{"id":43353,"date":"2019-01-31T07:03:25","date_gmt":"2019-01-31T12:03:25","guid":{"rendered":"https:\/\/olduvai.ca\/?p=43353"},"modified":"2019-01-31T07:04:33","modified_gmt":"2019-01-31T12:04:33","slug":"bank-of-england-tears-up-its-gold-custody-contract-with-venezuelas-central-bank","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=43353","title":{"rendered":"Bank of England tears up its Gold Custody contract with Venezuela\u2019s central bank"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.bullionstar.com\/blogs\/ronan-manly\/bank-of-england-tears-up-its-gold-custody-contract-with-venezuelas-central-bank\/\">Bank of England tears up its Gold Custody contract with Venezuela\u2019s central bank<\/a><\/h3>\n\n\n\n<p>In early November 2018, it first came to light that the Bank of England in London was delaying and blocking the withdrawal of 14 tonnes of gold owned by the Venezuelan central bank, Banco Central de Venezuela (BCV). At the time, Reuters and The Times of London both reported that according to unnamed British \u2018public officials\u2019, the delays were being caused by the difficulty and cost of obtaining insurance for the gold shipment back to Venezuela, and also due to \u201cstandard measures to prevent money-laundering\u201c.<\/p>\n\n\n\n<p>As I explained in a BullionStar article on 15 November titled \u2018<a href=\"https:\/\/www.bullionstar.com\/blogs\/ronan-manly\/bank-of-englands-refusal-to-return-venezuelas-gold-sets-a-worrying-precedent\/\"><strong>Bank of England refuses to return 14 tonnes of gold to Venezuela<\/strong><\/a>\u2019,&nbsp;the explanations given to Reuters and the Times for the withdrawal delays were completely bogus, and that the real reason for blocking the BCV gold withdrawal was undoubtedly US and UK joint government interventions to stall the withdrawal. As I wrote at the time:<\/p>\n\n\n\n<p><em>\u201cThe reasons put forward by official sources in the Reuters and Times articles for why Venezuela can\u2019t withdraw its gold from the Bank of England are clearly bogus. The more logical and likely explanation is that the US, through the White House, US Treasury and State Department have been liaising with the British Foreign office and HM Treasury to put pressure on the Bank of England to delay and push back on Venezuela\u2019s gold withdrawal request.\u201d<\/em><\/p>\n\n\n\n<p>As it turns out, this was an entirely correct prediction, since by 25 January,&nbsp;<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-01-25\/u-k-said-to-deny-maduro-s-bid-to-pull-1-2-billion-of-gold\" target=\"_blank\" rel=\"noreferrer noopener\">Bloomberg confirmed<\/a>&nbsp;in an \u2018exclusive report\u2019 (two and a half months later) that:<\/p>\n\n\n\n<p>&nbsp;\u2026click on the above link to read the rest of the article\u2026<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank of England tears up its Gold Custody contract with Venezuela\u2019s central bank In early November 2018, it first came to light that the Bank of England in London was delaying and blocking the withdrawal of 14 tonnes of gold owned by the Venezuelan central bank, Banco Central de Venezuela (BCV). At the time, Reuters [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5,6],"tags":[56,17309,2321,374,21499,24240],"class_list":["post-43353","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","category-liberty","tag-bank-of-england","tag-bullion-star","tag-coup","tag-gold","tag-ronan-manly","tag-venezuala"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/43353","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43353"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/43353\/revisions"}],"predecessor-version":[{"id":43354,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/43353\/revisions\/43354"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}