Looks like it will be sold to purchase dollars to be used for earthquake relief
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International Auditing Firms Will Monitor the Use of Funds Derived from Gold Blocked in England
From Banca y Negocios, Caracas
Saturday, August 15, 2026
The funds derived from the eventual release of the Venezuelan gold bars frozen at the Bank of England will be deposited into an account of the United States Treasury Department and their use in the country will be audited by qualified international companies.
Parliamentarian Ramón Lopez, a member of the National Assembly delegation in the 2015 dialogue tables with the government of President Delcy Rodríguez, assured that the use of Venezuelan gold held in the Bank of England, which they agreed to release for emergency relief after the earthquakes, will be audited by international companies "so that the spending is absolutely transparent."
The Bank of England's vaults hold 31 metric tons of [Venezuelan] gold bullion, estimated to be worth $4 billion.
The parliamentarian gave an interview to Venevision in which he indicated that the use of these resources will be subject to controls, in order to guarantee optimal use for the purpose of repairing the material damage caused by the double earthquake of June 24.
The plan includes rehabilitating homes, building schools, and putting health centers with structures affected by earthquakes back into service.
The agreement establishes the creation of a special fund closely monitored by external auditors. Technical staff will submit regular reports on the physical progress of the assigned infrastructure projects.
Sources from opposition groups indicated to various media outlets that the release of funds abroad is not subject to any political conditions in the context of the negotiations.
Financial analysts point out that the Venezuelan government should analyze the feasibility of unlocking the gold deposited in the United Kingdom, since this is one of the assets that the country would have to count on to restructure its external debt.
The total estimated value of Venezuela's identifiable assets abroad is calculated to be between $40 billion and $45 billion. However, much of this wealth is blocked, frozen, or subject to legal disputes and international sanctions. ...
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