US Brings Home $100M in Venezuelan Gold

The US just hauled a hefty stash of gold out of Venezuela for the first time in more than two decades, according to Interior Secretary Doug Burgum. Speaking at the CERAWeek energy conference, Burgum said a recent trip to Caracas ended with the US physically returning with $100 million in Venezuelan gold, which American refiners will now process for commercial and consumer use, CNBC reports.

Burgum met for 10 hours with Venezuela's interim President Delcy Rodriguez, who rose from vice president under ousted leader Nicolás Maduro, captured in a US raid in January. As President Trump leans on US energy firms to invest in what are thought to be the world's largest crude oil reserves, Burgum said Washington also sees big potential in Venezuela's collapsed mining sector, now dominated by gangs and informal miners. Weeks ago, Axios reported that Venezuela's state-owned mining company made a "multimillion-dollar deal to sell as many as 1,000 kilograms of gold" to US markets, showing how the commercial relationship between the US and Venezuela has gotten tighter since Maduro's ouster.

Opposition leader Maria Corina Machado, speaking separately in Houston, pushed for full privatization of Venezuela's oil industry and said at least nine months are needed to prepare for credible elections.