The Phaserl


Gold plunge to hit Venezuela hard

from BullionStreet:

Since 2013, fluctuating gold prices have puzzled gold traders as the yellow metal tumbled by over 25 percent .

Some country’s having enough gold reserves but without enough other liquid reserves to satisfy the needs of their economies for imports also suffered.

Venezuela is one such country as the strategy carried out by the authorities at the Central Bank of Venezuelan has turned it into a country highly vulnerable to the dramatic fall of gold prices.

Analysts said Venezuelan reserves are not in at an adequate level. They can hardly be enough to cover imports for one month. In June, 70% of the country’s international reserves were comprised by 365.8 tons of gold.

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