Citigroup Inc plans to sell several tons of gold placed as collateral by Venezuela’s central bank on a US$ 1.6 billion loan after the deadline for repurchasing them expired this month, sources said Reuters, a setback for President Nicolas Maduro’s efforts to hold onto the country’s fast-shrinking reserves.
United States Treasury Department announced new sanctions on Venezuelan state-run ferrous metals mining Company, Minerven, and its President, Adrián Antonio Perdomo on Tuesday for promoting “illicit” gold operations that have continued to prop up the regime of President Nicolas Maduro.
A strike at Canadian Goldcorp Inc’s Cerro Negro mine in Argentina has forced a halt to operations, the company said on Tuesday, calling the union’s action at its biggest mine illegal. Mining activities stopped when the strike by the Asociacion Obrera Minera Argentina (AOMA) union began on March 8, and processing is also now halted as surface stockpiles have run out, Vancouver-headquartered Goldcorp said in a statement.
Venezuelan Vice President Delcy Rodriguez announced at a press conference with Russian Foreign Minister Sergey Lavrov that the central office of state oil company PDVSA in Europe, located in Lisbon, will move to Moscow to guarantee the security of the country's assets abroad, which were delivered to the Venezuelan Parliament in other countries.
The White House warned traders on Wednesday not to deal in Venezuelan gold or oil following its imposition of stiff sanctions aimed at forcing socialist President Nicolas Maduro from power.
The pre-sale of Petro began early on Tuesday, the cryptocurrency proposed by the Venezuelan government in recent weeks and backed by the country's natural resources. According to experts, it is “ridiculous”, arguing that the creation of a new currency would aggravate the economic crisis in the Caribbean country.
Peruvian gold sales totalled 2.57 billion dollars in the first quarter of this year, making the commodity the country’s top export, the National Mining, Petroleum and Energy Society, SNMPE, announced.
Peruvian police fired tear gas on Friday to break up a protest at Newmont Mining Corp's proposed 4.8 billion dollars Conga gold mine as the government tried to mediate a bitter environmental dispute over the project. Several protesters were injured.
Private firms that invest in gold mining in Brazil will be pouring an estimated 2.4 billion dollars over the next four years, O Globo newspaper reported Sunday, citing official figures.
Spot gold soared to an all-time high above 1,910 dollars on Tuesday, scoring a record top for a fourth consecutive session, as persistent worries about global economic growth burnished bullion's safe-haven appeal.