EddyCom:

Where Mr.Marshall fails is that it is irrelevant as to whether he can get a license to exchange at the official rate. The reason this law was implemented was not only to force sales of gold to the central bank, that is a tempest in a tea pot. It makes little difference who you sell to if the price is right.

This law was implemented to force sales of gold to the bank at the officially priced gold in Bolivars. That means international gold price translated at the official rate and paid in Bolivars at that rate. After that you can do what ever you want with those Bolivars, you have been had because you have been paid approximately 40% of the true value of that gold.

If that were not true than why would Venezuela bother with the law in the first place. Why withhold Gold Reserve's right to build the mine. They did so because Gold Reserve would have sold it's gold at the true price and that could not be allowed to happen.

They are not out to kill gold mining. They are out to get all the value from the gold for themselves and the internationals are just hired lackeys to extract it from the ground for them. The price they pay now is barely to pay for the processing and overhead, add taxes on top and where is the profit to make it worth while. All miners are into it for profits. If there is insufficient profit then there is no mining.
The end result is still the same though.

If I understand Mr. Belanger correctly, environmental permit is not what he said, you must be confusing things with KRY's environmental permit. We were OK'd to proceed with construction on all counts, the Initiation Act is the only thing that was missing and withheld at the last moment.

Where Gold Reserve has a problem is with this contrived gold sale law that takes away profitability.