Nearly a decade ago, gold worth about 4.7 billion Swiss francs was shipped to Swiss refineries to be melted down, recast into internationally tradable bars, and sold or used as collateral, as Venezuela’s debt crisis deepened and access to hard currency collapsed.
Switzerland’s role was crucial because it is the world’s leading gold hub and home to major refineries such as Valcambi, PAMP, and Argor-Heraeus. The transfers were not publicly disclosed at the time, reflecting Switzerland’s tradition of financial discretion, and did not initially violate sanctions.
According to Swiss broadcaster SRF, the Maduro government acted out of desperation to avert bankruptcy, selling some gold and pledging some for loans as oil revenues collapsed and financing gaps exceeded $15 billion in 2017. The strategy ultimately failed, as Venezuela defaulted the same year and now faces foreign debt estimated at up to $170 billion, roughly twice its annual economic output.
Funeral workers prepare the body of Rosa Elena Gonzalez, 80, who died after her apartment was hit during a U.S. strike to capture President Nicolas Maduro, in Catia La Mar, Venezuela, Sunday, Jan. 4, 2026. (AP Photo/Matias Delacroix)
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