A grim new low…
(Silver Doctors Editors) A very interesting catch by GATA.
For some background on the sanctions imposed against Venezuela, including gold sanctions, check out our Venezuela Gold Sanctions posts.
Venezuela Cash Hoard Sinks Below $1 Billion With Gold Locked Up
Venezuela’s international reserves, already at a 30-year low, have hit a grim new milestone as cash holdings fall below $1 billion amid crippling economic sanctions.
Venezuela’s central bank now has only about $800 million left in cash and an additional $200 million of other liquid assets, according to three people with knowledge of the bank’s balance sheet. While the country holds some 73 tons of gold in local vaults, selling it has become increasingly difficult amid the U.S. efforts to cut off Nicolas Maduro’s regime from a global network of buyers, banks and middlemen.
The shrinking coffers mark a new low for Venezuela, where an economic crisis rooted in the collapse of its all-important oil industry has been exacerbated by wide-reaching U.S. sanctions that have cut the nation off from international capital markets. A shortage of cash could threaten the Maduro regime’s ability to continue food subsidy programs, import basic goods and maintain support from top military officials.Press officials for Venezuela’s central bank didn’t respond to requests for comment.
A significant chunk of Venezuela’s gold, 32 tons worth about $1.6 billion, remains in London after the Bank of England declined multiple requests from Maduro to repatriate the gold. While the central bank is independent, the U.K. government doesn’t recognize Maduro as the country’s legitimate leader and says his regime shouldn’t have access to overseas assets. …
… For the remainder of the report:
Toast to a free gold market
with great GATA-label wine
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