📊 A joint working group to unlock the gold

The delegations from the national Executive and the National Assembly elected in 2015 agreed to set up a joint working body—a parity commission—to continue urging the United Kingdom’s authorities to return the tons of Venezuelan gold held in the custody of the Bank of England. The announcement was made in a joint statement released on October 22, in which both sides said they would follow up on the agreements reached during the first round of talks, announced on August 12.

Jorge Rodríguez, who heads the government’s delegation in these talks, explained that the goal is to once again tell the relevant British institutions about «the need and urgency» of Venezuela recovering these international reserve assets. On the other side, Dinorah Figuera, head of the opposition parliamentary delegation, said they had already been in contact with representatives of the United Kingdom to make the transfer happen. She also recalled a significant detail: Venezuelan gold held in London is now worth nearly twice what it was estimated to be worth in 2019, when it came under opposition control as part of the international financial blockade.

According to the statement, any funds eventually recovered would be used to assist the population affected by the twin earthquakes and to restore public services. Both delegations also agreed to make «national economic recovery» a priority and reaffirmed their willingness to join forces to create conditions that support health, food security, education, workers’ incomes, and the operation of basic services.

📈 Why does this matter to people who buy and sell USDT?

At first glance, a dispute over bullion in a London vault seems like a distant issue for anyone trading P2P on Binance, other platforms, or in a Telegram group. It isn’t. International reserves—and gold is a significant part of them—serve as the ultimate backing for the currency and as a cushion for importing food, medicine, and fuel. When that cushion shrinks or is blocked, the government resorts more often to monetary financing, which sooner or later puts pressure on the exchange rate.

For Venezuela’s crypto market, the key factor is the exchange-rate gap. Whenever the official dollar rate diverges from the parallel rate, users move toward hard assets: USDT first, then BTC and, to a lesser extent, alternative stablecoins. If the eventual arrival of these funds strengthens reserves and helps ease public-sector demand for foreign currency, we could see periods of greater stability in the USDT/VES exchange rate. If, on the other hand, the process gets bogged down in British courts for months or years, the baseline scenario remains what we have seen so far: a P2P market that absorbs demand for dollars and becomes a gauge of real liquidity.

🔎 One figure traders should keep an eye on

One point is worth emphasizing: the value of gold has doubled since 2019. If that figure is confirmed, the amount in dispute is now substantially greater than the amount being discussed six years ago, increasing every party’s incentive to reach an agreement. In practical terms, any announcement of real progress—not just intentions—should first show up in the headlines, then in perceptions of country risk, and finally in the spreads charged by digital currency exchangers. The P2P market is quick to price in news: when there’s positive buzz, the rates for buying USDT with bolivars tend to fall; when the process loses momentum, they rise again.

📖 Read the full article: https://pitbullchain.com/noticias/oro-venezolano-en-inglaterra-comision-paritaria-y-la-mirada-del-mercado-p2p-449356

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📊 Live rates and analysis at https://pitbullchain.com

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