In the first quarter, Venezuela spent 16% of gold reserves to fight the deepening economic crisis. At the same time, the fears that the Venezuelan government will not be able to pay off the debts are enhancing. According to the International Monetary Fund, as of the end of March the gold reserves of Venezuela amounted to 7.4 million troy ounces as opposed to 8.77 million ounces at the end of 2015. Meanwhile, in the first quarter the gold price soared by 16%, demonstrating the most significant rise over three decades. In 2015, gold reserves volume in Venezuela decreased by 24.4%. As stated in May report of World Gold Council, Venezuela’s share of gold in international reserves of is 66%.
Source: FINMARKET finmarket.ru