Chavez brings home 160 Tonnes of Venezuela's Foreign Gold Reserves

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Vehicles carrying gold bars drive past Miraflores
Palace in Caracas.

The gold was escorted through Caracas by troops and armoured vehicles.  It was unloaded from a plane and taken under heavy guard to the Central Bank in the capital, Caracas. President Chavez has explained the move as an act of sovereignty that will protect Venezuela's reserves from global economic turbulence. However, pro-Zionism critics say it is expensive and unnecessary. Venezuela plans to bring home around 160 tonnes of gold, worth more than $11bn (£7bn). "The gold is returning to where it was always meant to be: the vaults of the Central Bank of Venezuela", Mr Chavez said. Hundreds of troops lined the route to Caracas as a convoy of armoured security trucks, escorted by military vehicles, carried the bullion to the Bank.

'Historic act'

Officials said the gold had come from European countries but did not say how much was in the first shipment, citing security concerns. Central Bank chief, Nelson Merentes, said the return of the gold to Venezuela was a "historic act". "It has historic value, it has symbolic value, and it has financial value", he said. "The country's finances will be backed by autonomous wealth, so we are not subject to pressure from anyone." Some critics have suggested that Mr Chavez is acting out of fears that Venezuela's overseas assets could one day be frozen by sanctions, as happened to his friend and ally, Libyan leader, Col Muammar Gaddafi. Most of Venezuela's foreign gold reserves are held in London.

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