Venezuela To Sell 29 Tons Of Gold To UAE For Cash To Keep The Country Solvent

Daily Mail: Nicolas Maduro will sell $640million of Venezuelan gold to the UAE in return for cash to buy basic goods as Russia denies being in contact with opponent Juan Guaido

* Nicolas Maduro plans to sell a total of 29 tonnes of gold to UAE in return for cash
* First 15 tonne shipment will be flown to the Emirates in coming days, source said
* Cash will then be used to buy basic necessities as regime tries to stay solvent
* America threatened UAE with sanctions if it is caught trading in Venezuelan gold

Venezuela will fly 15 tonnes of gold to the United Arab Emirates in coming days in return for euros in cash as the country tries to stay solvent, sources have said.

In total, Nicolas Maduro plans to sell 29 tonnes of Venezuelan gold - worth around $1.2billion - to the UAE by February in order to buy basic goods and prop up his crumbling government.

Meanwhile Russia, which is backing Maduro, was forced to deny being in contact with opponent Juan Guaido after the politician said he sent a message to Moscow.

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WNU Editor: This is the last asset that Venezuela has to sell. Its oil production is already committed. Unless China or Russia wants to lend Venezuela more money (which is not going to happen), the Venezuelan government will be broke. As of November 2018, Venezuela has 132 tons of gold at various central banks and at the Bank of England.

More News On Reports That Venezuela Will Sell 29 Tons Of Gold To UAE For Cash

Exclusive: Venezuela plans to fly central bank gold reserves to UAE - source -- Reuters
Cash-strapped Venezuela to sell gold reserves to UAE -- MEE and Agencies
Venezuela’s Maduro to sell gold reserves to prop up regime -- NYPost
Crisis-Hit Venezuela to Ship Gold to UAE for Euros in Cash – Reports -- Sputnik
Venezuela plans to fly central bank gold reserves to UAE: Source -- Hurriyet Daily News