Archive for August 27th, 2013

Metals Trader Calls Venezuelan Plan On Prices Crazy

August 27, 2013


Reuters today had this piece about Venezuela’s new plan to get a “fair price” for its metals under Maduro’s new “Sovereign marketing Plan”. The plan is simple, nobody is going to come and set the prices for Venezuela. Nobody is going to come from abroad and set the price of what belongs to all Venezuelans. We want fair prices.

WE will set the price, you hear!

This is really revolutionary, Venezuela from now on will sell all of its metals well above international prices, using their own proprietary formula for what fair prices is.

Comments so far by traders:

“The government has no idea what it’s doing … They put up so many obstacles that clients are losing faith in Venezuela”

“This is crazy, it’s never going to work,” said a metals merchant based in the United States. “People are leaving Venezuelan minerals in the ports”

What’s next? Venezuela will only sell oil at US$ 200 per barrel?

Now, that would be truly revolutionary, no?