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The government of President Donald Trump is negotiating a multimillion-dollar agreement to export Venezuelan gold to the United States, which could become one of the largest mineral contracts signed between the two countries since the beginning of the new political landscape in Caracas.
According to the U.S. outlet Axios, the Venezuelan state mining company Minerven signed an agreement on Monday to sell between 650 and 1,000 kilograms of dore gold to the international commodities trader Trafigura, which would then send the metal to U.S. refineries.
Two sources familiar with the negotiation explained to the media that the contract requires the gold bars to have a final content of 98% purity, before being refined in the United States.
Trafigura, one of the largest commodity traders in the world, would handle the transportation of the metal under a separate agreement with the U.S. government.
The price of gold has seen significant increases in recent months.
According to the data cited by Axios, one kilogram of pure gold currently hovers around 166,000 dollars, although the figure fluctuates depending on the market.
This would place the potential value of the agreement in tens or even hundreds of millions of dollars, depending on the final volume and quotations.
An agreement amid the rapprochement between Washington and Caracas
The contract comes in the context of increasing economic cooperation between the United States and Venezuela following the political changes that occurred in the South American country at the beginning of the year.
Axios states that the agreement reflects "the strengthening of trade ties between Venezuela and the United States" following Washington's push for the overthrow of Nicolás Maduro on January 3 and its de facto control over strategic sectors of the country, including the oil industry.
The negotiation of the gold contract was also linked to the visit to Caracas by the U.S. Secretary of the Interior, Doug Burgum, who arrived this week to explore opportunities in the energy and minerals sectors.
According to one of the sources cited by Axios, Burgum "helped manage the gold contract" during his official trip.
On Wednesday, the U.S. official met at the Miraflores Palace with Delcy Rodríguez, who serves as the interim president of Venezuela in the political transition the country is undergoing.
Mining reforms and the pursuit of investments
After the meeting, Rodríguez announced plans to reform Venezuelan mining legislation with the aim of attracting foreign investment and expanding the exploitation of natural resources.
The official explained that the government will present changes to the Mines Law, currently in the hands of the National Assembly, to facilitate joint projects between the state and international companies.
Rodríguez added that the intention is to create a "virtuous formula" that combines foreign investment and state participation to drive economic growth.
During the meeting, executives from the energy and mining sectors also participated, while technical teams from both countries reviewed the bilateral agenda concerning investments, technology, and the exploitation of strategic resources.
"We want the Venezuelan people to also see the advantages of having good relationships with the world and with the United States", said the leader.
Gold and oil: The strategic resources in dispute
The gold agreement would also be the third extraction contract overseen by the Trump administration since the start of the political transition in Venezuela, according to Axios.
The other two agreements are related to the country's oil exploitation, regarded as its main source of wealth. In both cases, Trafigura is also involved in operations valued at over one billion dollars.
Trump himself celebrated the rapprochement between the two governments in a message posted on Truth Social.
"Delcy Rodríguez, who is the president of Venezuela, is doing a great job and working very well with the U.S. representatives. Oil is starting to flow, and the professionalism and dedication between both countries is something very pleasant to see," he wrote.
Political Criticism in Washington
The increasing involvement of the United States in Venezuelan resources has generated strong criticism within the U.S. Congress.
Democratic lawmakers and liberal sectors have accused the Trump administration of "imperialism and corruption" for its role in controlling the energy and mining assets of the South American country.
However, a source cited by Axios argued that the new trade agreements could be more beneficial for Venezuela than the previous system.
"There was a lot of corruption in Venezuela before that involved black market smugglers who took money from the rich," he stated.
According to that same source, the new scheme would allow "money for Venezuela's resources to go to the government and the Venezuelan people," while also preventing gold from ending up in alternative markets like Turkey or Iran.
"Instead of the gold going abroad, to Turkey or Iran, that resource will come to the United States," he added.
The rise in gold prices is also part of the backdrop to these negotiations. Bloomberg noted that the precious metal has increased by nearly 20% this year, driven by geopolitical tensions, trade disputes, and concerns about the independence of the Federal Reserve.
At the end of January, gold reached historic highs above $5,595 per ounce, which has intensified international interest in new sources of supply.
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