Data reveals historic shipments of Venezuelan gold to Switzerland

A handout photo made available by the Miraflores Palace shows Venezuelan President Nicolas Maduro holding a gold ingot Keystone

Venezuela delivered 127 tons of gold to Switzerland 10 years ago in an act of desperation to avoid bankruptcy, according to analysis of customs data by Swiss public broadcaster RTS.

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Between 2012 and 2016, Venezuela discreetly transferred part of its gold reserves to Switzerland for processing, certification, and subsequent transport. This is one of the largest gold shipments in recent decades. Since 2017, no more gold from the South American country has arrived in Switzerland.

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The haul of gold was worth nearly CHF4.7 billion at the time. The shipments took place under the regime of the now-imprisoned former president, Nicolás Maduro.

While the government has remained silent regarding the gold transfer, the deliveries have been proven thanks to Swiss customs statistics. Imports and exports are recorded by customs authorities.

The gold delivered to Switzerland originated from the Central Bank of Venezuela. The bank has reduced its gold reserves by more than half in recent years; some of this gold ended up in Switzerland and was subsequently transferred to other countries.

Switzerland is an international hub for gold. Several refineries in our country melt gold into various ingot sizes. After remelting, Venezuelan gold was likely transported to other countries, such as Britain, which is also a major gold hub. Venezuela also sold significant amounts of gold to Turkey.

At the time, this did not violate any sanctions. But such transactions have since become difficult after the Swiss government strengthened financial transaction regulations in 2018, to align with the European Union.

By transferring gold reserves abroad, Maduro’s government aimed to avert state bankruptcy. Some of the gold was sold, with some used as collateral for loans.

In 2014, a severe economic crisis gripped the country. Following the collapse of oil prices, gross domestic product (GDP) plummeted by 80%. The country could only obtain new loans against collateral, which is why the gold had to be urgently transferred abroad.

The attempt to avoid state bankruptcy by moving gold reserves abroad failed. By 2017, Venezuela could no longer meet its obligations and could neither repay its debts nor pay the corresponding interest.

External debt is estimated at $170 billion. The debt burden is equivalent to twice the country’s GDP. Venezuela is therefore bankrupt.

Meanwhile, Venezuela has become an extremely poor country. As a result, trade with Switzerland has completely collapsed. In 2024, Switzerland delivered goods worth barely CHF36 million to Venezuela – 90% less than ten years ago. Swiss companies hardly do business with Venezuela anymore as the risk of default seems too high. Added to this are the looming threat of United States economic sanctions. Venezuela has become insignificant in terms of trade with Switzerland.

Adapted from French by DeepL/mga

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