Venezuela is running out of gold.
To pay off large sums of its obligations, such as bond debts, Venezuela has been unloading billions of dollars worth of gold in recent years. In 2011, Caracas had a little more than $22 billion gold reserves. In January 2018, Venezuela’s gold reserves totaled just $6.1 billion.
Since November, Venezuela has burned through $1.6 billion in gold reserves.
At this pace, experts warn that the Latin American oil behemoth will be completely out of gold by June 2019 at the latest.
This comes as many nations have been repatriating billions of dollars of gold from other nations (SEE: Turkey joins Hungary, Austria in repatriating gold).
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