Of course you are right CJR. The official exchange rate is 2.15 bolivars to the US dollar so the Ven CB would pay the "world dollar price" but in bolivars. That's 1,835 bolivars per ounce of gold. However, the real exchange rate is over 6 bolivars to the dollar, so in effect that 70% would be being sold at a real price which is just over 1/3 of the actual world price or around $320 US dollars an ounce. Of course the CB would buy every ounce they could at that price and they may even allow the company to buy a few US dollars at the "official" rate but only for payment of essential equipment. The won't be much profit for anyone mining gold under those terms.