Chavez Decision To Recall Overseas Gold Reserves Could Reflect Sanctions Fear

Hugo Chavez' decision to recall Venezuela's gold reserves and nationalize the industry could reflect his paranoia about being hit with financial sanctions, analysts said. 

Chavez and other officials in his administration claimed on Wednesday that the move to recall about $11 billion in reserves stored in U.S. and European banks was being done to protect the country from economic troubles in the developed world. 

Central Bank of Venezuela President Nelson Merentes said the government wants that gold in its vaults during "the time of these disturbances." 

More