Venezuela is replenishing its gold!

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Venezuela and Turkey have repatriated all their gold stored in the US – Venezuela now sells it.

Venezuela, Germany, Austria and the Netherlands are some of the 11 countries that have repatriated a significant portion of their gold reserves held in the US and other countries in recent years.

Turkey has recently announced that it has decided to repatriate all the gold it stores to the Federal Reserve (FED).

According to the latest IMF data, Turkey’s gold reserves are estimated at 591 tons, worth just over $23 billion.

Turkey ranks 11th among the biggest stocks, behind the Netherlands and ahead of India.

However, what should be troubled by Turkey is what happened and continues in another country that has decided to repatriate all of its reserves to gold and which has been and continues to be openly against the US.

Venezuelan President Hugo Chavez said he did it for the citizens of his country, but he died a little later, and there was no way to appreciate his real intentions.

The problem is what happened later. Venezuela’s gold reserves are now falling at a rapid pace. In September 2011, Venezuela had $ 21.269 billion in gold reserves.

After a gold sales explosion in Switzerland to pay its overdue debts in bonds and coupons in early 2016, Venezuelan gold stocks have fallen to $ 7.7 billion by November 2017.

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In the last two months of 2017, Venezuela lost another $ 1.1 billion in gold and reported that its reserves amounted to $ 6.6 billion on December 31, 2017.

In January 2018, Venezuelan gold stocks fell further by $ 500 million.

In a nutshell, Venezuela lost $ 1.6 billion from gold reserves in three months, it is important to note that this fall in Venezuelan gold stocks took place without paying any of its maturing counterparts.

With current sales rates, Venezuela will run out of gold by May or June 2019. Soon the poor country  will not have gold and it can not be ruined by the final stage of the Venezuelan social collapse.

Venezuela’s tragic experience with its natural gold that will turn into paper money so Venezuela will pay off some of the debts will be a lesson for the people of Turkey.

If Erdogan follows Maduro’s footsteps, the 591 tons of Turkey’s gold and the “fluid” that will emerge from them will be fortunate with Venezuela’s gold.

Translated from Crash Magazine Online.

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