Venezuela strikes gold deal with Trafigura to supply US
Photo: US President Donald Trump (Getty Images)
Venezuelan state-owned company Minerven has signed a multi-million dollar deal with Trafigura to supply up to 1,000 kg of gold to the US for processing at American factories, Axios reports.
For years, Venezuelan gold has been a lifeline for countries under Western pressure. But in March 2026, the rules of the game changed.
Venezuela's state-owned gold mining company, Minerven, signed a large-scale agreement to sell gold to the US market. This effectively nullifies the efforts of Maduro's eastern partners.
What agreement provides for
According to the terms of the contract:
- The Venezuelan company is to supply Trafigura with 650 to 1,000 kg of dore gold bars, which are semi-processed gold.
- Trafigura will then send the gold to processing plants in the US, under a separate agreement with the US government.
- The deal is estimated to be worth millions of dollars, as one kilogram of pure gold costs approximately $166,000 on the world market.
Doug Burgum's secret diplomacy
The architect of this golden thaw was Secretary of the US Department of the Interior Doug Burgum. His recent visit to Venezuela, which many considered a mere formality, turned out to be a masterstroke. The US is not just buying metal — it is pushing Iran and Türkiye out of the Latin American mining sector.
Why this is a real intrigue:
- Geopolitical turnaround: Venezuela is showing that it is willing to trade with the enemy if the price is right.
- Transparency instead of shadow: previously, gold was exported on secret flights to Istanbul, now it will officially go to American refineries.
- Sanctions as a smokescreen: the deal proves that, if necessary, Washington can find flexible mechanisms for cooperation even with the most sanctioned regimes.
For Iran and Türkiye, accustomed to monopolizing Venezuelan resources, this news came as a shock. It demonstrated that in big politics, there are no eternal friends—only eternal gold.
The conflict with Iran and Trump's tariffs pushed gold prices to historic highs.
Russia began selling off its reserves due to a shortage of petrodollars. In January, the Central Bank of Russia reduced its gold reserves for the first time in a long time, taking advantage of the jump in world prices to a historic high.
