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The world is buzzing after fresh data revealed that Venezuela secretly transported a massive amount of its gold reserves to Switzerland during the early years of Nicolás Maduro’s presidency. Between 2013 and 2016, the South American nation exported 113 metric tons of gold to Swiss refineries, according to customs figures reviewed by Reuters.

At the time, Venezuela’s economy was already under severe strain. Hyperinflation, falling oil prices, and growing sanctions had pushed the government into desperate measures. Instead of holding gold as a reserve asset, Caracas began selling large quantities overseas to raise hard currency. This gold — worth almost 4.14 billion Swiss francs (about $5.2 billion) — was shipped to Switzerland, one of the world’s top centers for gold processing and refining.

The gold shipments abruptly stopped after 2017, when the European Union imposed sanctions on Venezuelan officials and financial activity, sanctions that Switzerland later adopted. Customs records show that no official gold exports from Venezuela to Switzerland took place from 2017 through at least 2025. Analysts suggest this was likely due to a combination of sanctions pressure and Venezuela’s depletion of central bank reserves.

Now, this gold story is gaining global attention at a critical moment. In early January 2026, U.S. forces carried out a high-profile operation in Caracas that resulted in the capture of Nicolás Maduro and his wife on charges including drug trafficking and narco-terrorism. In response, Switzerland has frozen assets linked to Maduro and his close associates as part of broader efforts to prevent illicit funds from being moved out of the country.

Many questions remain: Who benefited from the billions generated by the gold sales? Did the funds support government spending, or were portions diverted into private accounts? With ordinary Venezuelans continuing to suffer under economic collapse and shortages, the scale of these gold transfers highlights how national wealth was used — and possibly misused — during years of crisis.

While the gold was likely processed and sold onward after refining in Switzerland, there is still no public clarity on the final destination of all proceeds and whether any of the frozen Western assets are tied to those past transfers. What is clear is that this revelation adds another layer of scrutiny to Venezuela’s financial history and ongoing political upheaval.
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