Monday, August 27, 2018

After confiscating gold from the people, Maduro now wants to offer them a scheme to buy it back from government

Back in 2011, former Venezuelan leader Hugo Chavez nationalized the gold industry, and made it illegal for individuals to own the precious metal.  Now seven years later following a hyperinflationary environment that is expected to reach one million percent by the end of the year, his successor is seeking to placate the masses with a new 'savings scheme'.

This scheme will entail allowing the people to invest in the Petro cryptocurrency and in physical gold.  However there is no confirmation that Venenzuelans themselves will be allowed to hold that gold in their own possession.

The residents of the country will now be able to invest in Petro cryptocurrency and gold, Maduro announced on Monday. 
The president presented two types of gold bars that would become available for purchase to the population. 
"We already have thousands of gold bars, there will be millions of them, thus, it will enable the Venezuelan people to make savings. I'm presenting two types of gold bars as part of the plan, aimed at the establishment of national savings: gold bars weighing 1.5 and 2.5 grams," — he explained. 
According to Maduro, the price of a gold bar weighing 1.5 grams will reach 3,7 thousand bolivars, whereas a 2.5-gram bar will cost 6,3 thousand bolivars. – Sputnik News
Ironically the price of gold in Venezuelan Bolivar is currently into the millions thanks to a reset conducted by Maduro earlier this year.  So to suddenly offer gold at a price 1000's of times less than its current value in relation to their currency smells an awful lot like just the newest fraud the President is concocting on the people to help keep his desperate government in power.

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