By: Rhona O'Connell, Head of Market Analysis
Rhona O'Connell, Head of Market Analysis, EMEA & Asia
Tel: +44 203 580 6115 / mobile +44 7384 833897
6th January 2026
Supreme Court ruling against Mandaro was handed down last night, the disputed gold stays with the Bank of England
The UK Supreme Court ruled yesterday, “unequivocally” recognising Juan Guaido as President in Venezuela. This has implications for the gold that is frozen in the Bank of England, and which Maduro has been trying to get released.
Background: Venezuela sold gold heavily between 2012 and 2016, in the face of economic distress
The last major tranche appears to have been 85t over H1 2016; further small sales thereafter but they last reported officially to the IMF in June 2018 and had 181t, comprising 92% of total FX.
Figures picked up by the World Gold Council suggest net sales of 179t since 2022
Domestic mine production over that period has been ~120t, so BCV holdings are probably broadly steady.
July 2019, there was international backing for Juan Guaido (over 40 nations, including the UK), who was beaten by Maduro in the May 2018 election; grounds for the action was the belief that the election was rigged. Venezuela has ~14t of gold held in the Bank of England (BofE) and the Central Bank (BCV) wants it back. The Central Bank has been sanctioned by the US since April 2019.
Maduro sued the BofE.
Guaido asked the UK courts to determine who had authority to represent BCV and receive the gold.
The High Court found in favour of Guaido; the Appeal Court favoured Maduro but the decision was taken to the Supreme Court, which ruled yesterday, recognising Guaido as President, overturning Appeal Court. This follows the One Voice doctrine, a UK ruling that means when a UK Government refuses to recognise another Head of State, the courts must do likewise. The Supreme Court is referring the issue to the Commercial Court but with guidance that the judgment should not go against the recognition of Guaido.
So the gold stays where it is.
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