Approximately 31 tons of Venezuelan gold, currently valued at around $4 billion and held for years in the Bank of England's vaults, may be transferred to New York. This potential move is part of an agreement being negotiated between Venezuela's interim government and opposition factions.
The Financial Times disclosed these negotiations on Friday, citing four individuals familiar with the discussions. Reuters subsequently reported on the matter, noting that it was unable to independently verify the information.
Potential Move to the Federal Reserve Bank of New York
Under the proposed plan, the Central Bank of Venezuela's reserves would shift from the Bank of England to the Federal Reserve Bank of New York. However, this transition wouldn't grant interim president Delcy Rodríguez immediate access to sell the gold bars at will.
The agreement would provide legal control over the assets but initially restrict direct sales. Instead, the gold could serve as collateral to secure state financing, including funds for rebuilding areas devastated by June's earthquakes in Venezuela.
Oversight and Restrictions: A Key Demand
Opposition groups have insisted on oversight mechanisms and restrictions concerning resource allocation. A source involved in the negotiations told the Financial Times that Rodríguez wouldn't have direct access to the gold once it's in the U.S., and any use would be subject to stringent controls.
The 31 tons of gold remain entangled in an ongoing political and legal dispute in the UK, stemming from the British recognition of Juan Guaidó as interim president of Venezuela back in 2019.
In December 2021, the UK's Supreme Court ruled that British courts should honor the UK government's decision, amid a legal battle between rival boards of Venezuela's Central Bank appointed by Guaidó and Nicolás Maduro to decide who could control the gold.
Changes in 2026: New Leadership and Diplomatic Shifts
The situation evolved in 2026 after U.S. forces captured Maduro, and Delcy Rodríguez assumed the interim presidency amidst warming relations between Caracas and Washington.
In July, Rodríguez reached out to King Charles III, requesting the release of Venezuela's reserves in London to aid in post-earthquake reconstruction efforts. However, this plea alone wasn't enough to unlock the assets.
The British government clarified that it is not involved in the legal process determining who controls the gold, while the Bank of England remains bound by court rulings.
A significant development occurred in August when representatives from the interim government and the National Assembly elected in 2015 agreed to collaborate in efforts to recover the reserves. This understanding included commitments to transparency, traceability, and oversight regarding future use of the resources.
Improving U.S.-Venezuela Relations
The potential transfer of the gold to New York aligns with a period of strengthening ties between the United States and Venezuela. Earlier this week, President Donald Trump removed Venezuela from the list of nations that have "demonstrably failed" to meet international anti-drug trafficking commitments, a designation it had held since 2005.
Despite this, Venezuela remains on the broader list of countries considered major transit or production points for illicit drugs.
Trump and Rodríguez might have their first face-to-face meeting next week in New York during the United Nations General Assembly, although this gathering has not yet been confirmed.
This negotiation marks a departure from a previous Venezuelan gold transaction earlier this year. In March, the United States received a shipment of Venezuelan gold valued at approximately $100 million, marking the first exchange of precious metals between the two countries in over two decades.
Frequently Asked Questions About Venezuelan Gold Transfer
Why is the Venezuelan gold potentially moving to New York?
The gold may be moved as part of negotiations between Venezuela's interim government and opposition to utilize it as collateral for state financing, particularly for reconstruction efforts after recent earthquakes.
Who currently controls the Venezuelan gold in the UK?
The gold is currently held by the Bank of England, amid a legal dispute between rival boards appointed by Juan Guaidó and Nicolás Maduro, with control decisions pending in UK courts.
What are the implications of moving the gold to the Federal Reserve Bank of New York?
Moving the gold to New York could allow it to be used as collateral for financing, but it won't mean immediate access for sales or use by the interim government. Strict oversight and controls would be implemented.