Venezuela's $4B Gold Transfer Nears Finalization

Venezuela's government and opposition are making progress on an agreement to transfer $4 billion in gold reserves from London to New York, according to sources familiar with the matter.

The 31 tons of gold have been held in Bank of England vaults since 2019, when the US, UK, and other nations recognized Juan Guaidó as Venezuela's legitimate president. The opposition has insisted on control mechanisms to prevent misuse of the reserves.

Under the proposed terms, an interim government led by acting President Delcy Rodríguez would gain legal control of the gold but be barred from selling it immediately. The gold could be used as collateral for borrowing, with proceeds partially earmarked for reconstruction following the June earthquake in Venezuela.