From Washington's Blog:

The two biggest stories of the day – in case you missed them – were that Venezuelan president Chavez is nationalizing the country's gold industry, and recalling hundreds of tons of gold held in European banks back to Venezuela.

As Zero Hedge notes:

As the WSJ reported earlier, "The Bank of England  (BOE) recently received a request from the Venezuelan government about transferring the 99 tons of gold Venezuela holds in the bank back to Venezuela, said a person familiar with the matter. A spokesman from the Bank of England declined to comment whether Venezuela had any gold on deposit at the bank."

That's great, but not really a gamechanger. After all the BOE should have said gold. What could well be a gamechanger is that according to an update from Bloomberg, Venezuela has gold with…

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