Articles Tagged "venezuela"

Venezuela Sells Part of Gold Reserves for US$1 Billion

Gold – The Financial Times reported that Venezuela has traded a portion of its gold reserves for $1 billion in cash via a "complex agreement with Citi." The country, which is suffering from inflation, shortages of everyday items and a shrinking economy, is in dire need of US dollars.

Gold Reserve Awarded $740 Million by World Bank for Brisas Project

Gold – Gold Reserve (TSX:GRZ) has been awarded $740.3 million by the World Bank's International Center for the Settlement of Investment Disputes after Venezuela expropriated the company's Brisas project in 2009. The award represents $713 million for the fair market value of the project, $22.3 million for interest on the award and $5 million for reimbursement of legal and technical costs.