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Cash-Strapped Venezuela May Sell Gold Reserves, Citigroup Says

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Countries facing cash shortages may be tempted to sell part of their gold reserves to raise funds, according to Citigroup Inc., which cited Venezuela as a potential example amid concern it may default.

The South American nation is one country that may be at risk of selling part of its holdings after oil fell and commodity prices weakened, analysts including David B. Wilson and Aakash Doshi, wrote in a report. Calls by Bloomberg to Venezuela’s central bank and the media office at the finance ministry outside normal office hours weren’t answered.