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Maduro: Venezuela Sitting on 2nd Biggest Gold Reserve on Earth

President Nicolas Maduro and the Economic Team during the speech addressing new measures to improve the economy. November 2, 2018. | Photo: @PresidencialVen President Nicolas Maduro and the Economic Team during the speech addressing new measures to improve the economy. November 2, 2018. | Photo: @PresidencialVen
President Nicolas Maduro announced a new set of measures in the Venezuelan gold industry to combat the U.S. imposed sanctions, who he described as “crazy” and “criminals,” accusing the North American country of blocking, and raising the price of food and medicine imports into the country.

The U.S. government announced a new set of sanctions against the Latin American country, potentially limiting their gold exports, as announced by the national security senior advisor John Bolton. The sanctions already prohibited institutions, business and anyone from giving any kind of financial support to the Bolivarian Revolution.

Maduro answered Bolton’s comments during a televised speech, saying Venezuela is currently certifying 32 gold fields. “Everything suggests that Venezuela will be the second biggest gold reserve on planet Earth,” said the president, adding that the country will do what’s necessary to get around the restrictions that are preventing medicine and food to enter the country.

“If we go out to purchase the required food… we end up paying 50, 60 or 80 percent more,” said Maduro. “These are crazy, schizophrenic, criminal sanctions… but we will never bow down. Venezuela will never surrender to the North American imperialism.”

Maduro, along with his economic team, announced Venezuela is installing 54 gold processing plants with new technologies to avoid the polluting use of mercury. According to their predictions, the plants will bring Venezuela about 5,000 million dollars in 2019.

The Venezuelan government has been building alternative commercial ties in order to evade the U.S.-imposed sanctions. In 2018, the Caribbean country exported about 900 million dollars in gold to Turkey, according to Turkish official data.

  • Countries: Latin America

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