“Venezuela’s Central Bank and Goldman Sachs are ready to sign an agreement to swap or exchange international gold reserves, with a start date in October, as stated in the contract, and until October 2020.  The negotiated amount, equivalent to 1.45 million ounces of gold, are deposited in the Bank of England and the transfers are made directly to Goldman Sachs once delivery times are stipulated.  The operation involves the delivery of gold from the central bank, which will receive dollars from the U.S. firm. Economist Jose Guerra explains that this operation is being undertaken because of the fall in international reserves, on Nov. 15 totaled $20.6 billion, a loss of $9.9 billion in 11 months.”

http://www.gata.org/node/13264

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