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The leader in gold reserves in Latin America

Venezuela has established itself as the country with the largest gold reserves in Latin America, with 161 tons held in the Central Bank of Venezuela (BCV), according to data from Trading Economics. This figure places Venezuela above other regional powers such as Brazil, Chile and Mexico, reaffirming its leadership in the region. On the continental level, only the United States exceeds Venezuela’s reserves, which highlights their importance in the international context.

Since 2020, Venezuela’s gold reserves have remained stable, reflecting an economic strategy aimed at preserving value and strengthening the economy. In the context of global economic uncertainty, a solid base of gold reserves is fundamental to maintaining stability and confidence, both nationally and internationally.

Brazil, Mexico and Argentina: Gold Strategies

Other Latin American countries are also focusing on boosting their gold reserves. Brazil has increased its reserves significantly in recent years, moving from 67.36 tons in 2020 to 129.65 tons at the end of 2022. This increase falls within the framework of a strategy to diversify and strengthen its international reserves.

In Mexico, reserves showed fluctuations, with a slight decline towards the end of 2022. In contrast, Argentina increased its reserves from 54.77 tons in 2020 to nearly 62 tons in 2022. These measures reflect the importance of gold to the region’s economies. Especially as support in times of instability.

Why is gold so important?

Gold reserves play an essential role in the economic stability of Latin American countries. Gold is considered a safe asset, especially in times of financial crises and volatility. According to José Ignacio Martínez Cortés, coordinator of the Laboratory for Analysis in Trade, Economics and Business (LACEN) at UNAM, gold is essential for maintaining economic security and confidence in the financial system of countries.

The accumulation of gold reserves by central banks in the region responds to the need to protect their economies from the decline in the value of their currencies. Globally, central bank purchases of gold reached record levels in 2022, with 400 tons purchased in one quarter, according to the World Gold Council (WCG).

Peru and silver mining

While Venezuela leads in gold reserves, Peru stands out in silver mining, being the country with the main reserves of this metal in Latin America. Two main regions, Ancash and Basco, concentrate 52% of the country’s silver reserves. With 98,000 tons of silver, Peru remains a world leader in mining, despite the fact that only 15% of its territory has been granted a concession for mining activities.

Venezuela occupies a leading position in gold reserves in Latin America, surpassing Brazil, Chile and Mexico. This solid golden rule is an important asset to maintain some stability in the current economic context. Meanwhile, other countries in the region are also boosting their reserves to protect themselves from economic uncertainty, highlighting the importance of gold as a backup in difficult times.