Venezuela's gold holdings drop 19% from Jan.-May


By Brian Ellsworth
Thursday, October 29, 2015

Venezuelan central bank gold holdings declined in value by 19 percent between January and May, according to its financial statements, likely reflecting gold swap operations and lower bullion prices.

The OPEC nation, struggling with stagflation due to low oil prices and a collapsing state-led economic model, holds a considerable portion of its monetary reserves in gold.

Reuters in March reported that the central bank was in talks with Wall Street to monetize about $1.5 billion of gold in reserves, an operation the bank did not confirm at the time. ...

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