"....Venezuela newspaper El Nacional reported Tuesday that Venezuela’s Central Bank and Goldman Sachs are ready to sign an agreement to swap or exchange international gold reserves with a start date in October 2013 until October 2020.

The negotiated amount is equivalent to 1.45 million ounces of gold, valued at US$1.8 billion at today’s prices, which is to be deposited in the Bank of England with the transfers made directly to Goldman Sachs once delivery times are stipulated. Goldman Sachs will then pay U.S. dollars for the gold......"

http://www.bloomberg.com/news/2013-11-25/what-is-goldman-sachs-doing-with-venezuela-s-gold-.html

ESL comment: Another 50 odd tonnes thrown into the mix, multiplied by a factor of 100 virtual ounces of Gold for every real ounce that exists, as a crutch to support the paper-based exchanges a stretch longer. Strange learning about this development not all that long after the late Chavez fought tooth and nail for years to repatriot Venezuela's Gold.