COMMODITIES Venezuela Fear in Venezuela to sell part of the governments gold reserves Konzapata / 10/20/2014 Who can you believe Nicolas Maduro? Who can believe him that the drop in oil prices will not affect the economy? If the signals were different, as well. But paying debt to international reserves, is a major symptom. But if those reserves had previously been fed with a few million of PDVSA Pension Fund. But Maduro boasts: there to pay and be paid once the debt to be paid not only to pay for one thing at a time. So says a new rich. But a new rich without money. This is a reality that refuses to see Maduro. That silver there, he says. Truth is not. The truth is that imports have been cut. The truth is that is given increasingly to the private sector. The truth is that it increases the debt with international suppliers. The truth is there is no savings. But still bragging Maduro: no default, notes, and bonds make another trend, as analysts note that the situation is not one that paints the government. 2015 will be a crucial year. Analysts have reviewed the accounts of Venezuela in the past year. They envisioned a scenario of dwindling numbers, and despite the fact that such a steep drop in oil prices was never in the initial calculations. Already Maduro, president and dePDVSA as Chancellor, he blamed the low price war waged by the United States in order to weaken Russia. Its more complex than that. For now, and into the inner, mind saying that current price levels are not sufficient to hold the mega state which left Hugo Chavez. Maduro talk that the country has the advantage of having low production costs, but noted that PDVSA now imports oil. Maduro had in his hands an adjustment program that would not pursue. Perhaps the opportunity passed. Still expected by adjusting the price of gasoline and the currency called convergence. Inflation goes faster. So too is a lie what he said yesterday: Nothing and nobody will back social rights in Venezuela, and I guarantee as president of this country. Since inflation is a confiscatory tax. The effort Eulogio Del Pino PDVSA fine-tune areas of oil production not indicate anything other than you need to pump more oil as the countrys income will depend increasingly on the daily flow of the oil bill. It is gold, KonZapata draws near government analyst. Indeed, it is the gold country. Putting on sale is ending the show repatriated gold as an act of absolute sovereignty. So Hugo Chavez sold the spectacle. How do you sell Maduro doing the opposite? Sell gold to pay for imports would be the worst signal. When the setting is raised and the sale of part of the gold was envisaged to provide credibility to the scheme was implemented, there was some economic logic in the operation. So, in order to pay bills for food, means derived from the last passbook. For now, mature looking down oil attributing to the fact that the US is flooding the oil market. It affects Russia and collaterally give us elbow believing that affect us. This is another way of showing off. Presume other economic war, this time not internal, but external. And it boasts that the effect is collateral. A nudge. It seems that you do not see the reality. The blow is greater. The solar plexus of the economy, if one takes into account the dependence on oil revenues. With Chavez, oil profiteering reached its peak and in the short term-and the consequences will be sold.
Posted on: Fri, 21 Nov 2014 21:30:00 +0000
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