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Banco Central de Venezuela

This Is How Venezuela Exported 12.5 Tonnes Of Gold To Switzerland On March 8, 2016 Via Paris

This Is How Venezuela Exported 12.5 Tonnes Of Gold To Switzerland On March 8, 2016 Via Paris

Submitted by Ronan Manly of Bullionstar Blogs

Following on from last month in which BullionStar’s Koos Jansen broke the news that Venezuela had sent almost 36 tonnes of its gold reserves to Switzerland at the beginning of the year, “Venezuela Exported 36t Of Its Official Gold Reserves To Switzerland In January“, there have now been further interesting developments in this ongoing saga.

Venezuela's Gold Liquidation Begins: Maduro Quietly Exports 36 Tonnes Of Gold To Switzerland

Venezuela's Gold Liquidation Begins: Maduro Quietly Exports 36 Tonnes Of Gold To Switzerland

Two weeks ago, shortly before noting that Venezuela's CDS is now at the same level where Greece was 3 months before its default, we wrote that as a result of a recently implemented gold swap with Deutsche Bank, Venezuela was preparing to liquidate its remaining gold holdings (ostensibly temporarily, if only on paper) in order to pay down its upcoming debt maturities.