The Secretive Gold Deal Keeping Venezuela Afloat


Day-to-day life for the average
Venezuelan is a struggle, from the moment you wake up to the moment you go to sleep. From waking up and trying
to turn the lights on, to finding out that the
power went out overnight, and then trying to take
your morning shower, to find out that you
have no water at home. Then paying for everything has become increasingly
complicated, there’s no cash. Venezuela finding itself
without access to dollars, without access to banks, without access to avenues of
finance, even for their oil, came to the realization, I
guess, that it needed money, and it needed to find a way to get cash when most of the world didn’t want to give ’em access to cash. All assets of Maduro,
subject to U.S. jurisdiction, are frozen. So now that U.S. sanctions
have effectively cut off Maduro’s access to a
global financial network, gold is the last lifeline that Maduro has. [Television Announcer] Reports
claim the Maduro regime is selling out the country’s gold reserves to ease the pressure of
international sanctions. In the last couple of years, on the side, and sort of in secret, the Venezuelans and the
Turks started setting up a pretty sophisticated web of trade of food and gold between
the two countries. We’re not sure who’s winning from the sale of Venezuela’s gold, but what’s clear is that the
Venezuelan people are losing. My name is Michael Smith, and I’m a reporter for the
project and investigations team here at Bloomberg News. My name is Patricia Laya, and I’m Bloomberg’s
Venezuela bureau chief, and I write about Venezuela’s
clandestine gold sales. So the situation in
Venezuela is really bad, and there’s currently sort
of two worlds in Venezuela, one world is for the people
who have access to dollars. You can probably afford to
have a power generator at home in case the power goes out, and you can probably have
a water tank installed for when there’s shortages of water. Now there’s the second
world, that’s the world that the vast majority
of Venezuelans live in, and it’s the world where
you live in bolivares. There’s shortages of food, inflation runs in the
thousands, tens of thousands, hundreds of thousands
percent, nobody really knows. Which means, your savings
have long been gone. There’s extreme levels of crime that makes life extremely difficult for anyone who’s just
sort of living there. You have a whole population
that’s subdued by hunger, and that’s also under the
control of the government, who’s become their sole provider. People who can’t really
think of an economic future because they can’t think beyond
the day that they’re living. Nicolas Maduro is a former bus driver and a former union leader. Maduro came to power in
2013, when Hugo Chavez died. And he was basically Chavez’s
handpicked successor. Outwardly, their message was that they wanted to spread
the country’s oil wealth fairly among the poorest Venezuelans. And for a while, they were able to, when oil prices were really high, they funneled much of that money through social programs in Venezuela. But they’ve been heavily corrupted in so many different ways,
and bungled, and misapplied, that they’ve really turned into something that has just had an
incredibly detrimental effect on the people of Venezuela
in many, many different ways. And when oil prices crashed, the whole economy came crashing down, ’cause Venezuela depends on
95% of its revenue on oil. How bad is it, and is
there any end in sight? It’s terrible, it’s getting worse, basically Maduro is
waging economic warfare against his own people, his own country. An abuse of power that
started with Chavez, that allowed him to not just change the country’s constitution, but also fill the country’s courts and the electoral authority with people that were loyal to him, and that allowed the country to completely eliminate any
sort of democratic institution. Maduro has given most of
the government’s control to the military, so the feeling is that, if
Maduro falls, they fall. So, they have formed a bond
through money laundering, fraud, and all sorts
of illegal businesses. [Television Reporter] A
first shipment of gold bars has arrived in Venezuela
after President Hugo Chavez recalled almost all the country’s
foreign bullion reserves from western banks. So in 2011, shortly after
the US economic crisis and the European debt crisis, Chavez basically used that as an excuse to have about 11 billion worth of Venezuela’s gold repatriated
from banks in North America, banks in Europe, back to Venezuela. He said that it was a measure to safeguard against financial
instability around the world. And that move by Chavez
almost a decade ago is what’s keeping Maduro
selling gold nowadays. It’s legal for Maduro to sell his gold, but what’s happened is
that after U.S. sanctions, a lot of the buyers have been spooked. So what’s happened is that they’ve begun to sell the gold in secrecy. [Reporter] On Venezuela, you did the tough sanctions and you sent the aid, but it seems like Maduro
is no closer to leaving. We really haven’t done the
really tough sanctions yet. We can do the tough sanctions
and all options are open. We want Maduro to leave so there can be free and fair elections, with the ultimate goal of ensuring that there’s democracy
and freedom in Venezuela. The U.S. has imposed sanctions on Venezuela more than a decade ago, but they never went further than individual targeted
sanctions until 2017. We have our eye very closely on Venezuela, Since President Trump took office, they were just accelerated
to cover hundreds of people and companies and government entities and that sort of thing. We have continued to expose the corruption of Maduro and his cronies
and today’s action ensures they can no longer loot the
assets of the Venezuelan people. US sanctions can be
devastating for the people and companies that are targeted, they’re listed and targets of sanctions. You become a pariah in the
system of commerce and finance. Unless you’re in a country that will allow you to do
business despite US sanctions, and that’s what’s going on with Turkey. [News Anchor] Let’s get straight to the
breaking news overnight. An attempted coup leading to chaos, death, and instability in Turkey. In July of 2016, there was a coup attempt in Turkey against the government President Erdogan, and it was a serious material threat to the Erdogan government. The US watching this sudden uprising with concern. Erdogan felt isolated, he wasn’t getting much support from anyone in the world that day, and one of the first calls he got was from a representative of
the Venezuelan government, who contacted the Turkish
embassy in Venezuela, and said, “We’re with you, we know what it’s like to be
a victim of a coup attempt, we’re pretty sure the U.S.
government was behind it somewhat, we’re with you.” And that contact, which went all the way up to
the president of Venezuela and the president of Turkey, was really sort of the seed that turned into a conduit
for the Venezuelans to get their gold out of the country, and to turn it into money. There’s been a tremendous trade of gold, tons and tons and tons and tons of it, that has left Venezuela, a lot of the national
reserves have been sold off. He still has this lifeline
that’s available to him, and that he’s clearly been
able to get away with. We’ve seen him do a multitude
of gold sales this year, despite the sanctions that are in place, so they realized that he still has a way to prop up his regime
and to stay in power. There is an estimated eighty tonnes
left at the central bank. That’s about $3.5 billion worth. What’s left right now is only
enough for six more months of food subsidies for Venezuela’s people, so if Venezuela runs out of gold, we don’t really know
what’s going to happen. What we do know is that they
are feeling the pressure, and this pressure of knowing
that gold can soon run out is what’s bringing them to
negotiate with the opposition. To predict where things
are going in Venezuela is a dangerous game in my experience. You could always find people saying, “Oh, this can’t go on any longer, it’s gonna collapse,” but I think it’s a very
complex crisis there and it’s gonna be very
difficult to find a solution that really works quickly, I think.

100 thoughts on “The Secretive Gold Deal Keeping Venezuela Afloat

  1. If you will not show servitude to the liberal tyrant in the west you will become a victim of their viciousness.

  2. What utter bullshit is this? Maduro selling off the country's gold reserves? You have quite the nerve to say that after the Bank of England pretty much stole Venezuelas gold through yet another attempted government overthrow.
    Oh well, standard imperialist-capitalist propaganda, it's clearly in the whole biased, misleading wording. It's not like I expect any different from Bloomberg.

  3. Bloomberg is totally Fake News- they are not explaining why the economy is shambles and there is a lack of trade and “dollars”. I’m definitely not a Maduro supporter but tell the truth!!!

  4. Exercise economic, psychological terrorism and then have your corrupt media blame the government for economic failure. One day the chickens will comeback home to roost

  5. I’m no socialist hell I don’t even like DemoCRAPS, but YOU bitch are a traitor to the Venezuelan people with your bullshit propaganda and should be shot along with your family

  6. Wouldn’t need a gold deal if Britain and others hadn’t illegally confiscated Venezuelan gold reserves. Amazing that even with western interference Venezuela is still advancing and even winning awards for its vast social programs. It’s the people of Venezuela keeping it afloat, not turkey. Inflation is also down to 50%. Fucking disgusting propaganda piece.

  7. Sanctions on Venezuela are part of a much larger white supremacist, imperial social project. One which seeks to frame white American foreign policy as innocent and Venezuela. Domestic policy as evil. Bloomberg perpetuates the lie

  8. The U.S. was behind the failed coup attempt in Turkey in 2016. Prior to that, the so called Islamic religious cult leader who has been residing with many of his followers in the U.S. for 20 years, have stolen more than $300 billion in a single ship to the U.S. Turkey does not have oil but the country controls many fresh waterways that run into the Middle East. It has also a powerful military – 75% self sufficient military force and top-notch technology, but even stronger with the help of Russia. That is why Turkey, being a NATO country, do not rely on the U.S. or NATO. After all, the command center of the failed coup was the U.S. military base located closer to the Syrian border. If Turkey doesn't let the water run, the Euphrates and Tigris rivers will dry up. According to the Islamic history, the river is located over a mountain of gold. So the land is valuable. If the gold is brought out, there will be uncontrollable skirmishes by people, tribes, and nations in the region. It will be much bigger than the California gold rush. I guess the Zionist Israel and their friends in the U.S. want to have the full control of Turkish state. That is why they want to secure the border area and expand into Turkey circling the river region with the help of their terrorist organizations ISIS previously, and now like the SDFS (so called the Socialist Democratic Forces of Syria) which is made up by the PKK members, a classified terrorist organization both by the U.S. and European Union. Argentine and Venezuela economically struggle because their economies are manipulated by the U.S. financiers, whom are all Zionist or the friends of them and the Zionist Israeli regime. These two Latin American nations are wealthy in natural resources but are relatively small in terms of population and the corrupt financiers know the countries can be broken and controlled. After that, the next one, and the next one, and the next one including Brazil, Chile and etc. I hope the Venezuelan people realize it, the sooner the better and unite and fight together against their common enemies, the outside forces. I wish all the best to the people of Venezuela.

  9. I'll say lift the sanction and let's see what happends… it was doing well before the 87 sanctions that were imposed since Obama. Also give them back their money and gold that was stold from them and stop giving it to Guaido. How about that? I would of think that Guido would be giving money to the poorest people in Venezuela.

  10. So what is the gold for if it is wrong to use it to import food?

    Also, Chavez could use any excuse the repatriate their own gold. He had anticipated sanctions.

    The bias in this piece is stupid.

  11. For people who say the US only cares because of the oil. As of TODAY, USA is the number 1 oil producer in the world, beating Saudia Arabia. We don't need their oil. As for Venezuela, just stay out of Venezuela. Juan Guaido, is a socialist. No point replacing Maduro, for another socialist. Their both bad options and just not worth our sweat and effort.

  12. An actual Venezuelan here, this documentary doesn't depict the reality there accurately it is actually much worse, Chavez and Maduro's dictatorships have been one of the worst things to ever happen in the History of Venezuela, he sponsors terrorist groups like the ELN, Hezbollah, ISIS, and various guerrilla groups, also participates in money laundering, and drug trafficking as part of the cartel of the suns (el cartel de los soles), and has hundreds of political prisoners, constant violations of human rights, rampant corruption, and assassinations done to position leaders, all the information is online, with a bit of research you can confirm all of this, and talk to a Venezuelan and they'll tell you the same.

  13. Democracy and freedom? Hello… Have you seen HK lately? They are fighting for their democracy and freedom… But the US doesn't care… Is it because HK doesnt have.. Ummm.. Oil? I think so….

  14. It’s so funny how US and It’s Media sit down to think and decide for people in their country… how stupid are you.! Even your country is not safe and people are dying .!

  15. it is not venezuela that is hurting the people it is the west lets focus on the main problem ….. people were doing fine if they were unhappy it is their decision to get rid of the government.

  16. Never give up against the dictators of the West, They have a history of humiliating nations and people who opposed them and their policies.
    Viva Venezuela.

  17. what is he suppose to do? let people die? the other idiot wanted american intervention on the other hand this guy is selling gold to keep his country and people up float who is the better man in all this. Its amazing how they keep selling venez. to the world.

  18. what is he suppose to do? let people die? the other idiot wanted american intervention on the other hand this guy is selling gold to keep his country and people up float who is the better man in all this. Its amazing how they keep selling venez. to the world.

  19. Do you really think Bloomberg is worries about the Venezuelan people?$$? Michael Bloomberg is worries 48 billion dollars. Isn't it ironic when billionaires worry about the poor? Curious too how she isn't reporting on illegal sanctions and how the bank of Britain kept over a billion dollars from the Venezuelan legitimate government. The U.S also froze unilaterally Venezuela's assets. In the court system that's called strong arm robbery. Actually it would probably be more like armed robbery with an attempted home invasion. What billionaire interest do you think Bloomberg has in Venezuela?

  20. Putting these kind of sanction on the name of democracy will not work. USA always think about himself . Which is bad.

  21. Join the BRICS countries to ditch that dammed petrodollars, drop all those treasury bonds and backed by the gold & the silver for the betterment of the world!

  22. US power is loosing bit by bit everyday , She is not winning any war since Korea war ,a tiger will not win a pack of wolf
    world is changing fast

  23. People im thinking what happen to Haiti they need help but United States think different they want the oil of Venezuela not the people

  24. Maduro is just like any other American, European or Israeli looter; they are all the exact same criminals looting the earth and the people.

  25. Turkey dose not care for them their interest in the gold only money talks hopefully they start buying their products also Opportunist is what I see.

  26. Vevezuela country's problems , brought-on by the US, is what karma will be paying back to the US economy, very soon…because the same type of rich suckers are ripping-off this country'$ middle-class & poorer workers on the daily, just wait and see?
    And many still want to keep worshipping the TV acting presidents that are picked & chosen by big corporations who don't like 'unions & their organized workers' and bending to them to pay fairly to 'em!
    That's where the currupt politicians who are bought & sold to/by them(pass laws to benefit those same big corporations) come into play, here in this country's gov?!
    And everyone knows all this BS is going on!
    That's why no one trust this government any longer! [No pay, No play gov systems!] (🐦).

  27. Venezuelans you need to know that Americans and the west are Taitors we muslims have been fighting them for 14 centuries and still they are fighting to implement their evil on the world, they are the "white menace". Stand strong and have faith in other world leaders and immediately cut your ties with white people or they'll make a pinata out of your country lmao

  28. WOW! What a report! Maduro is waging economic war against his people? And USA is imposing gentle sanction on Vanazuela. So inhuman human of the world crying for Vanazuela's Gold.

  29. There was never democracy in Venezuela, nor in its neighbouring countries and Islands. US sanctions is just theft of Venezuela's money.

  30. The US is too late to change anything in any other country. The first country the US must help is US itself. The US gave away all its classified information to India. India is silently taking over the world and not the Chinese.

  31. If we really want to help the people of Venezuela then nust left the sanctions. It is as simple as that. But we do not care about the Venezuelan people, we just want their oil.

  32. Turkey will be with Venezuela! Erdogan and the turks are not backstabbers like most countries! The US rangs on the 1. place on this list!!!

  33. To all that think the US can help Venezuela, what a joke! The USA doesn't want any other country in the Americas to be as wealthy as the USA. What makes you think they'll help Venezuela succeed?

  34. If the US goes to Venezuela, it won't be like in the middle east, is different people, they are not Arabs, if will prob be more like germany…

  35. The war criminals of America they should be live the independent country to live their lives peacefully without the bullying dictatorship of America,and you are wrong the people of the world they are not with you stop interfering in other countries.

  36. The USA government are to blame they don’t care about the people in Venezuela the Venezuela people should support there government he cares about the poor folk and the USA want to turn the people against the president of Venezuela that is all , the oil markets are corrupt towards Venezuela.

  37. Well they certainly don’t do anything to disprove the oil conspiracy stories! Poor Venezuela. Solar panels and electric cars needed, let’s put a stop to this nonsense once and for all!

  38. They are turning their oil into gold to survive. Maduro only cares about enriching his friends and family not the general population, but he has brainwashed the people to believe so. This is what the problem with communism is.

  39. To all VENEZUELA. Pleased support President Madura. Don't worry about American and Allied sanctions. You still got friends. China, Russian , Cuba , North Korea. So many. You are not alone.

  40. Huh wtf. Screw Bloomberg and their racist billionaire club agenda. Go back to Europe. We kicking you out by one latin american country at a time for your complicity in supporting murderous dictators who commit genocide on our indigenous brothers and sisters. Racist bastards. Mexico check, Venezuela check, Bolivia check, now Ecuardor check, soon Argentina and Peru check, then all the others check check check.

  41. Maduro is just a faggot ass bus driver. Sorry ass clown. Kill him I'm sure US would feed your family for generations.

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