Venezuela Turned to Sale of Monetary Gold as its Main Source of Income

The gold sales flourished during the past year, with the country’s central bank reserves hitting the lowest level in 50 years.

SEATTLE (Scrap Monster): The Nicolas Maduro-led Venezuelan government turned to sale of monetary gold as its main source of income, following the sanctions imposed on the state oil company. The gold sales flourished during the past year, with the country’s central bank reserves hitting the lowest level in 50 years.

The opposition party leader Juan Guaido, who supports the U.S., accused that the Venezuelan administration has sold gold holdings worth nearly $1 billion in euros. The gold was transported to Mali using Russian-owned planes, where they were refined and resold in the United Arab Emirates (UAE).

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Earlier in 2019, Noor Capital- a UAE-based company had announced that it had purchased nearly three tonnes of gold from Venezuela’s central bank, in line with the prevailing international standards and laws in place. At that time, it had clarified that it would refrain from further gold transactions with the country. However, Guaido alleged that the same company has helped Venezuela sell its gold in 2020 as well.

Meantime, the U.S. States Department spokesperson noted that ever since 2016, Maduro has actively encouraged, supported, and facilitated the illegal mining, distribution, and sale of gold.

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