Venezuelan Gold: A Tug-of-War Amid Chaos
Sydney News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Three billion dollars worth of Venezuelan gold, locked up since 2008, is at the center of a political and legal battle. The Central Bank of Venezuela stashed it under Hugo Chavez, but political chaos and sanctions have kept it frozen. Nicolas Maduro tried selling some for COVID aid, but the US and UK backed opposition leader Juan Guaido instead. Meanwhile, illegal mining in the Orinoco Mining Arc has devastated the Amazon forest and fueled corruption and violence. The US has seized one hundred million dollars in gold bars and issued licenses for American firms to mine Venezuelas resources. The UK insists on real democracy before any gold returns, leaving the stash in limbo as US deals risk arming crooks and clashing with rivals like China.
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