Venezuela Is Selling-Off Its Gold Reserves

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CNBC/Financial Times: Venezuela sells gold reserves as economy worsens

Venezuela’s gold reserves have plunged to their lowest level on record after it sold $1.7 billion of the precious metal in the first quarter of the year to repay debts. The country is grappling with an economic crisis that has left it struggling to feed its population.

The Opec member’s gold reserves have dropped almost a third over the past year and it sold over 40 tonnes in February and March, according to IMF data. Gold now makes up almost 70 percent of the country’s total reserves, which fell to a low of $12.1 billion last week.

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Update: Venezuela Stepping Up Gold Selling as Petrodollars Dry Up (Bloomberg)

WNU Editor: They are selling everything to stay afloat .... but it is only a question of time before even doing this course of action runs out.