Reply To: Venezuela

[alanjjohnstone]

The Bank of England stopped Venezuela from taking back its gold, a refusal long before the present crisis over president recognition.

https://www.bloomberg.com/news/articles/2019-01-25/u-k-said-to-deny-maduro-s-bid-to-pull-1-2-billion-of-gold

On 5 November, the London headquartered Reuters news agency reported that the Venezuelan state, fearing sanctions, is attempting to repatriate 14 tonnes of gold from the Bank of England in London, but that this gold withdrawal and transport operation has not yet been actioned

https://www.bullionstar.com/blogs/ronan-manly/bank-of-englands-refusal-to-return-venezuelas-gold-sets-a-worrying-precedent/

Venezuela has been selling its sizeable gold reserves, built up under Hugo Chavez, to try to address the economic crisis plaguing the country. In 2018 it sold about 26 tons, worth close to $900 million, to Turkey.  In the past four years, Venezuela’s gold reserves have decreased to about 175 tons from about 400 tons