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Chavez in gold move

VENEZUELAN President Hugo Chavez has ordered his nation's central bank to repatriate $11bn of gold reserves held in developed nations' institutions, including the UK and the US, as the world economy falters.

Venezuela holds 211 tonnes of its 365 tonnes of gold reserves in US, European, Canadian and Swiss institutions, and will progressively return the bars to the central bank's vault. JPMorgan Chase & Co, Barclays Plc, Standard Chartered Plc and the Bank of Nova Scotia also hold Venezuelan gold, the president said.