📊 What actually happened
Venezuela shipped a massive amount of gold to Switzerland between 2013 and 2016:
113 metric tons of gold were exported from Venezuela’s central bank to Switzerland during the early years of President Nicolás Maduro’s rule. �
That gold was valued at about 4.14 billion Swiss francs (~$5.2 billion USD) at the time. �
The shipments were recorded in Swiss customs data and mostly went to Swiss refineries, which are among the largest in the world — likely for processing, certification and resale. �
💰 Why Venezuela sent the gold
Venezuela’s economy was in serious distress during this period, with hyperinflation, plummeting oil revenues and rising debt.
The central bank sold gold reserves to raise hard currency and support state finances when other sources of foreign exchange dried up under sanctions and economic collapse. �
🛑 What changed after 2016
Gold exports to Switzerland dropped to zero after 2017 following the introduction of EU sanctions on Venezuelan individuals tied to the Maduro regime — sanctions Switzerland adopted in 2018. �
While the sanctions didn’t include a general Swiss embargo on Venezuelan gold, the combination of sanctions and depleted reserves halted exports. �
🇨🇭 Switzerland’s response and follow-up
In early 2026, Switzerland froze assets linked to Nicolás Maduro and 36 associates after his capture by U.S. forces — part of a move to prevent flight of potentially illicit assets. �
Reuters
Authorities have not publicly confirmed whether any of the frozen assets are tied to the gold shipments. �
🧠 Context and significance
Switzerland is one of the world’s main gold refining and trading centers, so large volumes naturally pass through its markets. That doesn’t automatically imply wrongdoing — but the scale of the transfers and the opaque handling has raised questions. �
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