The Venezuelan government and the country’s opposition are close to reaching an agreement to transfer the central bank’s gold reserves, worth about $4bn, from the Bank of England to the Federal Reserve Bank of New York.
Under the terms of the deal being discussed, the interim government of Delcy Rodríguez would gain legal control over the gold but would not be allowed to immediately sell the holdings, according to four people familiar with the discussions.
Instead, the gold could potentially be used as collateral for borrowing by the government to fund spending, including for reconstruction from June’s devastating double earthquake, three of the people said.
The potential gold agreement is one of the first concrete results from a US-backed negotiation process between the interim government and the opposition.
If the deal is finalised, it would bring to an end a seven-year-long dispute over the gold that began in 2019, when the US, UK and some other governments recognised opposition politician Juan Guaidó, then head of the National Assembly, as the country’s legitimate president.
Since then, the opposition has claimed control over the bullion bars that the Venezuelan central bank had stored in the vaults at the Bank of England. The legal dispute at one stage reached the UK Supreme Court.
Pedestrian nears deal to move content of wallet from their pocket into the muggers pocket.
More like from one mugger’s pocket to another. Venezuela has been denied access to this gold for like a decade.
Venezuela is playing 5D chess here. Maduro has planned a heist. Once the gold is in New York, he will break out of prison, steal the gold back, and then return triumphant to Venezuela
hope he’s been working out. at 17lbs per $million, $4 billion in gold bars will weigh 34 tons
Geoff Dyer in London, Ana Rodríguez Brazón in Caracas, Claire Jones in Washington and Joe Daniels in Bogotá
I wonder how these four (!) authors are going to feel about the time and effort they put into writing all this when, next month, Trump declares that he’s stealing all the gold.
They already did. Guys. Do you not remember? The British and Americans literally informed the venezuelans they are not letting them use the gold.
[Haiti has left the chat]
I have no good words for Delcy. She is selling out the nation to vultures and destroying her country’s future.
Well all the chavistas still have good words for her. Maybe great man theorying delcy isn’t actually a materialist take ?
what is the take on this to have?
the rest of the world’s western marxists insist that this is a tactical retreat, but examples like this keep painting a picture of an out right defeat.
That gold has been held hostage by england for years and years, it has been withheld so long that it was promised to Juan Guido and he hasn’t even been the opposition leader for several years.
The gold is supposed to be doled out to Venezuela according to their new agreement, which would obviously be better than it being completely withheld, right? Even if the US is stealing some of it, if they are also passing some of it to Venezuela, Venezuela is getting access to objectively more resources than they had before, and PSUV and Delcy have all been clear from the jump that their money is going to the collectivos to build the commune movement and build a self sufficient grassroots movement. This all a ploy at “normalization” so they can get more money to invest in their movement, otherwise they are under total blockade and will not have any way to push back against that. The US is stealing from them, why blame the victim of theft for handing their wallet over instead of trying to resist and getting killed in the process.
Yeah that makes sense
Enough with the ingots. Gold is for crowns and talismans and shit. Sick of our era’s bank vault approach to wealth. Make grand objects
But Lemmygrad told me Delcy Rodriguez’s govt isn’t comprador.
Name checks out
Open your eyes
Yes, you have a surface level analysis. only a glimpse of the eyes, no investigation into the details. Try a Marxist approach next time and you might get farther than headlines
Lol, you’re the most blind vassal to the Epsteinian Empire. Humiliated to point of letting the gold go the US when the Europeans took theirs. The Bolivarianism is dead. And Chavez never liked Delcy. He was right.
Cuba is still fighting under worse material conditions. Learn from them. You’re reminding me of clueless USians calling themselves “communist”. A tiny inconsequential outlet for workers frustration is still a tool for the Empire, even when inked red.
The gold was already held London for over a decade, but somehow it getting moved from one thief to another makes the current leadership a comprador but not the leadership of the last decade? At least be consistent and honest that you have never supported the Venezuelan people, putting you squarely on the side of the oppressor then as you are now. Cuba has been trying to “reform and open up” for a long time and the only reason they can’t is because the US stops it. Cuba still supports Venezuela, Venezuelans still support chavismo, the communes still exist with millions of participants, and your reductive analysis only serves US interest by promoting the idea that the left should abandon the Venezuelan masses.
