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The Spanish Main and other emerging economies => Not just the Caribbean => Topic started by: Jet Cash on November 09, 2018, 11:55:27 AM

Title: The BoE Refuses To Release Venezuela’s Gold Worth $550 Million
Post by: Jet Cash on November 09, 2018, 11:55:27 AM
Quote from: Kitco
The Bank of England (BoE) is reportedly refusing to release gold bars worth just over $550 million to President Nicolas Maduro, who fears that U.S. sanctions against Venezuela would restrict access to that gold in the future, according to media reports.

It seems that there are several issues here. They state that they are concerned that Maduro may grab the gold for himself. Then there is the US sanctions issue, and the fact that the gold was used to guarantee some loans. There are also some who think that the UK government may have sold it to fund their desire to keeo Britain in the shackels of the EU.

What it does illustrate is the dangers in letting others look after your assets.