"my take on this is the vz govt wants first option, to buy at market price, for their own reserve.

what am I missing? "

Well........ they will buy gold in exchange for the Bolivar and the exchange rates from a Bolivar to gold or a Dollar, C Dollar, Euro etc. would be set by the Venezuelan Govt. If you turn around to convert your Bol's into a useable currency, you will get half of what you thought you were going to get. IMO, Hondo.