Venezuela's Gold Reserves: Maduro's Relationship with Switzerland

Venezuela's Gold Reserves Went to Switzerland

Reuters has obtained customs data and reports from the Swiss publication SRF revealing that Venezuela exported a large amount of its gold reserves to Switzerland between 2013 and 2016. The value of the gold sent during this period was recorded at 4.14 billion Swiss francs (approximately 5.20 billion dollars). This data, providing significant insights into how the Maduro administration utilized its gold reserves in the face of economic crisis, clearly highlights the situation.

Strategic Steps for Economic Support

According to market analysts, the Venezuela Central Bank (BCV) was struggling with financial difficulties between 2012 and 2016. To meet the existing cash currency needs in the face of U.S. sanctions and falling oil prices, the government sought to utilize its gold reserves by processing them in Switzerland, certifying them, and converting them into cash. At that time, Switzerland was prominently known as one of the world's largest gold processing centers.

Consequences of the Halted Gold Trade in 2017

Customs records indicate that after European Union sanctions were imposed in 2017, gold trade between Venezuela and Switzerland ceased. No gold exports from Venezuela to Switzerland were recorded between 2017 and 2025.

Asset Freezing

These emerging data are connected to developments during a period of escalating political crisis in Venezuela, such as Nicolás Maduro being overthrown and transferred to the United States by U.S. forces. The Swiss Federal Council announced on January 5, 2026, that all assets belonging to Maduro and 36 of his relatives had been frozen. However, it remains unclear whether the frozen assets are linked to the previously sent gold.

StoneX Market Analyst Rhona O'Connell commented, "A significant 'desperation sale' was executed by the Venezuela Central Bank between 2012 and 2016. It is not surprising that a large portion of this gold ended up in Switzerland. Afterwards, these assets either remained within the financial structure or were sold in small units to the Asian market."