Venezuela gold reserves drop by $1bn in first half 2019
CARACAS – Gold reserves held by Venezuela's central bank fell by $1-billion in the first half of 2019, official data released this week showed, amid opposition accusations that the government is selling the precious metal abroad to raise revenue in the face of US sanctions.
The value of the gold bars in central bank vaults fell to $4.62-billion, down 18.5% from $5.67-billion dollars at the end of 2018 - the lowest in 75 years, according to bank data.
Opposition leaders have for months accused the government of President Nicolas Maduro of withdrawing gold to sell abroad as US financial sanctions have crippled oil exports and blocked it from borrowing abroad.
The drop corresponds to a decline of 26.36 tons of gold from reserves, leaving the bank with about 102.40 t. About one-third of that is held by the Bank of England.
Ruling Socialist Party officials accuse the Bank of England of refusing to repatriate the gold due to sanctions. The Bank of England has declined to comment, citing internal policy.
Venezuela's central bank did not immediately respond to a request for comment.
Last year, Maduro's government began exporting gold produced by informal miners in the southern jungles to Turkey for the first time. The value of central bank gold had already fallen by $1-billion in the second half of 2018, according to bank reserves.
Despite Trump administration sanctions and pressure on traders not to buy Venezuelan gold, more than 16 tons of it left bank vaults for unknown destinations, according to legislators and officials of the Maduro government.
Two government sources indicated this week that the bank has again started taking gold out of coffers in August, adding that soldiers have been posted at the bank's headquarters in the last two months in an unusual stepping of security.
The sources did not specify the volume of gold that could leave the bank.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation