Venezuela Redirects Gold Sales to U.S. as Gang-Linked Mines Leave El Callao in Deeper Decay
Updated
Updated · The New York Times · Sep 28
Venezuela Redirects Gold Sales to U.S. as Gang-Linked Mines Leave El Callao in Deeper Decay
2 articles · Updated · The New York Times · Sep 28
Summary
March sales shifted almost overnight from the Middle East to the United States after Washington pressure on Venezuela’s state mining company.
A New York Times investigation traced some gold reaching the U.S. to miners who pay protection money to gangs, while U.S. financiers explore investments in mines tied to local gangsters.
El Callao, the mining hub at the center of the rush, showed little local benefit: paved roads are largely wrecked by truck traffic, red dust coats the town, and power cuts have worsened.
The findings undercut promises that the Trump administration’s opening to Venezuelan gold would bring investment gains, instead highlighting how expanded mining is straining public services in the region.
What hidden environmental and security costs lurk behind the sudden influx of Venezuelan gold into the American market?
How will the massive transfer of overseas Venezuelan bullion fundamentally reshape global commodity markets and reconstruction efforts?
Could the billion-dollar rush for Venezuela's minerals inadvertently finance the criminal networks the intervention sought to dismantle?
U.S. Lifts Gold Sanctions in 2026: Venezuela’s $4.3 Billion Windfall, Corporate Influx, and the New Resource War in the Orinoco Arc
Overview
In early 2026, after the U.S. captured former Venezuelan President Nicolás Maduro, Acting President Delcy Rodríguez quickly shifted Venezuela’s policy to cooperate with Washington. This led to high-level meetings and the U.S. Treasury’s General License 51, which allowed American companies to buy Venezuelan gold under strict U.S. oversight. The move sparked a rush of foreign mining interest and prompted Venezuela to pass a new mining law to attract investment. However, the expansion of mining in the Orinoco Mining Arc has caused severe environmental damage and exposed Indigenous communities to violence and disease, as criminal groups and corrupt networks continue to dominate the region.