Venezuela's $4 Billion Gold Stash Leaving London After Seven-Year Dispute
Venezuela is close to resolving a seven-year legal and diplomatic deadlock over its $4 billion gold stash held in the Bank of England's vaults. The country's interim leader, Delcy Rodríguez, would gain control of the 31 tonnes of gold bullion but be barred from immediate sales, with the metal instead serving as collateral for sovereign borrowing.
The transfer still depends on UK court rulings over who controls the Bank of England account and finalizing technical custody and supervision terms. This dispute has already progressed to the UK Supreme Court once before.
The Bank of England states it cannot act until a UK court determines account authority, while the British government stresses it is not a party to the control dispute, leaving resolution to independent courts.