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Zero Hedge — Bank Of England Refuses To Release Venezuela’s Gold

Summary:
Three days ago, when we reported that following Trump's latest sanctions targeting Venezuela's gold sector president Maduro was seeking to repatriate all of Venezuela's gold - some 14 tons - held at the Bank of England, we cautioned that since the BoE "sought to clarify what Venezuela wants to do with the gold", this suggested that despite Venezuela being the rightful owner of this gold, Venezuela was about to face challenges in getting it back.... Today, the worst case - for Venezuela's president - was confirmed, when the Times reported that the Bank of England has "refused to release the gold bars" worth just over 0 million to President Nicolas Maduro. Prediction: This is the beginning of the end of the dominance of the City. While the UK will still be left with domination of tax

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Three days ago, when we reported that following Trump's latest sanctions targeting Venezuela's gold sector president Maduro was seeking to repatriate all of Venezuela's gold - some 14 tons - held at the Bank of England, we cautioned that since the BoE "sought to clarify what Venezuela wants to do with the gold", this suggested that despite Venezuela being the rightful owner of this gold, Venezuela was about to face challenges in getting it back....
Today, the worst case - for Venezuela's president - was confirmed, when the Times reported that the Bank of England has "refused to release the gold bars" worth just over $550 million to President Nicolas Maduro.
Prediction: This is the beginning of the end of the dominance of the City. While the UK will still be left with domination of tax havens, even those are now called into question as safe havens. The UK has voluntarily destroyed its credibility. What are they using for brains?

Anonymity and liquidity were the reasons that Switzerland was able to maintain credibility as a neutral country and world financial center, even with wars raging all around it.

This is a big boost for Shanghai's bid to become a financial center rivaling London, New York, Geneva and Zurich as non-Western countries see the handwriting on the wall.


Zero Hedge
Bank Of England Refuses To Release Venezuela's Gold
Tyler Durden
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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