First Eric’s SCP dumps its gold. Now a report that confirms gold can only go North from here. What follows is of course bizarre on several levels because it includes…
The government of Venezuela
Selling its gold bullion
To Goldman Sachs
…and you can let those three facts swirl around your brain for a while and come up with all sorts of fun things to write about, but lets keep our focus on the most important conclusion, that gold has to go up if things have come to this (translated):
The Venezuela Central Bank (BCV) and Goldman Sachs are ready to sign a foreign exchange agreement using gold held in international reserves, which will run between October 2013 and October 2020, according to the contract.
The amount in the deal is the equivalent of 1.45 million ounces of gold which is held in the Bank of England vaults and the transfers would me made directly to Goldman Sachs once delivery times are confirmed.
The deal consists of the delivery of the BCV gold, which would receive in return dollar from the US-based company. The transactions would run via a financial instrument negotiated through the international markets continues here