Venezuela Secretly Exported Over 100 Tons of Gold to Switzerland
- Seoyeon Kim
- Jan 25
- 2 min read
Jan 25, 2026
Seoyeon Kim
Venezuela secretly exported more than 100 tons of gold to Switzerland during the early years of President Nicolás Maduro’s rule as the country struggled to prevent a total economic collapse, according to newly released customs data and international investigations.
Records from Swiss customs authorities show that between 2013 and 2016, Venezuela shipped approximately 113 to 127 metric tons of gold to Switzerland. The total value of the gold is estimated at around 5.2 billion US dollars. Most of the shipments originated from the Central Bank of Venezuela and represented a significant portion of the country’s official gold reserves.
At the time, Venezuela was facing a severe economic crisis marked by collapsing oil revenues, rising inflation, and growing shortages of basic goods. Oil had long been the backbone of the Venezuelan economy, but falling global prices sharply reduced government income. With limited access to international credit markets, the Maduro administration turned to gold sales as one of the few remaining ways to obtain foreign currency.
Switzerland was a key destination due to its role as a global hub for gold refining and trading. Once imported, gold is often melted down and refined, making it difficult to trace its original source. Analysts say this process allowed Venezuela to convert physical gold into cash more easily on international markets.
The gold exports slowed and eventually stopped after 2017, when international sanctions against Venezuela intensified. Western countries imposed financial restrictions aimed at limiting the Maduro government’s ability to access overseas assets and funding. These measures reduced Venezuela’s ability to sell gold through traditional international channels.
The revelations have renewed debate over how the Venezuelan government managed national resources during the crisis. Critics argue that selling off gold reserves provided only short term relief while weakening the country’s long term financial stability. They also raise concerns about transparency and whether the proceeds were used to benefit the population.
Venezuela’s gold has been at the center of multiple international disputes in recent years, including legal battles over bullion held abroad. The shipments to Switzerland highlight how the Maduro government relied on sovereign assets to survive during one of the worst economic downturns in the country’s history.
