Venezuela's gold reserves were moved to Switzerland years ago
It has emerged that the Venezuelan government sent approximately 113 tons of gold to Switzerland between 2013 and 2016, and that these reserves were used as part of a strategy to alleviate the economic crisis.
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Customs records obtained by Reuters and reports in the Swiss media have revealed that Venezuela moved its massive gold assets to Switzerland, particularly during the early years of the Nicolas Maduro era. Seeking a solution to the financial bottleneck the country faced at the time, the administration moved a total of 4.14 billion Swiss francs worth (approximately 5.2 billion dollars) of gold out of the country.
According to market experts, the severe cash shortage faced by the Central Bank of Venezuela (BCV) forced the government to make this irreversible decision.
In a crisis triggered by US sanctions and the collapse in oil prices, Switzerland stood out as one of the world's leading gold processing centers. The gold was refined and certified there before being converted into cash.
Starting in 2017, gold trade between Switzerland and Venezuela came to a complete halt as a result of sanctions imposed by the European Union. Customs records show that not a single gram of gold has been exported from Venezuela to Switzerland in the years since.
Information regarding these gold transactions has come to light as political turmoil in Venezuela and, most recently, allegations that Nicolas Maduro was captured by US forces and sent to the US have come to the fore. Immediately following these developments, the Swiss Federal Council decided on January 5, 2026, to freeze the assets of Maduro and 36 individuals accompanying him.
Authorities stated that it has not yet been determined whether the frozen assets have a direct link to the gold moved to Switzerland in the past. However, a statement from the Swiss side emphasized that any funds deemed illegal could be returned in the future "for the benefit of the people of Venezuela."
StoneX Market Analyst Rhona O'Connell assessed the situation as follows: "Between 2012 and 2016, a major 'desperation sale' was carried out by the Central Bank of Venezuela. It is not surprising that a large portion of this gold came to Switzerland. In subsequent years, these assets either remained with counterparties in the financial sector or were sold to the Asian market in the form of small bars."