The UN Had To Step In To Allow Venezuela To Sell Gold Held (Supposedly) In Bank of England Vaults

The UN will receive the funds directly, to be used for the purchase of food and medicine. The Bank of England declined to comment…

(Silver Doctors Editors) It seems like Venezuela will be able to sell some gold after all.

If you’re picking-up where this story left off, or if you’re new to this story, here’s where we left off with in this ongoing saga:

Which brings us to reporting today, from Reuters (bold added for emphasis and commentary):

CARACAS (Reuters) – Venezuela has reached a deal with the U.N. Development Programme (UNDP) to destine part of its gold in Bank of England accounts toward the purchase of food and medicine during the coronavirus pandemic, its central bank governor said on Wednesday.

The deal comes after Venezuela’s central bank made a legal claim earlier this month to try to force the Bank of England to hand over part of the 31 tonnes of gold in accounts belonging to the government of President Nicolas Maduro, whom Britain does not recognize as Venezuela’s legitimate leader due to allegations he rigged his 2018 re-election.

Central bank Governor Calixto Ortega told Reuters that under the arrangement, the UNDP would receive the funds directly, a move meant to assuage concerns about potential corruption.

“It’s not my word, it’s not me saying that I am going to buy food, medicine and medical equipment,” Ortega said in an interview in his downtown Caracas office. “It’s the United Nations who is saying that. They are not going to be involved in anything dark that is not neutral and independent.”

Any program would still require the Bank of England to release the gold. The UNDP did not respond to a request for comment. The Bank of England declined to comment.

Of course Bank of England declined to comment.

In fact, it’s safe to say the BOE wants this story to go away as soon as possible.