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華爾街日報As Venezuela Reopens, Peter Schiff Says Gold Is The Real Story
While markets are fixated on Venezuela's oil reopening, a quieter — and potentially far more explosive — asset sits in the background: gold.
Venezuela holds roughly 161 metric tons of gold, noted The Kobeissi Letter on X, making it Latin America's largest sovereign holder.
With gold now north of $4,400 an ounce, those reserves are suddenly worth over $22 billion, and every incremental move higher meaningfully boosts the country's balance sheet.
In a world where geopolitical control increasingly overlaps with monetary power, that detail is getting harder to ignore.
Schiff's Gold Thesis Suddenly Has A Geopolitical Catalyst
That backdrop dovetails neatly with the latest commentary from Peter Schiff, who argues that gold is no longer in a speculative rally — but in the early stages of a structural bull market.
On his year-end podcast, Schiff highlighted that gold rose roughly 64% in 2025, finishing above $4,300 and briefly touching record highs near $4,550.
More importantly, he framed the move as fundamentally driven: weakening fiat currencies, renewed monetary easing, and central banks accelerating their shift away from U.S. Treasuries and toward hard assets.
Venezuela's Gold Reserves Add A New Layer
That's where Venezuela re-enters the picture — not just as an oil producer, but as a gold-backed wildcard. According to estimates circulating in markets, every $100 rise in gold prices adds more than $500 million in value to Venezuela's reserves.
In Schiff's framework of a weakening dollar and rising distrust in paper assets, those reserves suddenly look strategic, not symbolic.
Unlike oil, gold doesn't need pipelines, spare parts, or foreign operators. It needs trust — and price momentum.
Bitcoin Mania Fades As Gold Steals The Spotlight
Schiff also drew a sharp contrast between precious metals and crypto, noting that while gold surged, Bitcoin (CRYPTO: BTC) ETFs finished the year down — despite what he called "wall-to-wall bullish narratives." His argument: markets that fail to rise on good news are already fully priced, while assets climbing a wall of skepticism often have further room to run.
That skepticism, he argues, still surrounds gold.
The Bigger Picture
If Venezuela's political reset restores access to both oil and gold markets, the country becomes more than an energy story. In Schiff's view of a weakening dollar regime, gold-rich nations gain leverage — and Venezuela's stash gives it optionality that oil alone cannot.
In this market, barrels matter. But bullion may matter more.
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