According to reports out of Venezuela today, the president of the Venezuela Central Bank (BCV) Nelson Merentes has confirmed that the country sold four tonnes of its gold reserve “to take advantage of the rise in gold’s price and to generate a profit“.
According to IMF figures, Venezuela had 372.93 tonnes of gold in its reserves, a figure that is now down to 362.05mt after previous sales. This IMF figure fits with the interview given by Merentes, who said that “Venezuela had 357mt gold accumulated and then at the end of July this figure had risen to 366mt” which would include the 4mt just sold.
As there are 32,150.7 ounces in 1mt, at today’s spot rpice of U$1,735/oz Au one tonne of gold is worth U$55.78m.