Venezuela’s $4 Billion Gold Reserves May Move to New York

A deal to transfer nearly $4 billion worth of Venezuela’s gold reserves from the Bank of England’s vaults to the Federal Reserve Bank of New York is reportedly close to being finalized. However, the proposed agreement has not yet been completed.

According to Reuters, the plan would give Venezuela’s interim government legal control over the gold, while preventing an immediate sale. The reserves could instead be used as collateral for government borrowing, including funds for reconstruction.

Around 31 metric tonnes of Venezuelan gold have remained in the Bank of England’s vaults for years. A legal dispute over control of the reserves has continued since 2019 between Venezuela’s government and opposition forces.

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