News Analysis: Venezuelan Oil Company Enters Gold Business is an excellent way to diversify further into the “Mining Industry”. Pdvsa is a Government Company which will be buying Gold from miners and may engage in exploration in this Mineral Rich Country. The world famous Orinoco Oil Shale Belt, which the U.S. Geologic Survey estimates may contain 1.4 Trillion Barrels Of (Heavy) Oil is in Venezuela (as are large deposits of lighter oils). As such, this movement to gold is interesting as it shows foresight. Venezuela’s mineral riches are abundant so its production of each is very wise.
Venezuela has chosen to “Not put all of it’s Investment Eggs in one Basket”; Kudos to the Government for being smart in showing Independence of Thought.