million ounces of gold is the equivalent of roughly $29.75 billion. Not
too shabby, and that amount will only go higher as the price of gold
continues to skyrocket!With the debts they have to China it's obvious why they opted to pursue a joint venture with the mining giant country: Pay down some debts with the only real money that exists right now. They're already paying off debts in oil - adding gold to the mix strengthens national holdings of both commodities. I wouldn't be surprised if China refused to accept paper money as payment on the debts - indeed, this all makes me wonder if that's exactly the reason China decided to get in on this deal, and if it was a contributing factor to Venezuela's ceding of 100% claim over the gold.
Either way, Venezuela (led by the controversial yet staunchly pro-sovereignty Chávez) is positioning itself for the new world economy that is currently developing and will be front-and-center within a few years at most - and doing it quite well, at that.