Biography & Early Wealth Journey

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Initial reports were unclear as to whether Venezuela has indeed taken possession of the gold reserves that were held by the Bank of England. Officials are quiet on the matter, but one public official said that the Bank of England "sought to clarify" Venezuela's intentions for the gold. And, it has since come out, that the Bank of England is indeed refusing to give the gold to Venezuela's President Maduro, for fear he might try to sell it for his own personal gain.

Whatever its intentions, it unfortunately appears that $550 million in gold won't do Venezuela much good in the long run – even having sold $900 million worth of gold this year, the country is facing an economic crisis, with rampant hyperinflation and an expected contraction of about 18 percent of the Venezuelan economy this year. The inflation, on the other hand, is expected to hit the unbelievable 1 million percent margin, as ordinary goods have long been unaffordable to many within the country.