The administration of US President Donald Trump this year opened the way for importing gold from Venezuela, but part of the quantities brought to the United States continues to remain raw, as refiners do not want to take on the risk of its origin.
According to a New York Times investigation, in early March, 10 Venezuelan gold bars were brought to the White House, and on the same day the US administration approved a new policy allowing traders to import gold from Venezuela.
The first supplies would come from the state-owned mining company Minerven, which was still considered a threat to national security by the United States.
The deal marked a turning point in US policy. Trump had previously blacklisted Venezuelan gold, arguing that the industry was damaging the environment, poisoning people and funding criminal groups and corrupt officials.
The administration argues that selling the gold will help the US economy, develop Venezuela's mining sector and take revenue away from criminals and corrupt officials. But the investigation raises questions about how that strategy is being implemented.
The gold began to be exported before companies or independent auditors had visited the mines. Trafigura, one of the largest global commodities trading companies, was awarded the right to buy and export gold from several Venezuelan industrial mines.
In the first shipment alone, according to US Secretary of the Interior Doug Burgum, $100 million worth of gold was physically transported to the US.
The problem lies in the origin of the gold. In the El Callao mining area, mine owners and workers told the newspaper that some producers pay “protection money” to the Tren de Guayana gang. One mining group leader said that 20% of his team’s gold went to the gang.
This makes it difficult to certify gold according to international standards. Refiners must guarantee that it has not funded criminal organizations, corruption or environmental destruction.
The result is that hundreds of millions of dollars worth of gold remains in warehouses, according to three people with knowledge of the shipments. Six months after Trafigura began importing, the company has still not been able to repurchase it.
The White House defends the strategy, saying that Western companies are helping to clean up and legitimize the Venezuelan mining industry.
However, the investigation shows that the main challenge remains precisely what refiners must prove: how clean the chain that brings gold from Venezuelan mines to the American market is.