Venezuela's $4 Billion Gold Haul Unlocked as Government and Opposition Near Agreement

A potential agreement between Venezuela's government and opposition could unlock $4 billion in gold reserves currently held at the Bank of England.

The proposed transfer would give interim President Delcy Rodríguez legal control over the gold, but it would not be available for immediate sale. Instead, it could be used as collateral for government borrowing to finance reconstruction efforts following June's twin earthquakes.

The dispute over Venezuela's gold has been ongoing since 2019, when Britain recognized opposition leader Juan Guaidó as the country's legitimate president. The Bank of England has withheld approximately 31 metric tons of Venezuelan gold worth around $4 billion amid the legal dispute.