IN a broadcast statement on July 21 the President of Venezuela accused the British Government of stealing more than €1 billion in gold from his country.
This followed a recent decision by the UK Supreme Court to reject an appeal from the Central Bank of Venezuela to remove the gold bars currently sitting in the Bank of England.
It is not disputed that the gold belongs to Venezuela but what is disputed is whether Nicolas Maduro was lawfully re-elected as President of the country in 2019 or as the UK Government (and many others) suggests, the election was rigged.
In fact, whilst Britain recognises opposition leader Juan Guaido as the properly elected president of the country, it has effectively instructed the ‘independent’ Bank of England to keep the gold in its vaults and this has been supported by the British Court.
Meanwhile, Maduro is furious as his country has significant financial difficulties and he says that he wants the gold released so that he can spend most of it on supporting the local health system which was breaking down even before the pandemic hit.
According to Maduro, he is the legitimate president who runs the country on a day-to-day basis and in his speech accused the British Government of wanting to hand over the gold to “an invented government”.
Many countries leave gold deposits with the Bank of England so that they may be used as collateral against loans or sold if the country wishes to take advantage of rising gold prices
One thing is for sure and that is the spot price of gold has increased by 34 per cent since February 2019.
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