Venezuela boasts the largest oil reserves in the world, but gold is increasingly its lifeblood. In the capital of Caracas, it allows embattled president Nicolas Maduro to allegedly buy the military's loyalty to his embattled government.
Fifty meters underground, the air is hotter than at the surface. The humidity is overwhelming and you can smell the stench of the dozens of men who have already spent half their day down here, inside one of hundreds of gold mines deep in the jungle in southern Venezuela.Venezuela boasts the largest oil reserves in the world, but gold is increasingly its lifeblood. In the area around the mines, gold has replaced the near-worthless bolivar, with even the cost of a haircut quoted in gold.
— Noor Capital February 1, 2019 Byahuranga also instructed AGR to"cease and desist from any further importation of gold from Venezuela, until further notice."The gold was processed at AGR and later re-shipped to Abu Dhabi, skirting US sanctions on the Venezuelan gold sector, according to the sources.
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