Chavez says gold being flown back to Venezuela [View All]

[Judi Lynn]

Source: Associated Press

Chavez says gold being flown back to Venezuela
updated 2 hours 1 minute ago 2011-11-25T18:23:59

CARACAS, Venezuela — Venezuelan President Hugo Chavez says a shipment of gold is being flown to Caracas as the government withdraws its gold reserves from U.S. and European banks.

Chavez said in a televised speech that the first shipment of gold is arriving on a flight Friday. He says the gold was previously held in Britain.

Chavez announced in August that his government would repatriate all of the gold reserves held in the U.S. and Europe, about 211 tons.

The leftist president has said his decision is aimed at helping to protect the oil-producing country from economic troubles in those countries.

Read more: http://www.msnbc.msn.com/id/45437800/ns/business-stocks_and_economy/