News

May 2016

China smells blood as Venezuela accelerates gold sell-offs

Venezuela’s $1.7bn gold sell-off in the first quarter of 2016 has made them a prime target for ’conquest by capital’ from their primary global financier, China. Wednesday night, the Financial Times reported that Venezuela’s gold reserves “plunged to their lowest level on record” after their central bank made the decision to sell 1.38-million ounces of gold, the equivalent of 43.1 tons (US) or 39.1 tonnes (UK). According to the World Gold Council, Venezuela has the world’s 16th-biggest gold reserve, sitting on [...]