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Venezuelan President Hugo Chavez ordered his government to repatriate $11 billion in gold held in banks abroad

 Aug 18, 2011

"We've held 99 tons of gold at the Bank of England since 1980. I agree with bringing that home," Chavez said today on state television. "It's a healthy decision."

Chavez, who has said he wants to eliminate the "dictatorship" of theU.S. dollar, has called on Venezuela's central bank to diversify its $28.7 billion in reserves away from U.S. institutions. Some cash reserves, which total $6.3 billion, will be shifted into currencies from emerging markets including China, Russia, Brazil and India, central bank President Nelson Merentes said today at a news conference.

'Brutal Place'

Earlier today Chavez said he plans to take control of the country's gold industry to halt illegal mining and boost reserves.

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