Venezuela’s Gold Liquidation Accelerates; Will Be Out Of Gold In One Year

Conveniently, last week Russ Dallen of Caracas Capital wrote to inform his clients what Venezuela has been doing over the course of the past several years regarding is repatriated, and now swiftly dwindling gold reserves.

In September 2011, Venezuela had $21.269 billion in gold reserves. After a rash of selling gold in Switzerland to pay bonds maturities and coupons in early 2016 (which we tracked assiduously and reported on in these reports), Venezuela’s gold reserves had fallen to $7.7 billion where they held steady until November 2017. But as we reported in October of 2017, there were loans backed by gold that Venezuela had taken out that were coming due. As we reported last month, in the last two months of 2017, Venezuela had lost $1.1 billion in gold and reported that they held $6.6 billion in gold on December 31. In January, Venezuela’s gold reserves fell another $500 million.

As of January 31, Venezuela had just $6.1 billion in gold reserves, down another half billion from the $6.6 billion Venezuela reported a month earlier on December 31. In short, Venezuela burned through $1.6 billion of its gold reserves in 3 months, and it is important to note that this fall in gold reserves is without Venezuela paying its bond debts.

 

https://www.zerohedge.com/news/2018-04-22/current-pace-sales-venezuela-will-be-out-gold-one-year

Venezuela verkauft sein Staatsgold – Reserven bald aufgebraucht?

Die offiziellen Goldbestände Venezuelas haben sich in den letzen sieben Jahren stark verringert. Dies berichtete die News-Webseite Zero Hedge am Wochenende und berief sich dabei auf Informationen, die Russ Dallen, der CEO der Investmentbank Caracas Capital, kürzlich an seine Kunden verschickte.

Den Angaben zufolge besaß Venezuela im September 2011 noch Goldreserven im Wert von 21,3 Milliarden Dollar. Diese seien nach mehreren Goldverkäufen in der Schweiz, um fällige Anleihen und Zinsscheine zu bezahlen, Anfang 2016 auf 7,7 Milliarden Dollar gefallen.

Des Weiteren wurden im Oktober des letzten Jahres mehrere durch Gold gedeckte Kredite fällig. Infolgedessen verlor Venezuela in den letzten beiden Monaten des Jahres 2017 Gold im Wert von 1,1 Milliarden Dollar. Somit besaß das Land zum Stand vom 31. Dezember letzten Jahres 6,6 Milliarden Dollar in Gold.

Im Januar dieses Jahres jedoch sanken die Goldreserven Venezuelas erneut um 500 Millionen Dollar. Zum 31. Januar hielt das Land somit nur noch 6,1 Milliarden Dollar in Gold. Zusammenfassend hat Venezuela also Gold im Wert von 1,6 Milliarden Dollar innerhalb von drei Monaten eingebüßt.

Sollte das Land seine Goldverkäufe künftig im gleichen Tempo fortsetzen, wären die Reserven im Mai oder Juni nächsten Jahres aufgebraucht.

https://www.goldseiten.de/artikel/373007–Venezuela-verkauft-sein-Staatsgold—Reserven-bald-aufgebraucht.html

La liquidation de l’or vénézuélien s’accélère

La semaine dernière, Russ Dallen de Caracas Capital a rédigé une lettre à l’attention de ses clients afin de les informer de ce qu’il s’est passé avec l’or vénézuélien suite au rapatriement. Les réserves de métal du Venezuela baissent aujourd’hui à un rythme élevé :

« En septembre 2011, le Venezuela possédait pour 21,269 milliards de dollars en or. Après avoir vendu du métal en Suisse au début de l’année 2016 afin d’assumer ses obligations financières concernant des obligations arrivées à maturité et des coupons, les réserves d’or du Venezuela sont tombées à 7,7 milliards. Elles sont alors restées stables jusqu’en novembre 2017. Mais comme nous l’avions expliqué en octobre 2017, des crédits qui étaient garantis par l’or du pays allaient arriver à maturité. Comme nous l’avons rapporté, (…) le Venezuela a perdu pour 1,1 milliard de dollars d’or. Le pays a donc indiqué posséder pour 6,6 milliards de dollars de métal au 31 décembre. Mais en janvier, les réserves d’or vénézuélien ont à nouveau baissé d’environ 500 millions de dollars. (…)

En bref, le Venezuela a perdu pour 1,6 milliards de dollars d’or en 3 mois. Il est cette fois important de noter que cette chute de ces réserves d’or a lieu alors que le Venezuela ne rembourse pas d’emprunts obligataires. »

Voici le graphique qui met en exergue la baisse des réserves d’or du pays :

https://or-argent.eu/la-liquidation-de-lor-venezuelien-saccelere/

Венесуэла ускоряет темпы ликвидации золота – останется без металла в течение года

По удачному совпадения на прошлой неделе Расс Даллен (Russ Dallen) из Caracas Capital сообщил своим клиентам о том, что Венесуэла делала со своим репатриированным, а теперь уже быстро тающим золотым запасом в последние несколько лет.

В сентябре 2011 года золотые резервы Венесуэлы стоили $21.269 млрд. После лихорадочной распродажи золота в Швейцарии для оплаты облигаций, достигших срока погашения, и купонов по ним в начале 2016 года, которую мы тщательно отслеживали в наших репортажах, стоимость золотых резервов Венесуэлы рухнула до $7.7 млрд, и оставались на этой отметке до ноября 2017 года.

Но как мы сообщали в октябре 2017 года, у Венесуэлы также были займы с золотым обеспечением, срок выплаты которых приближались. Как мы сообщали в марте, за последние два месяца 2017 года Венесуэла потеряла $1.1 млрд и отчиталась об объеме своих золотых резервов на отметке в $6.6 млрд на 31 декабря. В январе этот показатель упал еще на $500 млн и составил $6.1 млрд.

Короче говоря, за 3 месяца Венесуэла проела своих золотых резервов на $1.6 млрд и важно отметить, что такое сокращение не включает выплаты по облигациям.

Вот график последних падений объема венесуэльского золота, в млн унций…

https://goldenfront.ru/articles/view/venesuela-uskoryaet-tempy-likvidacii-zolota-ostanetsya-bez-metalla-v-techenie-goda/

委國黃金量預計明年中見底 分析稱:伊朗可能是買家

上週五(20 日),土耳其匯回存在紐約聯儲 (NT Fed) 所持有的所有黃金,有意使用黃金來取代美元交易原油。值得注意的是,土耳其並不是第一個從西方國家收回黃金的國家,近年來,德國、奧地利、和荷蘭都有實行此事宜。委內瑞拉前領導人查韋斯(Hugo Chavez)也曾要求位於離岸中央銀行的所有委國黃金返國。查韋斯當時表示,他是為了人民福祉才做這件事。

上週,Caracas Capital 投資銀行的 Russ Dallen 向客戶提道委內瑞拉近期的黃金用途。內容指出,於 2011 年 9 月,委國的黃金存底為 212.69 億美元,但在 2016 年上半年用於支付位於瑞士的債務後,其黃金存底已下調至 77 億美元,至 2017 年 11 月大約持平。

然而,在 2017 年最後 2 個月,委國因需償還債務,故減持了約 11 億美元的黃金,至 2017 年 12 月 31 日黃金庫存量為 66 億美元,而今年 1 月份又耗盡了 5 億美元的黃金量。

《ZeroHedge》則警示投資人,委國 3 個月內花費的 16 億美元黃金量,可能並非償還債務使用。

著名投資人 Dennis Gartman 週五(20 日)也向投資人寫道,「從委內瑞拉目前使用黃金的速度來看,明年(2019 年)5 月或 6 月將是黃金庫存見底的時候,213 億美元的黃金量也將於 7 年來使用完畢」,他認為這個原油出口國的資金已到極限。

《ZeroHedge》呼籲,市場應該思考購買委國黃金的國家或組織究竟是誰?同時《ZeroHedge》也提道,伊朗目前的黃金庫存量為 591 噸(相當於 248 億美元)。

https://news.cnyes.com/news/id/4101928

Venezuela’s Electricidad de Caracas Declared in Default by Trustee

CARACAS — The trustee of Venezuela’s $650 million bond issue for state electric company Corpoelec has declared the company in default after it failed to pay the company’s only dollar bond, which matured on April 10.

Electricidad de Caracas (EleCar or EDC) Trustee Wilmington Trust has declared an Event of Default on Venezuela’s $650 million of Electricidad de Caracas 8.50% bonds that matured April 10.

Wilmington Trust reports that the Paying Agent notified them that neither the $650 million principal maturity nor the $27.6 million coupon was received.

“The Paying Agent has notified the Trustee that the interest and principal payments that were due on April 10, 2018 were not received by the Paying Agent,” Wilmington Trust wrote in declaring the Event of Default. “As a result an Event of Default under the indenture has occurred due to the failure to pay principal on the Notes when it became due on April 10, 2018.”

The “Notice of Event of Default” goes on to advise bondholders of their options.

“Pursuant to Section 5.1(m) of the Indenture, the Required Holders shall have the right to direct the Trustee as to the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Notes,” Wilmington states, but then goes on to warn that it will have to compensated for further actions.

“Pursuant to Section 1.1(b)(F) of the Indenture, the Trustee is under no obligation to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if it has reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonable assured to it.”

Wilmington invites holders to contact Peter Finkel at Wilmington Trust in Minneapolis, Minnesota for further questions. It also lists Gregg Bateman at law firm Seward & Kissel in New York as Trustee Counsel.

“We can only account for only about 20% of the Electricidad de Caracas (EDC) holders via a Bloomberg data search, with the biggest known holder being Grantham, Mayo, Van Otterloo & Co. with $111.5 million face in their GMO Emerging Country Debt Fund (GMCDX) — that is a little over 17% of the $650 million face amount of the bond,” notes Caracas Capital head Russ Dallen, who reported the default notice over the weekend.

The $4.15 billion GMCDX fund was reporting EDC as their 28th largest holding as of November 30 at a price of 40.

http://www.laht.com/article.asp?ArticleId=2454659&CategoryId=10717

El Estimulo: Bonos de Elecar entran oficialmente en default

“Como resultado, se ha producido un evento de incumplimiento en virtud de la falta de pago del capital de los bonos que vencieron el 10 de abril de 2018″, señala el documento dado a conocer por Russ Dallen, director de Caracas Capital.

http://elestimulo.com/elinteres/bonos-de-elecar-entran-oficialmente-en-default/

委内瑞拉石油产量仍在恶化

中国石化新闻网讯 据道琼斯4月13日消息,欧佩克的数据显示,3月份
委内瑞拉石油日产量又下降了5.5万桶,降至每日150万桶以下,创下了
几十年来的新低。加拉加斯资本市场(Caracas Capital Markets)的
Russ Dallen表示:“对委内瑞拉来说,其石油产量的轨迹仍在迅速恶
化。”除了2003年发生反对查韦斯的罢工和1980年代欧佩克的配额削减
外,这是委内瑞拉自1949年以来的最低产量。
唐绍红 摘译自 道琼斯
原文如下:

Venezuela Oil Output in a ‘Deteriorating Spiral’
OPEC data shows Venezuela’s oil output fell another 55k bpd
last month to just under 1.5M bpd, another multi-decade low.
“Sadly for Venezuela, the trajectory of its oil production
continues in a rapidly deteriorating spiral circling the
drain,” says Russ Dallen at Caracas Capital Markets. “Aside
from a strike against Chavez in 2003 and OPEC quota cuts in
the 1980s (which don’t reflect capability), this is the lowest
that Venezuela’s production has been since 1949.”

http://www.sinopecnews.com.cn/news/content/2018-04/16/content_1705366.shtml

 

American Thinker: Sunday Schadenfreude – Venezuela goes from summit darling to literally pig at garden party

Here’s another an item sent by Russ Dallen of Caracas Capital, who watches the country microscopically, I’ll paraphrase in the interest of speed:

Oil production has hit 1949 levels, representing 69 years of progress down the drain. From producing more than three million barrels of oil a day, to now just one million and change, the country has gone back to the stone age, courtesy of socialism.

https://www.americanthinker.com/blog/2018/04/sunday_schadenfreude_venezuela_goes_from_summit_darling_to_pig_literally_at_garden_party.html#ixzz5D5yAkNjN

Petróleo retoma trajetória de alta e renova máxima em mais de 3 anos

“Infelizmente para a Venezuela, a trajetória da sua produção petroleira continua rapidamente se deteriorando”, disse Russ Dallen, da Caracas Capital Markets. “Exceto o período de greve contra Chávez em 2003 e as cotas de corte da Opep nos anos 1980, esse é o nível mais baixo de produção da Venezuela desde 1949”, afirmou Dallen.

https://istoe.com.br/petroleo-retoma-trajetoria-de-alta-e-renova-maxima-em-mais-de-3-anos/

Secure Freedom Radio: Russ Dallen on the Disaster in Caracas

With Russ Dallen, Robert Charles, Avi Jorisch and Bill Gertz

RUSS DALLEN, President & Editor in Chief at the Latin American Herald Tribune, Head of the international investment bank, Caracas Capital Markets, Served as President of Venezuela’s “The Daily Journal”:

  • Pence to speak at Summit of the Americas in Peru
  • Mass migration out of Venezuela
  • The economic disaster in Caracas

https://www.centerforsecuritypolicy.org/2018/04/13/disaster-in-caracas/

https://www.centerforsecuritypolicy.org/?powerpress_pinw=209705-podcast

 

Central Banking: Central bank data shows Venezuela is in ‘stealth default’

The new website included information on the central bank’s external debt repayments, which was spotted by Russ Dallen of Caracas Capital, who follows Venezuelan debt closely.

https://www.centralbanking.com/central-banks/reserves/debt-management/3458691/central-bank-data-shows-venezuela-is-in-stealth-default

Wall Street Journal: Venezuela Is in Default, but Goldman Sachs Just Got Paid

He has pledged that Venezuela will pay all its debts, but the government hasn’t made any new payments since late last year, according to data from the central bank obtained by investment bank Caracas Capital Markets.

https://www.wsj.com/articles/venezuela-is-in-default-but-goldman-sachs-just-got-paid-1523379999

Venezuela detuvo el pago de bonos en septiembre

Venezuela dejó de pagar a los tenedores de bonos en septiembre, según datos del Banco Central, lo que contradice las declaraciones del presidente Nicolás Maduro de que el país continuará honrando sus deudas mientras negocia un reasentamiento con sus acreedores, reseña The Financial Times este lunes.
Por Jonathan Wheatley | Traducción libre del inglés por LaPatilla.com
Los datos muestran que los pagos regulares de la deuda externa de cientos de millones de dólares al mes, en línea con las obligaciones soberanas del país, cayeron a unas pocas decenas de millones desde octubre pasado por las tarifas y el legado de una reestructuración de la década de 1980.
“Esto demuestra que Venezuela engaña deliberadamente a los tenedores de bonos y se involucra en un default sigiloso”, dijo Russ Dallen, del banco boutique Caracas Capital, quien sigue de cerca la deuda venezolana.
Los datos se publicaron en un archivo Excel como parte de una modernización reciente del sitio web del banco central e incluyen los gastos mensuales en dólares estadounidenses sobre los pagos de la deuda externa pública desde 1996. Anteriormente, los datos sobre los pagos de la deuda externa se publicaban en forma de relación que reveló poca información, dijo Dallen. “Esto debe haber sido publicado por un pasante”, agregó.
Maduro anunció el 2 de noviembre que el país reestructuraría y refinanciaría sus deudas luego de realizar un último pago de un bono adeudado por Pdvsa, la compañía petrolera estatal. S & P Global, la agencia calificadora, declaró al país en mora poco tiempo después.
Sin embargo, los tenedores de bonos emitidos por Pdvsa y Elecar, una empresa eléctrica de propiedad estatal, han seguido recibiendo pagos esporádicos, que han ascendido a aproximadamente $ 2,5 mil millones desde el anuncio de Maduro. Varios pagos se hicieron tarde, a veces después del pago de gracia de 30 días para los pagos de cupones.
No se han recibido pagos en absoluto por los bonos emitidos por el gobierno de Venezuela, a pesar de las garantías de que el proceso de pago estaba en curso.
Los datos del Banco Central, que cubren solo pagos de deuda soberana y excluyen obligaciones de Pdvsa y otras entidades estatales, muestran que solo se pagaron $ 83 millones en octubre, en comparación con obligaciones soberanas por $ 465 millones, según datos de Caracas Capital.
Los pagos en noviembre cayeron a $ 28 millones, en comparación con las obligaciones de $ 183 millones, y en diciembre disminuyeron a $ 23 millones, en comparación con las obligaciones de $ 242 millones.
El Sr. Dallen, que dio a conocer la noticia de los pagos estancados a sus clientes el lunes, dijo que el pago de octubre incluía alrededor de $ 74 millones debido a un “bono Brady” que resultó de la reestructuración de la deuda de América Latina a fines de la década de 1980. Los pagos en noviembre y diciembre atribuidos al servicio de la deuda externa incluirían honorarios de abogados y otros costos, dijo. El Sr. Dallen dijo que no se había recibido dinero por parte de ningún tenedor de bonos soberanos venezolanos.
Siga leyendo en The Financial Times

Financial Times: Venezuela Stopped Bond Payments in September

By Jonathan Wheatley in London
Venezuela stopped paying bondholders in September, according to central bank data, contradicting statements by President Nicolás Maduro that the county would continue to honour its debts while negotiating a resettlement with its creditors.
The data show that regular foreign debt payments of hundreds of millions of dollars a month, in line with the country’s sovereign obligations, fell to a few tens of millions from last October for fees and the legacy of a 1980s-era restructuring.
“This proves that Venezuela is deliberately hoodwinking bondholders and engaging in a stealth default,” said Russ Dallen of boutique bank Caracas Capital, who follows Venezuelan debt closely.
The data were posted in an Excel file as part of a recent revamp of the central bank’s website and include monthly expenditures in US dollars on public foreign debt payments going back to 1996.
Previously, data on foreign debt payments were published in the form of a ratio that revealed little information, Mr Dallen said. “This must have been posted by an intern,” he added.

Mr Maduro announced on November 2 that the country would restructure and refinance its debts after making one last payment on a bond owed by PDVSA, the state-owned oil company. S&P Global, the rating agency, declared the country in default shortly afterwards. Yet holders of bonds issued by PDVSA and Elecar, a state-owned electric utility, have continued to receive sporadic payments, which have amounted to about $2.5bn since Mr Maduro’s announcement. Several payments have been made late, sometimes after the 30-day grace payment for coupon payments.
No payments at all have been received on bonds issued by the government of Venezuela, despite assurances that the process of payment was under way.
The central bank data, which cover payments of sovereign debt only and exclude obligations by PDVSA and other state entities, show that just $83m was paid in October, compared with sovereign obligations amounting to $465m, according to data from Caracas Capital.
Payments in November fell to $28m, compared with obligations of $183m, and in December declined to $23m, compared with obligations of $242m.

Mr Dallen, who broke the news of the stalled payments to his clients on Monday, said October’s payment included about $74m due on a “Brady bond” that resulted from Latin America’s debt restructuring in the late 1980s. The payments in November and December attributed to foreign debt service would include lawyer’s fees and other costs, he said. Mr Dallen said no money had been received by any holders of Venezuelan sovereign bonds.

He said Venezuela had chosen carefully which PDVSA and Elecar bonds to continue paying. Payments included $984m owed by PDVSA on a bond due in 2020 that is secured by 51 per cent of the shares in Citgo, Venezuela’s US refining and distribution subsidiary. But he said evidence from clearing houses suggested these payments, too, had come to a halt.

“We don’t think they are paying PDVSA bonds either,” he said. “They have been doing it [defaulting] strategically to sow confusion. They have said they have begun the process of paying things they clearly did not pay, and blamed it all on sanctions.”
The US has imposed several rounds of sanctions on Venezuelan individuals and institutions. Adding to pressures last August, it also banned any involvement in new bonds or shares issued by the government or PDVSA. Last month it prohibited involvement in the country’s proposed digital currency, the petro, as well.
A spokesperson for Venezuela’s economic ministry was not immediately available for comment.

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