Between 2013 and 2016, Venezuela sent 113 metric tons of gold to Switzerland, as per data from customs authorities. This gold, valued at approximately 4.14 billion Swiss francs, or US$5.20 billion, reportedly originated from Venezuela’s central bank. This substantial transaction occurred in the early years of Nicolas Maduro’s presidency, a period when the Venezuelan government was selling gold in an effort to bolster its struggling economy.
During the years from 2012 to 2016, the Venezuelan central bank engaged in significant distress selling. According to Rhona O’Connell, a markets analyst at StoneX, much of the sold gold likely ended up in Switzerland. After its arrival, the gold may have remained with financial sector counterparts, been re-sold as small bars to Asian markets, or distributed elsewhere globally.
The customs data revealed a noticeable halt in gold exports from Venezuela to Switzerland starting in 2017. This cessation coincided with the introduction of European Union sanctions and continued until at least 2025. O’Connell from StoneX posited that this drastic reduction in exports was likely a result of the Venezuelan central bank exhausting its gold reserves.
In more recent events, Maduro was apprehended by U.S. special forces during a raid in Caracas on January 3, and is currently facing drug-related charges in a New York court. In response to these events, Switzerland took action on Monday by freezing the assets held within the country by Maduro and 36 of his associates. However, Swiss authorities have not disclosed any details regarding the value or origin of these impounded funds.
Why was Venezuela selling gold to Switzerland?
The Venezuelan government was selling gold in a bid to shore up its struggling economy during the early years of President Nicolas Maduro’s leadership.
What happened to the gold after it arrived in Switzerland?
Post-arrival, the gold might have remained with financial sector entities in Switzerland, been sold as small bars to Asian markets, or distributed globally.
Why did the gold exports from Venezuela to Switzerland stop in 2017?
The halt in gold exports coincided with the enforcement of European Union sanctions against Venezuela. Additionally, it’s speculated that the Venezuelan central bank may have depleted its gold reserves, contributing to the cessation in exports.
