Venezuela Asserts Control of Gold Mining Industry

[Carsten Wiethoff]

from http://www.foxnews.com/world/2011/09/19/...-industry/

CARACAS, Venezuela -- A new law regulating gold mining in Venezuela took effect Monday and will require mining companies to sell all the gold they extract to the government.
The decree, which was signed by President Hugo Chavez last month, is aimed at boosting government control of gold mining operations.

Private companies will still be allowed to participate in mining, but as minority partners in joint ventures with the government.
The law took effect with its publication in the Official Gazette. It says all gold mined in the country must be sold and turned over to the government.

Earlier Chavez had also announced to bring back 211 tonnes of gold to Venezuela, which is currently stored in Britain, Switzerland, the U.S. and other countries.

[Magda Hassan]

Interesting.... I doubt the gold exists any more in the banks. It is sure to have been sold many times over by now. They're going to have a hard time retrieving it all.