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Venezuela is Painfully Reminded of the Golden Rule

Venezuela is Painfully Reminded of the Golden Rule- Nathan McDonald (09/11/2018)

He who holds the gold, makes the rules.

This is a motto that you will hear espoused by gold bugs, precious metals advocates, or anyone that has studied financial history in any meaningful way.

The fact is, if you don’t hold it, then you don’t own it.

This is something that I have warned about for years, as people continue to pile into “paper” precious metals assets, most specifically, those that do not guarantee to hold the precious metals in physical reserve, accounting for every oz that they own via regularly scheduled audits.

As Central Banks around the world continue to race into gold, a trend I have been noting throughout the course of this year, some, are being painfully reminded of the golden rule and are ruing the day they ever gave up physical ownership of their most valuable, real asset.

Venezuela, who is currently led by a failing socialist government, with President Nicolas Maduro at its head, is one such country that is learning this valuable lesson.

Venezuela, for months has been attempting to repatriate their gold holdings from the Bank of England, the latter of whom “allegedly” holds a large percentage of the worlds gold reserves since the ending of World War 2.

The reasoning for this, was one of the greatest cons in history, and one that continues to unfold. Western Central Banksters convinced many of the Worlds Nations that it would be “safer” to hold their reserves within the United States and England.

Ironically, over the last few decades, this has been just about the worst place in the world to hold your gold bullion, as these nations have rehypothecated this gold to near infinity. But don’t worry, they claim their “good” for it.

…click on the above link to read the rest of the article…

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