Venezuela's gold reserves held at the Bank of England could be routed through U.S. Treasury accounts as part of a reconstruction plan negotiated with the country's government, according to National Assembly deputy Ramon Lopez. The proposed arrangement aims to direct funds toward housing, health centers, and schools in areas affected by June's double earthquake.

Lopez, a member of the 2015 National Assembly delegation involved in the talks, told Venevision that the release of funds depends on establishing "all the necessary planning and control mechanisms." This includes a "permanent spending audit plan" involving international firms to ensure the gold is used properly and audited.

What the Numbers Show

The financial scale of the proposal is significant relative to Venezuela's accessible assets. The government and opposition have agreed to jointly seek the release of roughly $4 billion in gold, equivalent to 31 tonnes, which the U.K. has kept out of reach since 2018. The concentration of this value in a single asset class highlights the reliance on physical reserves for reconstruction funding rather than fiscal revenue or foreign direct investment inflows.

Denies Link to Judicial Reform

Lopez rejected suggestions that the gold deal is tied to the reform of Venezuela's Supreme Court of Justice. "Giving the gold for the Supreme Court is not an exchange; it's not true," Lopez said. He added that specific mechanisms have been designed to ensure funds are not diverted from their intended purpose.

Background on Broader Talks

The proposed U.S. Treasury arrangement is part of wider talks between Venezuela's government and opposition. The two sides held five working sessions and five joint plenary sessions during the first round of discussions, which also covered strengthening judicial and electoral institutions.

The Bank of England declined to comment. The U.S. Treasury Department and Venezuela's Ministry of Foreign Affairs did not immediately respond to requests for comment.

Trump has issued a pointed directive to oil companies, calling on them to reduce consumer retail oil prices. Using Chevron's return to Venezuela as a central example, Trump framed the development as a demonstration of corporate strength and profitability, setting the stage for his broader demand on the energy sector.

Chevron's Return to Venezuela Cited as Example

Trump highlighted that Chevron, along with another entity referred to as Mike, had previously been expelled from Venezuela but has since returned. According to Trump, the company is now back far bigger and stronger than ever before and is expecting to make a fortune. This example was presented as evidence of the oil industry's capacity to recover and thrive under challenging circumstances.

Broader Call to the Oil Industry

Trump extended his remarks beyond Chevron, indicating that the same expectation applies to other oil companies as well. The statement suggests a wider industry-level message, linking the improved fortunes of oil companies operating in markets like Venezuela to a responsibility toward domestic consumers.

Demand for Lower Consumer Oil Prices

The core directive in Trump's statement was a direct call for oil companies to reduce consumer retail oil prices, with the word "Now" emphasizing the urgency of the demand. The following table summarizes the key elements of Trump's statement:

Trump's remarks combined a reference to Chevron's resurgence in Venezuela with a firm call to action for the broader oil industry to pass on benefits to retail consumers through lower prices.