Skip to content
Subscriber Only

In Maduro's Venezuela, Even Counting Gold Bars Is a Challenge

  • Gold is nation’s third-largest export after crude, refined oil
  • Venezuela has exported gold to Turkey and United Arab Emirates
Maduro speaks as he touches a stack of 12 Kilogram gold ingots in Caracas.

Maduro speaks as he touches a stack of 12 Kilogram gold ingots in Caracas.

Photographer: Carlos Becerra/Bloomberg
Updated on

Venezuela is home to rich gold deposits and holds billions of dollars of foreign reserves in gold bars in the central bank’s vaults. The question is, how much is there?

The answer has taken on added significance as beleaguered President Nicolas Maduro faces increasing pressure to resign. Last week, countries including the U.S. and U.K. recognized the leader of the National Assembly, Juan Guaido, as the Venezuela’s legitimate leader, amid mass protests. On Monday, the Trump administration issued new sanctions that effectively block crude exports to the U.S., where Venezuela gets the bulk of its cash.