Monday, November 30, 2020

Tag: Countries are stockpiling gold

Countries are stockpiling gold

by Tom Lewis, Gold Telegraph:

With Venezuela’s currency, the bolivar, nearly valueless, President Maduro is trying to encourage people to save by having the country’s central bank issue gold certificates. Maduro and his wife were seen purchasing gold certificates for 350 bolivars. This certificate is allegedly backed by 1.5 grams of gold and is numbered Certificate No. 1. First Lady Cilia Flores outdid her husband by purchasing a certificate for 2.5 grams. President Maduro made a point of telling the cameras, “If I had a little more savings in bolivars I would have invested more.”

He is urging citizens to follow suit and invest in gold, promoting the certificates as “fashionable Christmas presents.” This is a huge change in policy and the first time citizens have had the opportunity to invest directly in Venezuela’s gold.