Economy & Banks

An interesting read off the original Bloomberg link about a deal Goldman Sachs is cutting with Venezuela.
What is Goldman Sachs doing with Venezuela's gold
Per the article:

• Venezuela is borrowing about $1.6 billion from Goldman for seven years.
  
• Venezuela is collateralizing that borrowing with 1.45 million ounces of gold, valued at US$1.8 billion at today’s prices (90% of the value of the gold)
  
• The physical gold is to be delivered and held at the Bank of England.
  
• The collateral will be subject to margin calls as the price of gold increases or decreases.
  
• Venezuela is paying about 8 percent a year for this loan.
  
  

Methinks GS has a cunning plan to get its hands on Chavez's legacy.