Schaeffer Collins: Venezuelan Central Bank purchases gold supply

With Venezuela purchasing gold for its central bank, Schaeffer Collins believes the precious metal is again becoming an increasingly coveted asset worldwide.
 
 
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Tags:
* Gold
* Silver
* Unleaded Gasoline
* Crude Oil

Industrys:
* Commodities Market
* Futures Options

Location:
* London City - London, Greater - England

April 5, 2012 - PRLog -- NEW YORK – Venezuelan president Hugo Chavez has ordered that 17,000 gold bars be shipped to Venezuela to store at the country’s central bank.

“An increasing number of countries across the globe are stocking their central banks with gold,” said George Schaeffer, CEO of Schaeffer Collins, a commodity brokerage with offices in New York, London, Hong Kong and Sydney.
According to the Latin American Herald Tribune, Chavez’s opponents insist that he plans to use the country’s gold reserves to boost his presidential campaign for next year’s election.

Reuters news service said that the 17,000 gold bars will be shipped in several cargo flights beginning in April and ending before June. The total cost of the operation is expected to exceed $90 million, including transportation, guards and insurance.

Schaeffer Collins has observed that more and more central banks are again stockpiling gold – an indication that, once again, morale surrounding the safe-haven yellow metal is high.

Gold shines in the spotlight as an international safe-haven asset that transcends currency. Schaeffer Collins recommends investors in becoming a holder of the precious metal as it begins to thrive again as the “asset of all assets”.

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Source:Andrew Anderson and Jim Chambers
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