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Hidayatullah.com--Venezuela has received the first shipment of gold bullion which prompted President Hugo Chavez to be withdrawn from banks in Europe.

"Gold is back to where it should be, in the vault of the Central Bank of Venezuela," said President Chavez.

Gold bullion now stored centrally in the Bank in Caracas after being taken with strict escort from the airport.

With the instruction of President Chavez, about 160 tons of gold bullion, worth about U.S. $ 11 billion, will be pulled back to Venezuea, reported the BBC (26/11/2011).


The decision by Chavez as Venezeula action to strengthen and protect the sovereignty of foreign exchange reserves of the global financial crisis.

Venezuelan authorities said the first shipment of gold is derived from several European countries but did not mention the details of the state and the amount due to security reasons.

Most of the gold bars stored in London Venezuela.

Central Bank Governor, Nelson Marentes, saw the return gold back to his country as a historic decision.

"It has historical value, have a symbolic value and have a financial value."

"Financial wealth countries will be supported by an autonomous, so it will not be subject to pressure from anyone," he added.

But critics of President Chavez said the return of gold bullion is unnecessary and expensive cost.

They also blamed the decision is more a political act of President Chavez to lift his popularity ahead of presidential elections in October 2012.

While some parties argue the actions of President Chavez is also based on concerns over possible freezing of assets in the future, as happened to a friend and ally, the late leader of Libya, Muammar Qadhafi .*