Venezuelan gold doesn't seem to be returning from Turkey

Section:

Venezuela Exported $779 Million in Gold to Turkey in 2018, Data Says

By Humeyra Pamuk and Corina Pons
Reuters
Thursday, July 19, 2018

Venezuela exported $779 million of gold to Turkey in 2018, according to Turkish government statistics, further evidence that the South American country is shifting its pattern of trade following a wave of sanctions that began last year.

Venezuela's Mining Minister Victor Cano on Wednesday said the central bank was exporting gold to Turkey rather than Switzerland due to concerns about sanctions, without specifying the amount that was being sent.

... Dispatch continues below ...



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The latest data on Turkey's Statistical Institute website show that between January and May, Venezuela exported 20.15 tonnes of gold to Turkey, compared with none in 2017. Turkey did not send an equivalent amount of gold back to Venezuela, the data showed.

Cano on Wednesday said the gold exported to Turkey would ultimately return to Venezuela to become part of the central bank's portfolio of assets.

The Venezuelan Central Bank did not respond to a request for comment. ...

Data from Turkey's Statistics Institute does not show any gold exports back to Venezuela in 2018, so it is possible the refined gold is being sold there or in other markets. ...

... For the remainder of the report:

https://www.reuters.com/article/venezuela-gold-turkey/corrected-venezuel...

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