Venezuela nears deal to move $4bn gold reserve to New York

Venezuela is reportedly close to a deal that would relocate approximately $4 billion in gold reserves from the Bank of England to the United States, according to seven sources familiar with the negotiations. The opposition-led legislature from 2015 is currently engaged in talks with the acting government, led by Delcy Rodriguez, in an effort to overhaul the country's political system and resume economic growth through oil deals and a significant debt restructuring.

The Bank of England has been holding about 31 metric tons of Venezuelan gold for years due to the UK's non-recognition of President Nicolas Maduro's legitimacy following his ousting in a U.S. raid on Caracas in January. The opposition group has dropped a UK court dispute over the bullion, and it is now focusing on securing a transparency protocol, oversight by the United States, and a clear mechanism for approving fund usage for specific projects.

If the deal progresses as expected, the gold would be moved to the Federal Reserve Bank of New York, where the U.S. Treasury would manage it. The Venezuelan communications ministry and the opposition faction involved in the negotiations did not immediately provide comments on the matter.