The Saga Continues: Venezuela’s 31 tonnes of seized gold at the Bank of England | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

The Saga Continues: Venezuela’s 31 tonnes of seized gold at the Bank of England

In what’s becoming one of the longest running legal dramas in the global gold market, the saga of Venezuela’s ‘frozen’ gold in London continues to roll on, most recently reaching the UK Supreme Court in a 4 day court hearing between 19 – 22 July.

At the core of the legal drama is the question of who has the authority to withdraw Venezuela’s gold reserves which are stored in custody at the Bank of England. Is it the Banco Central de Venezuela (BCV) under the direction of de facto president of Venezuela, Nicolás Maduro, or is it a team directed by self-styled interim president of Venezuela Juan Guaidó, who is backed by the US and UK governments. Given the multiple developments in this saga over the last few years and the complexity of the matter, a recap is in order.

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