Executive Summary

Key insights and market outlook

Venezuela exported 113 metric tons of gold worth approximately $5.2 billion to Switzerland between 2013 and 2016, during Nicolás Maduro's early presidency ¹

². The gold exports, sourced from Venezuela's central bank reserves, were used to support the country's economy amid economic crisis and declining state revenues ². The exports halted in 2017 following EU sanctions against Venezuela, which Switzerland adopted in early 2018 ².

Full Analysis

02

Deep Dive Analysis

Venezuela's Gold Exports to Switzerland During Maduro's Presidency

Massive Gold Transfers to Swiss Markets

Venezuela exported significant quantities of gold to Switzerland during Nicolás Maduro's early presidency, with total exports reaching 113 metric tons valued at approximately $5.2 billion between 2013 and 2016 ¹

². The gold shipments, worth nearly 4.14 billion Swiss francs, were sourced from Venezuela's central bank reserves ¹.

Economic Context and Motivations

The large-scale gold exports were primarily driven by Venezuela's severe economic crisis and declining state revenues during Maduro's initial term ²

. The Venezuelan government relied heavily on these gold sales to support the national economy and maintain financial stability. Swiss customs data reviewed by Reuters revealed the extent of these transactions, highlighting Switzerland's role as a major hub for gold refining and trading ¹.

Impact of International Sanctions

The gold exports ceased abruptly in 2017, coinciding with the imposition of EU sanctions on Venezuela, which Switzerland subsequently adopted in early 2018 ²

. This international pressure effectively halted Venezuela's ability to continue large-scale gold exports to Swiss markets. The cessation of these transactions marked a significant shift in Venezuela's economic maneuverability and gold trading activities.

References