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The Bank of England's Venezuelan gold conundrum
What's the 'conundrum'? As long as the UK refuses to recognize Venezuela's government, the Bank of England remains free to swap and lease the country's impounded gold for price control. Indeed, maybe the gold already has been swapped and leased a dozen times.
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By Richard Partington
The Guardian, London
Tuesday, January 6, 2026
Deep under London's streets, thousands of miles from Caracas, Nicolas Maduro's seizure by the United States has reopened a multibillion-dollar question: who controls Venezuela's gold reserves at the Bank of England?
After the ousting of Maduro, global attention has largely focused on the South American country's vast oil wealth -- believed to be the largest reserves of any nation. However, Venezuela also has significant gold holdings -- including bullion worth at least $1.95 billion frozen in Britain.
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For years the gold bars have been the subject of a tussle in the London courts, entangling the bank and the UK government in Venezuelan politics and a geopolitical battle that is now taking a fresh twist.
Venezuela has about 31 tonnes of gold held in the vaults of Threadneedle Street, equivalent to about 15% of its total foreign currency reserves. UK court documents put the value in 2020 at about $1.95 billion. However, the gold price has more than doubled since, meaning the bars are probably worth considerably more. ...
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