Venezuela's $4 Billion Gold Haul Heads for New York Amid Rapprochement with US

The Venezuelan government and opposition sectors are negotiating the transfer of 31 tons of gold, valued at around $4 billion, currently held in the Bank of England's vaults. The gold is being held pending a legal resolution to determine who has control over it, following the British recognition of Juan Guaidó as interim president in 2019.

The proposed agreement would transfer the reserves from the Bank of England to the Federal Reserve Bank of New York, with Delcy Rodríguez's government gaining legal control but not direct access to the gold. Any use of the gold would be subject to controls and oversight mechanisms.

This move is part of a broader rapprochement between Venezuela and the United States, which includes the removal of Venezuela from the list of countries that have 'demonstrably failed' to meet their international commitments against drug trafficking. President Donald Trump could also meet with Rodríguez in New York next week.