Venezuela Converts Useless Banknotes Into Gold

by Haimantee Ghosh February 11, 2019

The most successful financial operations of Venezuela have not stirred the media so much in recent years like the occurrences of primitive gold-mining camps in the Southern region of the nation. With the devastating economy of the country, an estimated 300,000 fortune hunters have dismounted on this mineral-enriched jungle region for earning gold-flecked earth from provisional mines.

Their shovels and picks are assisting to give backup the leftist government of President Nicolas Maduro. Since 2016, his administration has bought 17 tonnes of the metal worth around $650 million from so-called artisan miners, according to the most current data from the central bank of the nation.

Along with the payments with almost worthless banknotes, these amateurs supply the government direct currency for purchasing the required imports of food, and hygienic products. This gold trade is a blip on the international markets. Still, the United States is using approvals and scarring in an effort for stopping Maduro from using gold of his nations for staying afloat.

The Trump administration is forcing the United Kingdom not to release $1.2 billion in gold reserves Venezuela stored in the Bank of England. Recently, the US officials rebuked an Abu Dhabi based investment firm for its Venezuela gold purchases, and have alerted other potential foreign buyers to push off.

The existence of the gold program of Nicolas Maduro is well-known. Forgetting the internal glimpse, Venezuela’s gold from steamy jungle mines has been tracked through the central bank in the capital of Caracas to the refineries and food exporters abroad, connecting with more than people with knowledge of the trade. They included miners, merchants, academic researchers, diplomats, and government officials.

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