Venezuela's Gold Rush: $4 Billion Reserve on the Move
The Venezuelan government and opposition are reportedly close to reaching an agreement on relocating the country's gold reserves from the Bank of England to the Federal Reserve Bank of New York.
According to the Financial Times, the Bank of England currently holds approximately 31 tons of Venezuelan gold bars valued at around $4 billion. The proposed deal would grant the government led by Delcy Rodríguez 'legal control' over the gold reserves but would not allow them to be sold immediately.
The reserves could potentially be used as collateral for loans, helping authorities finance public spending, including recovery efforts after the devastating June 24 earthquake that killed more than 6,300 people. The process of finalizing technical details may take some time.