In my prior post on Venezuelan gold, I should have included a couple links that are probably worth posting here rather than making an update:
Caracas Chronicles put up a clever post about the many arbitration cases that Venezuela is facing. Companies say the suits are a result of the Chavez administration’s inconsistency on gold mining policy, while the most charitable interpretation is that they are the result of a series of unserious gold (and copper) miners getting their hands on Venezuelan concessions. This probably isn’t the place for the debate, but anyway, go read their post. It’s good.
Rusoro says more or less what they told me, but this time telling people with the good taste to avoid such disreputable corners of the internet.
Devil’s Excrement also touches on gold, but in this case is looking at repatriation, rather than nationalization.
The folks at BBO, an investment bank in Caracas, published an analysis of Venezuela’s foreign reserves this week that focuses particularly on gold holdings. Very nice timing! It can’t be downloaded, but if you really want a copy, contact email@example.com.
One last little note. Chavez’s government normally offers book value for expropriated assets. This usually works out well for the Bolivarians because most companies take maximum advantage of depreciation in order to dodge taxes. You have to be financially sophisticated to find the book value Rusoro carries…but let’s just say shareholders wouldn’t be sobbing.