Venezuela Shipped 127 Tons of Gold to Switzerland as Economy Teetered

Ten years ago, Venezuela shipped gold worth nearly 4.7 billion Swiss francs (€5.05 billion) from the country’s reserves with the intention of melting it down and selling it internationally.

Swiss public broadcaster SRF said President Nicolás Maduro’s government shipped gold abroad as an “act of desperation” to avert state bankruptcy, selling part of the bullion and using some as collateral for loans and debt refinancing.

Over five years, Venezuela flew 127 tons of gold to Switzerland, Swiss customs records showed, Una Hajdari reported for Euronews.

Switzerland is a leading international hub for gold and, by value, has been the world’s largest importer and exporter of the metal, with Swiss customs data showing huge inflows and outflows in recent years.

Crucially for Venezuela, which was trying to monetize bullion from its central bank reserves, Switzerland hosts some of the world’s biggest gold refineries.

These include Valcambi, PAMP, and Argor-Heraeus, largely clustered in the canton of Ticino.

Refineries can melt and recast metals into the highest standard of internationally tradable formats, known as “Good Delivery” bars, and provide the paperwork and certification that make the gold easier to move and sell across global markets.

The Swiss government did not previously publish data on Venezuela’s gold transfers, in line with the federation’s long-standing tradition of financial discretion, which has made it appealing to wealthy individuals as well as autocratic leaders seeking to store or liquidate assets.

Swiss public broadcaster SRF said President Nicolás Maduro’s government shipped gold abroad as an “act of desperation” to avert state bankruptcy, selling part of the bullion and using some as collateral for loans and debt refinancing.

By the time Venezuela slid into default in 2017, the country was already effectively shut out of normal refinancing channels and running out of usable hard currency.