Big US deal with Venezuela

Venezuela's state-owned mining company signed a huge gold deal with the United States on Monday. According to the deal, a maximum of 1,000 kilograms of gold will be sold to the United States. The matter was confirmed by the US media outlet Axios through two sources.

The deal is seen as evidence of growing trade relations between Venezuela and the United States. Since US President Donald Trump took action against Venezuelan President Nicolas Maduro, the US control over the country's oil and mineral resources has tightened.

The sources said that under the gold deal, Venezuelan mining company Minerven will have to supply 650-1,000 kilograms of 'Gold Dore' bars. These will later be delivered to various refineries in the United States through trading company Trafigura. The purity of the supplied gold will be 98 percent.

US Secretary of State Doug Burgum arrived in Venezuela on Wednesday to discuss oil and mineral resources and participate in the implementation of the deal.

Currently, the price of pure gold is about $ 166,000 per kilogram. The price of gold is rising due to global economic uncertainty. At the same time, oil prices have also started to increase in the international market after the attack on Iran.

This is the third deal on Venezuelan assets under the supervision of the Trump administration. Previously, the United States took control of the country's oil sector, in which Trafigura was also a part.

Trump said on the social media Truth Social that the oil has started flowing and the combination of professionalism and integrity between the two countries is commendable. At the same time, he praised Venezuela's acting President Delcy Rodriguez. Rodriguez announced plans to reform the country's mining laws after the meeting.

Although there is criticism from Democrats and liberals in Congress about the control of US assets after the ouster of Maduro, Venezuela is currently benefiting more under the agreement. The country is getting access to the US market and stable financial benefits. Where there was corruption and a black market before, now the gold revenue will go directly to the Venezuelan government and people.

Source: Times of India