Scrap Monster/Paul Ploumis/5-20-2019
“Venezuela has sold nearly 14 tons of gold, worth approximately $570 million, from its reserves during the month of May this year. The country’s reserves have plunged to 29-year low of $7.9 billion, in accordance with data provided by Venezuela’s monetary authority.”
USAGOLD note: We should not overlook Venezuela’s out-sized role in keeping a lid on the gold price in recent months offering gold in a market all too willing to scoop it up at bargain-basement prices. Scrap Monster reports that the country sold 23 tonnes of gold since the beginning of April. It goes on to say that Venezuela has sold 40% of its gold reserves since 2018, but that the Bank of England has blocked sales from its London holdings. With that set of facts in mind, one has to ask whether or not Venezuela might be at the bottom of the barrel.
