Financial Times Reported: Venezuela's Gold Reserves, Worth Approximately $4 Billion, Located in the UK Will Be Moved to the US.
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According to the Financial Times (FT), under a new agreement nearing completion between the Venezuelan government and the opposition, approximately 31 tons of gold, worth about $4 billion, that has been frozen in the UK since 2018, will be transferred to the vaults of the US Federal Reserve (Fed) in New York.
Venezuela's 31-ton gold reserves, frozen in the UK since 2018, are allegedly going to be transferred to the Federal Reserve's (FED) vaults in New York.
According to the Financial Times (FT), under a new agreement nearing completion between the Venezuelan government and the opposition, approximately 31 tons of gold, worth about $4 billion, that has been frozen in the UK since 2018, will be transferred to the vaults of the US Federal Reserve (Fed) in New York.
A new era could begin for Venezuela's nearly $4 billion gold reserve held in Britain for years. According to the Financial Times, the opposition and the government are nearing the end of the deal, which envisages moving 31 tonnes of gold from London to the Fed's vaults in New York. If the plan comes to life, the sale of gold will not be allowed, the reserves will become collateral for financing.
According to the Financial Times, the agreement between the Venezuelan government and the opposition stipulates that 31 tons of gold, frozen in the UK since 2018, will be transferred to the Fed's New York vaults. The new administration will not be able to sell the gold; it will be used as collateral for loans, for post-earthquake reconstruction, and for fighting inflation.
Following the Trump administration's military operation to oust Maduro from Venezuela, the country's oil resources and gold reserves have come under scrutiny. It has been reported that approximately 31 tons of Venezuelan gold, worth around $4 billion, held in the UK, have been transferred to New York.
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