"As long as there's no find, the noble brotherhood will last. But when the piles of gold begin to grow...that's when the trouble starts."
--Howard (The Treasure of the Sierra Madre)
Venzuela is nationalizing its gold industry. This is one of the big risks with owning natural resource companies in general and precious metals miners in particular.
Political risk looms large in this sector.
On the other hand, the physical commodity itself does not carry political risk--at least of the kind that amounts to expropriation of producer property.
position in gold
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The United States Gold Reserve Act of January 30, 1934 required that all gold and gold certificates held by the Federal Reserve be surrendered and vested in the sole title of the United States Department of the Treasury.
The Gold Reserve Act outlawed most private possession of gold, forcing individuals to sell it to the Treasury.
A year earlier, in 1933, Executive Order 6102 had made it a criminal offense for U.S. citizens to own or trade gold anywhere in the world, with exceptions for some jewelry and collector's coins.
~wikipedia
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