Chavez Preparing Government Takeover of Venezuela’s Gold Mining Industry

Bloomberg reported that Venezuela’s President announced he will nationalize the country’s gold industry.

The market news is quoted as saying:

Venezuela’s 365.8 metric tons of gold reserves makes it the 15th-largest holder of the precious metal in the world, according to an August report from the World Gold Council. Venezuela’s gold holdings accounted for about 61 percent of the nation’s international reserves, according to the report.

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