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No El Dorado Here
Venezuela Sells Off Part of Gold Reserves for Dollars
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  • JR

    But on the plus side, they have a lot of regulations by the government and demonization of the Right-Wing Capitalist Other. So seems like the results are pretty standard, no?

  • Fat_Man

    Buy high, sell low. That is the way to do it.

    • Andrew Allison

      Indeed, given the decline in the price of gold it would be interesting you know whether Venezuela sold its gold at a profit or loss.

  • fastrackn1

    Having to sell gold to buy a fiat currency that is printed with reckless abandon…that is sad…and it couldn’t have happened to a better country….

  • GS

    If I was at Citibank, I would insist on that gold leaving venezuela before I would advance even a penny on it. And I do not mean leaving it for cuba or russia.

  • Jacksonian_Libertarian

    This is Socialism, the same thing the Democrats and Obama would impose on America if they had the power. The only form of human organization that functions properly is capitalism. This is because it has the “Feedback of Competition” which forces continuous improvements in Quality, Service, and Price. The Government Monopoly like all Monopolies lacks the information and motivation of the “Feedback of Competition” and so they stagnate and decay. Democracy adds a small amount of “FoC”, enough to break up systems of patronage and corruption which take years to develop, but it is still a Monopoly and survives as a parasite on the nation’s free market. Socialism, Communism, Dictatorships, Monarchies, Authoritarian Monopolies of every type are mostly the type of parasites that kill the host as we can see happening in Venezuela.

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