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From: rubbersoul	9/17/2008 7:38:28 AM
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Venezuela's Central Bank Is Considering Gold Purchase for Coins By Claudia Carpenter Sept. 17 (Bloomberg) -- Venezuela's central bank is considering buying gold to start a domestic gold coin program for investors, said Eli Sanchez, head of the gold department at Venezuela's central bank. ``Part of our function is to increase participation in the gold market,'' Sanchez said in an interview in London today. ``The point is in Venezuela you don't have the opportunity to invest in gold at this moment.'' The coin would be similar to Krugerrands in South Africa and Eagle coins in the U.S., he said. Gold is a ``very important part'' of Venezuela's monetary reserves, and there are no plans to sell the metal, Sanchez said. ``Gold is very correlated to the price of oil.'' Venezuela holds 356 metric tons of the metal, representing about 30 percent of reserves, he said. European central banks may sell 365 metric tons of gold in the year through Sept. 26, the lowest total since they agreed to limit their annual sales in 1999, the World Gold Council said yesterday. To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net. Last Updated: September 17, 2008 04:48 EDT

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