Venezuela: A New Supply Corridor Is Emerging
A targeted U.S. license issued in March 2026 is allowing Venezuelan gold to re-enter Western markets, signaling the early stages of a new supply corridor. Alongside a new mining law advancing through Venezuela's legislature — offering longer concessions, international arbitration, and foreign participation — physical gold flows have already begun moving. The article argues that gold is the natural first asset to reopen because it requires minimal infrastructure and generates immediate liquidity. While Venezuela remains a high-risk jurisdiction with weak infrastructure, illegal mining, and a history of expropriation, the threshold for material flow, counterparty transactions, and risk pricing appears to have been crossed. If the trajectory holds, the short-term outlook points to scaling gold flows and deeper refining relationships, with broader mineral exposure potentially viable over the longer term.
LinkedIn / Dillon GageMarch 31, 2026
