Repatriation of gold strengthens Venezuela's economy, sovereignty http://www.avn.info.ve/node/73075

Energy and Oil Minister, Rafael Ramirez, underscored this Thursday that the repatriation of Venezuelan gold reserves, deposited abroad and estimated at 11 billion dollars, “are measures strengthening our economy and sovereignty.” “No better place than the vaults of the Venezuelan Central Bank. Now we will have the custody of all our physical reserves in gold,” Ramirez emphasized.On Wednesday, president Chavez announced the repatriation of the gold deposited in other countries" banks (England, United States and Canada, for instance) so as to safeguard such reserves from the world financial crisis that has undermined the economies of said countries.Movement of reserves guarantees better protection

“This Bill means that for the first time in history the Venezuelan State will enter in determined and definitive way to control a sector that was out of any kind of control,” Ramirez said.He recalled that transnational companies operating illegally at the south of the country are plundering Venezuela"s natural resources and causing a great environmental damage.“They are taking our gold away without any kind of control, without paying any kind of taxes and with huge damage to the environment,” he added.

“The Law will be aimed at taking control, putting order in the sector and, of course, preventing the resources from exiting the country and use them to increase and strengthen our reserves in the Central Bank. In addition, the State will have the monopoly in the commercialization of this mineral, which is one of the most precious elements in economy.”He underscored that as a consequence of the risk of US and European markets, added to the increasing social violence, most of the countries are leaving dollar aside and looking for shelter in gold. “If countries are sheltering in gold and it is a significant element for economic stability, we can not leave our gold abroad and even less under the control of transnationals with serious financial problems.”