, Rafael Ramírez, said bringing home the gold is a measure that will strengthen the economy and sovereignty. He also defended the government project to nationalise gold mining in the country. The Venezuelan executive announced on Wednesday that it will recover the gold deposited in countries such as the UK, the USA and Canada.

Venezuelan gold reserves deposited overseas are calculated to be worth around 11 billion dollars.

Rafael Ramirez, also president of Petroleos de Venezuela said that, *“there is no better place than the vaults of the Central Bank of Venezuela,”* to keep the gold.

The Venezuelan government also announced that it plans to approve a law to take control over the gold mining industry.

Ramirez explained that, *“for the first time the Venezuelan State is going to enter decisively into control of a sector that is totally out of control.”*

He said that the measure also seeks to ensure that the profits of gold mining remain in “Central Bank reserves”. He added that this would guarantee that the State has the monopoly over the commercialisation of the resource. (PÚLSAR)