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When gold and geopolitics clash, it’s rarely pretty

The Queen visits the Bank of England’s gold vaults. © Reuters From today’s FT: Venezuela has filed a bn lawsuit against the Bank of England over its refusal to release gold stashed in its vaults, as the government of Nicolás Maduro scrambles for funds to alleviate a deepening economic and health crisis.It might strike many as odd that Venezuela, a country an ocean away from the UK with little in the way of historical ties, has its gold stashed in vaults deep underneath the City of London. Yet it’s remarkably common for governments around the world to park their gold at the Old Lady. Indeed it, and the New York Fed, have long been the biggest custodians of bullion in the world – a legacy of the gold standard and the proximity of both central banks to the world’s most active

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