VENEZUELA · GOLD
Key Facts
- —What is happening Venezuela’s government and the opposition’s 2015 National Assembly agreed on Wednesday, 21 October, to form a six-member panel to press the United Kingdom for Venezuela’s gold at the Bank of England.
- —Why it matters The gold, about 31 tonnes worth roughly US$4 billion, has been out of Caracas’s reach since 2019, and both sides now say it should pay for earthquake relief.
- —The numbers The panel has three members from each side. The third round of talks ran six work sessions and two plenaries, and the next round is due between 11 and 15 November.
- —Who is who Jorge Rodríguez, who heads the National Assembly and the government team, faces Dinorah Figuera, who leads the 2015 Assembly delegation. His sister Delcy Rodríguez is acting president.
- —What to watch Whether London agrees to talk to the panel, and whether the United States-backed talks resume in November as planned.
- —Power Index Venezuela ranks 13th of 14 in The Rio Times Latin America Power Index, with 27.0 points (October 2026 edition).
- —What it means for you US investors and lenders watching Venezuela’s reconstruction and sanctions relief should note that this gold stays frozen until the United Kingdom acts.
Venezuela’s government and opposition will send a panel of six to press the UK for gold held in London. The talks closed their third round on 21 October.
A joint panel of six will now chase Venezuela gold held in London. The government of acting president Delcy Rodríguez and the 2015 National Assembly formed it on Wednesday, 21 October.
The panel will press UK institutions to release reserves deposited at the Bank of England. That matters to US readers because Washington backs the talks and the gold is a test of Venezuela’s recovery.
What the Venezuela Gold Panel Will Do
A joint communiqué sets out the plan, Globovisión and AVN reported. Point five says the sides will tell the UK of the “necessity and urgency” of recovering reserves at the Bank of England.
It also says they will form a joint delegation to manage those steps on behalf of the dialogue table. The aim is to follow up the agreement of the first round, announced on 12 August.
The money is meant for people hit by the double earthquake that struck Venezuela in June, and for public services. Dinorah Figuera, who leads the 2015 Assembly delegation, called it a way to offer immediate social and housing solutions to vulnerable groups.
Figuera said the panel will have three delegates of the 2015 National Assembly and three of the interim government, Europa Press reported. Bitácora Económica gives the same split of three opposition and three government members.
The 2015 National Assembly is the opposition delegation at the talks, led by Dinorah Figuera. DiarioVea, a pro-government outlet, calls that body defunct.
Why the Gold Is Stuck in London
The Financial Times, relayed by EFE on 18 September, put the holding at 31 tonnes worth near US$4 billion. The dispute dates to 2019, when the United Kingdom and the United States recognised Juan Guaidó as Venezuela’s president.
No official figure for the holding has been published, so the number rests on that single report. This article treats it as approximate.
Delcy Rodríguez wrote to the King of England in July to demand the gold, the pro-government outlet DiarioVea recalled. The new panel is a second route, run jointly with the opposition.
Figuera said the 2015 Assembly has told UK authorities it handed the funds’ care to the interim government, Bitácora Económica reported. She also said the gold is now worth double, Europa Press reported.
What Else the Third Round Agreed
The third round opened on Wednesday, 14 October, El Tiempo reported, and closed a week later with six agreements, Bitácora Económica reported. The delegations held six work sessions, two plenaries and 15 meetings of technical tables.
They agreed to start a deep review of four laws, including the comptroller law and its rules on political disqualifications. They also opened talks on a new ombudsman for political guarantees.
The National Assembly is due to name a 12-member judicial nominations committee on Thursday, 22 October, Bitácora Económica reported. That committee starts the selection of new Supreme Court justices.
Jorge Rodríguez said Venezuela controls all the revenue from its oil sales, Europa Press reported. He blamed speculation to the contrary on the campaign for the US midterm elections on 3 November.
What It Means for US Readers
The United States backs the talks, Europa Press reported. Any release of the gold would add funds to a government that US investors and lenders are still sizing up.
The September report said a deal under discussion would move the gold to the Federal Reserve Bank of New York. Nothing in the 21 October communiqué mentions New York, so that plan is not confirmed.
For background, see earlier reports on the August pledge to recover the gold and on negotiator Jorge Rodríguez. The gold-recovery contract testimony in Madrid concerns a different matter.
Related reports cover María Corina Machado’s complaint and the US delisting of Rodríguez and the politics around the talks. The Venezuela hub collects the rest.
What Is Not Known
The sources do not name the six panel members or say when they will meet UK officials. No UK response had been found by Thursday, 22 October, from the British government or the Bank of England.
The 31 tonnes and US$4 billion come from one Financial Times report relayed by EFE, and no official figure exists. The communiqué itself could not be opened, so its wording rests on Globovisión, Bitácora Económica, DiarioVea and AVN.
It is also unclear who the UK would deal with. Nor is it known whether the New York route reported in September is still alive.
What Comes Next
The next round is expected between 11 and 15 November, Bitácora Económica and Europa Press reported. The panel would report there, but a release of the gold depends on London, not on the talks.
Frequently Asked Questions
What did Venezuela agree on the gold in London?
Government and opposition delegations agreed on Wednesday, 21 October, to form a joint panel of six. It will press UK institutions to release Venezuelan reserves held at the Bank of England.
How much Venezuela gold is in the Bank of England?
About 31 tonnes, valued near US$4 billion in a September report relayed by EFE. No official figure has been published.
Who sits on the panel?
Three delegates of the 2015 National Assembly and three of the interim government, according to Dinorah Figuera. No names have been published.
Why is the gold frozen?
The dispute dates to 2019, when the United Kingdom and the United States recognised Juan Guaidó as Venezuela’s president. The gold has stayed in London since.
What will the money be used for?
The communiqué says it is for people affected by the double earthquake in June and for the recovery of public services. No spending plan has been published.
Sources: Globovisión, 21 October; Bitácora Económica, 21 October; DiarioVea, 21 October; AVN, 21 October; Europa Press via Diario Siglo XXI, 22 October; El Tiempo, 14 October; El Diario via EFE, 18 September (all accessed 22 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief