Venezuela to sell up to 1,000 kilograms of gold to US market under new deal: report

Venezuelan state-owned mining company Minerven signed a multi-million-dollar contract on Monday to sell 650 to 1,000 kilograms of Gold Dore gold bars to the U.S. market with commodities trader Trafigura, Axios reported.One of the sources said the contract calls for a final gold content of 98%. Trafigura will ship the gold to U.S. refineries under a separate arrangement with the U.S. government, the sources said.U.S. Interior Secretary Doug Burgum, who helps manage the gold contract, arrived in Venezuela on Wednesday to discuss oil and mineral opportunities.One kilogram of pure gold costs approximately $166,000.Prices vary by market, but gold prices rose amid global financial uncertainty. Oil prices have risen since the United States and Israel attacked Iran, one of the world’s largest oil producers.The arrangement comes as business ties between Venezuela and the United States tighten after President Trump ousted the country’s indicted socialist dictator and imposed de facto control over its oil-rich oil companies.The contract is the third extraction agreement struck under the Trump administration’s watch as the United States takes control of Venezuela’s most important and abundant resource, oil. Trafigura is also involved in oil contracts worth more than $1 billion.“The oil is starting to flow and the professionalism and dedication between the two countries is a thing to see!” Trump posted on The Truth Society on Wednesday, also praising Venezuela’s acting president Delcy Rodriguez.On Wednesday, Rodriguez announced a plan to reform the country’s mining laws after meeting with Burgum.The U.S. overthrow of Nicolás Maduro on January 3 and subsequent control of Venezuela’s resources has drawn criticism from Democrats and liberals in Congress, who accuse the Trump administration of imperialism and corruption.But a source familiar with the gold and oil trades said the deals now benefit Venezuela more because the country has access to U.S. markets and a stable financial system.“Venezuela has previously had a lot of corruption involving black market smugglers who took money from the top,” the source said.“Now, the money to buy Venezuelan resources will flow to the Venezuelan government and people. Gold no longer flows overseas to Türkiye or Iran, but to the United States.”