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Why did Maduro move 127 tons of Venezuelan gold to Switzerland?

2026-01-08 13:14:00, Kosova & Bota CNA

Why did Maduro move 127 tons of Venezuelan gold to Switzerland?

Ten years ago, the Venezuelan government secretly transported about 127 tons of gold from state reserves, worth approximately 4.7 billion Swiss francs (or 5.05 billion euros), to Switzerland. The purpose of this operation was to melt the gold and sell it on international markets.

According to Swiss customs records, the gold was transported by air over a five-year period. Swiss customs authorities, which record and report all imports and exports, have been tracking these massive shipments of Venezuelan gold.

Switzerland is one of the world's leading gold trading hubs and, by value, has been the largest global importer and exporter. A key factor for Venezuela was the fact that the country is home to some of the world's largest gold refineries, including Valcambi, PAMP and Argor-Heraeus, mainly concentrated in the canton of Ticino.

Swiss public broadcaster SRF reported that the decision by President Nicolás Maduro’s government to move gold abroad was taken as an “act of desperation” in an attempt to avoid state bankruptcy. According to the report, some of the gold was sold to provide liquidity, while the rest was used as collateral for loans and to refinance state debt.

The SRF also points out that, after repeated melting, some of the Venezuelan gold was likely transported further to other countries, including the United Kingdom, which is also an important international gold trading center. Meanwhile, Venezuela has also sold a significant amount of gold to Turkey./CNA





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