Registration was successful!
Please follow the link from the email sent to

Venezuela Entrusting Gold to Turkey Step Against Dollar's Hegemony - Politician

CC0 / / Gold bullion
Gold bullion - Sputnik International
Venezuela and Turkey are enhancing cooperation in the processing and selling of gold. Sputnik spoke with Turkish politicians and experts regarding the growing worldwide demand for gold.

The minister of ecological development and mining of Venezuela, Victor Kano, said that in light of the agreement that was signed this year with Turkey regarding the processing of gold, gold ore mined in Venezuela will be sent to Turkey for processing, purification of impurities and casting of gold bars. 

Kano also said that after the processed gold is returned to Venezuela, it would be sent to the Central Bank of Venezuela.

Earlier, Venezuelan President Nicolas Maduro, during his visit to Turkey for the inauguration ceremony of President Erdogan, said that there as a need to develop relations with Turkey in this particular area.

Gold bullion - Sputnik International
Price of Gold Rises on News of US Inflation Rates, Weakening Dollar
The deputy head of the ruling Justice and Development Party (AKP) for economic issues, Erdal Tanas Karagol, in an interview with Sputnik, said that gold was an important alternative to the dollar, pointing out the worldwide growth in demand for it.

“The gradually growing importance of gold as a currency reserve is attracting attention. For example, China, which traditionally uses its gold as an instrument of accumulation, is making efforts to bring its gold to the markets of the countries such as Turkey,” Karagol said.

He went on to say that it is important for Turkey that gold is brought to the market or used in the market in such a way so that its dollarization is reduced. 

“The question regarding reduction of the dollar and the use of alternative tools remains of utmost importance. Over a time period now a new trend has been observed in the relations of developing countries, which consists in conducting trade in national currency, which also indicates the need for searching for alternatives,” the deputy said.

Mining-farm  in the territory of a technopolis Moscow - Sputnik International
Bitcoin Gold Rush: Canadian Company Declares Itself Largest Miner by Capacity
Speaking about the use of gold resources among various countries, the deputy said that developing countries are making efforts to gradually introduce these resources into the economy and mutual trade.

The deputy further emphasized that the cooperation between Venezuela and Turkey in the sphere of gold processing can be considered a step towards the destruction of the hegemony of the dollar.

“Venezuela’s decision can be considered as the first step in this direction. Of course, this is not easy because we are talking about the long-term domination of the dollar as an exchange currency, as a tool for savings. However, in the developing countries, efforts are being made to put an end to the hegemony of the dollar and find an alternative for it.”

In turn, the chairman of the non-parliamentary left-nationalist Vatan party, Dogu Perincek, said that Turkey and Venezuela demonstrate solidarity "in opposition to US pressure," and other countries in South America in the future may join the anti-US front. 

"The world has formed a front against American hegemony and pressure, whose geography extends from Venezuela to China, and Turkey is a key player here. For us, it is important that Turkey is viewed as a reliable country and a reliable partner, who can be trusted with its resources. Between Turkey and Venezuela there is solidarity in opposition to control, threats and pressure from the United States,” Perincek said.

When asked about whether other South American countries would join the anti-American front, Perincek said that the US was turning into a country that, in fact, had embargoed itself against the world.

“Sanctions against Iraq, Russia, Venezuela, Turkey, trade war with China, trade sanctions against Germany… If you look at this picture, it is clear that America is gradually isolating itself from the world. As part of this process, other countries of South America can also join the anti-American front, which is formed both in political and economic spheres,” the chairman added.

Venezuelan President Nicolas Maduro - Sputnik International
Maduro Accuses Colombian Paramilitary Groups of Infiltrating Venezuela Border
Egor Lidovskiy, director general of the Latin American Center named after Hugo Chavez, in an interview with Sputnik, stressed that there is a growing confidence between Venezuela and Turkey.

“Of course, we can note the high level of trust between Venezuela and Turkey. We know that the Turkish president has warm relations with President Nicolas Maduro and Nicolas Maduro has warm relations with Erdogan. They have repeatedly met, discussed various issues, both in the spheres of the economy and in the spheres of financial security,” he said. 

He went on to say that Maduro had indeed made the right choice with regard to Turkey, because it is known that Switzerland is sufficiently affiliated with the US and can, in case of imposed sanctions by the US, take away Venezuela's wealth. 

“In this respect, they are very unreliable, as, in principle, any other European country that cannot pursue its nationally oriented policies,” Lidovskiy told Sputnik.

The analyst further said that Turkey pursues an independent policy, as Turkey is an independent state with a strong leader and it is strong enough to resist the opinion of the NATO partners. 

“We have repeatedly seen that he [Erdogan] expresses his ideas as opposed to what their NATO partners say. Of course, it is much easier to work with such a person, and there is great hope that everything will move within the framework of the agreements that have been reached,” the analyst said.

According to the analyst, the level of relations between Turkey and Venezuela will be strengthened because Venezuela is under great pressure.

“It is looking for those partners who are most willing to cooperate in an honest and open fashion. Of course, this is Turkey, Russia and China. Those countries that have shown themselves in the international arena as countries that can be trusted,” Lidovskiy concluded.

The views and opinions expressed in this article are those of the speakers and do not necessarily reflect those of Sputnik.

To participate in the discussion
log in or register
Заголовок открываемого материала