Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Venezuela and Gold Reserve (TSE:GRZ), have agreed to rework the terms of a $770 million settlement relating to the seizure of the company’s Las Brisas gold-copper mine in 2008.
The aggregate payments to be made by Venezuela have not changed and the payments will be completed seven months earlier than originally contemplated
The Spokane, Washington-based company announced a revised schedule of payments reducing the initial payment to $300m from $600m under the deal signed in February. The first payout has also been pushed out by a month to end of November.
Gold Reserve said that “the aggregate payments to be made by Venezuela have not changed and the payments will be completed seven months earlier than originally contemplated.”
According to a statement Gold Reserve and representatives of Venezuela convened a first meeting of the Board of Directors of the mixed company, of which Gold Reserve owns 45% and Venezuela owns 55%, at the end October. The purpose of the meeting was to “immediately initiate the development plan of the mine activities needed to commence construction as soon as possible.”
Gold Reserve (OTCMKTS:GDRZF), worth $357m on New York’s over the counter market, began work on the Las Brisas gold and copper project in 1992, but late President Hugo Chavez revoked the permit in 2009 after the firm had invested more than $300 million.
Several other international companies are still seeking compensation for projects expropriated and halted by the socialist administration in recent years.
4 Comments
gulagPittsburgh
Whenever Venezuela has no money to pay a debt, they just re-work the agreement and threaten bankruptcy or just denial of the debt. Nobody at Gold Reserve should count this money until actually received.
J. D. Baker
Par for the course. The scale and depth of fiscal disaster across Venezuela’s make believe economy is just another reminder of the destructive power of leftist lunacy. Any “rework” which leaves control in the hands of this failed state is at best hopeful fiction for shareholders, stakeholders.
Matt
NEVER ever let a bus driver run your country. Never! This business of protecting the “small” man is like a broken record that never stops playing. By allowing big business to move forward, the “small” man is in a position to succeed.
Eugenio Gonzalez Friendzs
E.G. Friendzs.
The Venezuelan & Gold Reserve agreement join venture due to Brisas & Cistinas mine concession are one of the most important project for theirs economy, which will be a very gratefull push towards theirs economic stability increasement, does not make any sense in doubting due payment agreement, as a matter of fact looking into the sense of benefit and help both in economic,social, technological and political for Venezuela, the Gold Reserve Inc. & Venezuela join venture will have success in the sense wining both parties.