Act of sovereignty! 12 years ago, Commander Chávez announced the repatriation of gold

Published at: 17/08/2025 08:28 AM

As an act of independence and full sovereignty in the management of our resources and wealth, on August 17, 2011, the Supreme Leader of the Bolivarian Revolution and then President of the Republic, Commander Hugo Chávez, announced the repatriation of Venezuelan gold, corresponding to 211.35 tons of gold that our country had abroad, valued at 11 billion dollars.

That day, through a telephone contact with the then president of the Central Bank of Venezuela (BCV), Nelson Merentes, Commander Chávez stated, “Until when are the countries of the South going to finance the development of the North? That is precisely economic imperialism. The time has come. It's good now! We are going to bring the gold to our Central Bank.”

For the giant Chávez, this action was part of the process of nationalizing the country's wealth, as “an absolutely sovereign decision”. In this way, Venezuelan gold would be nationalized to be converted into national funds. As for the international reserves that had been in American and European hands for years, they would be relocated to “solid” economies such as China and Russia.

Mazo News Team