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The Battle for the $2 Billion Venezuelan Gold Stash Continues, London Rules in Favor of Opposition Leader Guaido

venezuelan gold

Her Majesty’s High Court of Justice in England has determined that the Venezuelan gold stored in the vaults of the Bank of England must be managed by officials of the Central bank of Venezuela designated by opposition leader Juan Guaido. The management of this gold stash, which is comprised of 31 tonnes of this precious metal, is in dispute since 2019 when Guaido asked the Bank of England to freeze these assets in order to avoid a possible sale.

London High Court Rules in Favor of Opposition Leader Juan Guaido

The saga of the Venezuelan Gold stored in the vaults of the Bank of England seems to be nearing its end. The High Court of London has determined that the management of the 31 tonnes of gold corresponds to Juan Guaido, the opposition leader that proposed an alternate government in the country back in 2019.

According to the sentence, due to the recognition that the government of England has of Guaido as interim president of Venezuela, the rulings of the Supreme Tribunal of the country, which disregarded Guaido’s right on managing this gold, were ignored. The judge stated:

I have … concluded that the Guaido Board succeeds: that the Venezuelan supreme court judgements are not capable of being recognized.

Guaido’s team considered this a victory, and considered this decision a “step towards protecting Venezuela’s sovereign gold reserves for the benefit of the Venezuelan people.” However, the government of President Maduro prepared to appeal this decision, considering it an “unfortunate ruling.” Even with this decision, Guaido will not be able to move this gold until the matter is fully resolved.


Not Your Vaults, Not Your Gold

The process involving the seizure of the gold due to Guaido’s petition and the whole judicial battle between the two parallel governments of the country has originated worries about the trust that third parties can have when possessing assets held in foreign countries. The final ruling will also determine how the British government might rule in similar cases involving government conflicts in the future.

The government of Maduro is seeking to repossess these assets since 2020 when the Central Bank of Venezuela wanted to sell these assets to aid the population to deal with the covid-19 pandemic, a request that was denied at the time. The institution stated:

The BCV remains concerned that the cumulative effect of the judgments of the English Court appears to accord a simple statement by the UK Government recognizing as a head of state a person with no effective control or power over any part of that state.

What do you think about the 31-tonne Venezuelan gold saga? Tell us in the comments section below.

Are ETH Bulls Running Out of Steam After the 11% Dip? (Ethereum Price Analysis)

In the last days of July, the bears seized the opportunity and put a halt to the rally that started two weeks ago. This resulted in the monthly candle closing with long wicks, which signifies the battle between the bears and the bulls inside the range of $1,350 to $1,800. The ongoing disputes between China::Listen

In the last days of July, the bears seized the opportunity and put a halt to the rally that started two weeks ago. This resulted in the monthly candle closing with long wicks, which signifies the battle between the bears and the bulls inside the range of $1,350 to $1,800.

The ongoing disputes between China and Taiwan have also eased the investors’ appetite for risk.

Technical Analysis

By Grizzly

The Daily Chart

The bulls failed in their first attempt to break the resistance at the $1,700-$1,800 range (in red). After several hits at the 100-day moving average line (in yellow), the bears finally pushed the price down 12% from last week’s high ($1,784).

The upsloping 20-day moving average (in white) is considered the first support ahead of the price, which lies at $1528. If ETH breaks below that, the next stop is at $1350, the latest low during the recent bullish leg was formed. This is an important support to watch out for because failing this level invalidates the bullish structure.

At the moment, due to the geopolitical tensions in Asia, high-risk assets are not very attractive to investors. In this case, until the bulls can push the price above the resistance zone, it is not expected to see a significant upward movement.

123
Source: TradingView

Key Support Levels: $1500 & $1350
Key Resistance Levels: $1800 & $2170

Daily Moving Averages:
MA20: $1528
MA50: $1293
MA100: $1718
MA200: $2318

The ETH/BTC Chart

The recent bullish sharp trend was stopped by hitting the horizontal resistance at 0.073 BTC (in red). Short-term traders are expected to book profits around this level, which is part of the reasons for the correction over the past couple of days.

3
Source: TradingView

The first support zone in this chart is in the range of 0.065 to 0.067 BTC (green rectangle), which overlaps with the 200-day moving average (in white). The bullish structure remains valid if the ETH price against BTC is above this zone. If the bulls support this level, the red resistance zone is expected to be tested again.

Key Support Levels: 0.065 & 0.06 BTC
Key Resistance Levels: 0.073 & 0.078 BTC

 

The Battle for the $2 Billion Venezuelan Gold Stash Continues, London Rules in Favor of Opposition Leader Guaido

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