The Trump administration has brokered a multimillion-dollar gold deal between the United States and Venezuela. The agreement involves Venezuela’s state-owned mining company, Minerven, and global commodities trader Trafigura. The contract allows for the sale of up to 1,000 kilograms of gold destined for US markets.
Sources familiar with the matter said the deal could exceed $150 million. The price estimate is based on current gold values. A kilogram of pure gold trades near $166,000, though market prices fluctuate daily.
Details of the Gold Supply Agreement
Under the contract, Minerven will provide between 650 and 1,000 kilograms of gold dore bars. The agreement requires a final gold content of 98%. The gold will be delivered to Trafigura under defined quality standards.
Trafigura will transport the gold to US refineries. This will occur under a separate arrangement with the US government. The refineries will process the gold before it enters commercial markets.
US Interior Secretary Doug Burgum traveled to Caracas during the negotiations. He met with Venezuela’s interim president, Delcy Rodriguez, at the Miraflores Presidential Palace. According to sources, Burgum helped facilitate the agreement.
President Trump commented on related energy cooperation. He wrote, “The oil is beginning to flow, and the professionalism and dedication between both countries is a very nice thing to see!” Rodriguez also announced plans to reform Venezuela’s mining laws after the meeting.
Broader US-Venezuela Resource Cooperation
The gold agreement marks the third extraction contract arranged under the current US supervision framework in Venezuela. Trafigura is also involved in oil contracts valued at more than $1 billion. These deals follow political changes in Venezuela earlier this year.
The US government removed Nicolas Maduro from power on January 3. Since then, Washington has worked with Venezuela’s interim leadership on oil and mineral production. The goal is to channel resources into formal trade with US markets.
One source familiar with the contracts said the arrangement aims to reduce illicit trade. The source stated, “There was so much corruption before in Venezuela involving black-market smugglers who skimmed money off the top.” The source added that revenue will now move through official government channels.
Criticism has emerged from some US lawmakers. They argue that direct involvement in Venezuela’s resource sector raises policy concerns. The administration has maintained that the agreements create structured trade and transparent revenue flows.
Gold Price Forecast as Record Rally Extends to Seven Months
Gold prices have now risen for seven consecutive months. This marks the longest monthly winning streak on record. The previous record was six consecutive months.
The earlier six-month streaks occurred in the early 2000s and during the 1970s. The current rally has now surpassed both periods. Over the past seven months, gold prices have climbed 61%.
Source: X
This translates to an average monthly gain of nearly 9%. The steady pace of gains has drawn attention from both institutional and retail investors. The rally has also coincided with rising geopolitical tensions and shifts in global trade flows.
ETF Inflows and Technical Levels in Focus
Investor demand has also increased through exchange-traded funds. The SPDR Gold Shares ETF, known as GLD, recorded $3.8 billion in inflows last week. This represents the third-largest weekly inflow in the fund’s history.
The only larger weekly inflows were approximately $4.0 billion each. Both of those record inflows occurred in 2025. The recent surge in ETF demand reflects sustained interest in physical gold-backed assets.
On the 30-minute chart, gold is trading near the 5,160 level. The first resistance level stands at 5,200. A break above 5,200 may open the path toward 5,250.
Source: TradingView
On the downside, immediate support is located at 5,140. A move below this level could lead to a test of the 5,080 to 5,100 zone. This area aligns with the upward trend line and has acted as strong support in recent sessions.