Venezuela has certified 100 billion dollars in gold
friday, 09 of 2009 of octubre

09 of October 2009, 17:12 Caracas, Oct 9 (Prensa Latina) The Venezuelan
government has certified 100 million troy ounces of gold, current value is 100
billion dollars, said today the Minister of Basic Industries and Mining, Rodolfo
Sanz.

"We're talking about 15 thousand 550 tons of gold, ie 500 billion troy ounces
of gold," he said at a news conference Sanz, who said that here is the second
largest reserve base of that mineral in the world after South Africa.

Speaking to reporters from the Miraflores Palace, the Minister stressed that
Venezuela is moving in a process that will result in the monetization of gold.

He said that this nation has the number 11 position in international monetary
gold, "and we'll continue that process of monetization of gold, because that
affects the growth of international reserves.

"When we said that gold would surpass the barrea a thousand dollars an ounce did
not believe, and you're in a thousand 38 and this year should reach 200 billion
next year two thousand," he said.

In his view, to the extent that the dollar is neglected, gold rises in value.

Referred to kaolin, said that will develop the ceramic complex in the area
Macapaima, Anzoátegui state, to produce paintings and sanitary items for the
construction industry.

"The advantage is that Venezuela has these deposits of raw materials that allow
us to move rapidly towards a sustainable process of industrialization," he said.

He also indicated that thousand 200 million dollars will be invested in the last
quarter of 2009 in technological adaptation aluminum industries.

That investment, he warned, is not currently doing any Latin American country to
the structural crisis of global capitalism.

The crisis should be an opportunity "so that when the global economy starts to
take off to be able to continue this process of adding value to not continue to
export only raw materials but also export finished products," he said.

lac / rsm



mid=1