Guyana to crack down on gold smuggled in from Venezuela at the urging of the US government
GEORGETOWN, Guyana — Guyana has pledged to crack down on gold smuggled across the border from neighboring Venezuela at the urging of the U.S. government.
President Irfaan Ali said late Friday that the government of the South American country is dedicating 'enormous resources' to thwart the smuggling, which has long been a problem. He said authorities have increased border patrols and improved monitoring in mining regions.
Local officials have said they suspect that Venezuelan-sanctioned gold is being mixed with gold mined in Guyana and then passed off as local production and sold to markets in the U.S., Canada, the Middle East and elsewhere.
In 2021, the Royal Canadian Mint suspended gold purchases from a major export company in Guyana because officials suspected some shipments had been mixed with Venezuelan gold, an allegation the company denied.
Meanwhile, the U.S. Embassy in Guyana has suspended the visas of several miners suspected of smuggling Venezuelan gold overseas.
Gold is Guyana's second most important export after oil, generating nearly $1 billion last year. Some 434,000 ounces of gold were produced last year, up from 432,000 ounces the previous year, according to the Ministry of Natural Resources. It noted that up to 50% of local gold production is smuggled out of Guyana.
U.S. Ambassador Nicole Theriot on Friday praised Guyana's cooperation, noting that the countries have worked together to secure Guyana's border with Venezuela .
Relations between the two South American neighbors remain tense given a bitter dispute over the Essequibo region , which Venezuela has long claimed as its own. It represents two-thirds of Guyana and is rich in gold, diamonds, timber and other natural resources. It also is located close to massive offshore oil deposits , with current production averaging some 650,000 barrels daily.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Should You Buy Nu Holdings While It's Still Below $15?
Fintech company Nu caters to underbanked populations in Latin America, and its growth trajectory has been impressive. All banks are exposed to macroeconomic and geopolitical risks, but Nu has so far navigated the volatility in its markets. Its earnings continue to soar, which makes the stock look like a good deal at its current valuation. 10 stocks we like better than Nu Holdings › American investors might not be too familiar with Nu Holdings (NYSE: NU). True, it's a large-cap company with a $65 billion market capitalization currently. And yes, Warren Buffett's Berkshire Hathaway owned a stake in it for about three years. But because it operates in Latin America, Nu probably flies under the radar for many here in the U.S. This fintech stock has soared by an impressive 230% in the past three years (as of June 25), although it has taken investors on a volatile ride along the way. But should you buy shares right now while they trade below $15? Because of how mature the financial services industry is, there aren't that many companies in the space that are rapidly rising up through its ranks. Here's where Nu stands out. Its leaders saw an opportunity to target unbanked and underbanked populations in Latin America, providing them with a digital-first platform that offers bank accounts, brokerage services, credit cards, loans, and crypto trading, among other things. As of March 31, Nu had 119 million customers, the vast majority of them in its home market of Brazil. The company now counts a remarkable 59% of that country's adult population as its customers. In the last three years, Nu has essentially doubled its customer base. Nu also operates in Mexico and Colombia, both markets that have sizable potential. Combined, they have a population of 185 million people -- 13 times greater than the number of customers Nu has attracted so far in those countries. The leadership team is optimistic. According to their estimates, Nu has only captured 5% of its gross profit total addressable market in Brazil. One key pillar of its growth playbook is to constantly innovate. Nu just launched a service offering private payroll loans in Brazil, taking on the established players in that part of the industry. It also has a travel service (NuTravel) and a mobile phone service (NuCel). These initiatives clearly show its willingness to venture beyond financial services. It might have plans to enter other new markets down the road, further expanding revenue potential. However, so far, executives are playing it close to the vest. Because Nu's growth has been so spectacular, investors might overlook the fact that this is still a bank at its core. And that means that Nu is heavily exposed to certain factors outside of its control. Interest rates are one thing to keep in mind. No one can reliably predict with any level of precision what direction interest rates are headed in over the longer term. But rate hikes and cuts can have profound impacts on Nu's revenue and earnings. A recession or economic downturn would also spell trouble for the bank, as demand for loans would fall, delinquencies would rise, and spending activity would take a hit. Nu's operations are entirely in Latin America, which is still a developing region. On the one hand, that's an advantage, as it provides Nu with a huge opportunity to expand its offerings, bring on new customers, and ride the wave of GDP growth and smartphone/internet penetration. On the other hand, developing economies are prone to volatility. For instance, Brazil's economy is dependent on commodity exports, which can be influenced by market prices that can negatively impact GDP. There are other issues as well, like political instability and corruption. These elements can make running a successful financial services enterprise difficult. Nonetheless, Nu has performed exceptionally well in the face of these ongoing risks. Its revenues have soared, and so have its profits. Diluted earnings per share jumped 47% year over year in Q1, and analysts are forecasting that this key metric will increase at an annualized pace of 36% between 2024 and 2027. With shares trading at a forward P/E ratio of 23.5, investors should consider buying this fintech stock while it's still below $15. Before you buy stock in Nu Holdings, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Nu Holdings wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $713,547!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $966,931!* Now, it's worth noting Stock Advisor's total average return is 1,062% — a market-crushing outperformance compared to 177% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 23, 2025 Neil Patel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway. The Motley Fool recommends Nu Holdings. The Motley Fool has a disclosure policy. Should You Buy Nu Holdings While It's Still Below $15? was originally published by The Motley Fool Sign in to access your portfolio
San Francisco Chronicle
5 hours ago
- San Francisco Chronicle
Guyana to crack down on gold smuggled in from Venezuela at the urging of the US government
GEORGETOWN, Guyana (AP) — Guyana has pledged to crack down on gold smuggled across the border from neighboring Venezuela at the urging of the U.S. government. President Irfaan Ali said late Friday that the government of the South American country is dedicating 'enormous resources' to thwart the smuggling, which has long been a problem. He said authorities have increased border patrols and improved monitoring in mining regions. Local officials have said they suspect that Venezuelan-sanctioned gold is being mixed with gold mined in Guyana and then passed off as local production and sold to markets in the U.S., Canada, the Middle East and elsewhere. In 2021, the Royal Canadian Mint suspended gold purchases from a major export company in Guyana because officials suspected some shipments had been mixed with Venezuelan gold, an allegation the company denied. Meanwhile, the U.S. Embassy in Guyana has suspended the visas of several miners suspected of smuggling Venezuelan gold overseas. Gold is Guyana's second most important export after oil, generating nearly $1 billion last year. Some 434,000 ounces of gold were produced last year, up from 432,000 ounces the previous year, according to the Ministry of Natural Resources. It noted that up to 50% of local gold production is smuggled out of Guyana. U.S. Ambassador Nicole Theriot on Friday praised Guyana's cooperation, noting that the countries have worked together to secure Guyana's border with Venezuela. Relations between the two South American neighbors remain tense given a bitter dispute over the Essequibo region, which Venezuela has long claimed as its own. It represents two-thirds of Guyana and is rich in gold, diamonds, timber and other natural resources. It also is located close to massive offshore oil deposits, with current production averaging some 650,000 barrels daily.
Hamilton Spectator
5 hours ago
- Hamilton Spectator
Guyana to crack down on gold smuggled in from Venezuela at the urging of the US government
GEORGETOWN, Guyana (AP) — Guyana has pledged to crack down on gold smuggled across the border from neighboring Venezuela at the urging of the U.S. government. President Irfaan Ali said late Friday that the government of the South American country is dedicating 'enormous resources' to thwart the smuggling, which has long been a problem. He said authorities have increased border patrols and improved monitoring in mining regions. Local officials have said they suspect that Venezuelan-sanctioned gold is being mixed with gold mined in Guyana and then passed off as local production and sold to markets in the U.S., Canada, the Middle East and elsewhere. In 2021, the Royal Canadian Mint suspended gold purchases from a major export company in Guyana because officials suspected some shipments had been mixed with Venezuelan gold, an allegation the company denied. Meanwhile, the U.S. Embassy in Guyana has suspended the visas of several miners suspected of smuggling Venezuelan gold overseas. Gold is Guyana's second most important export after oil, generating nearly $1 billion last year. Some 434,000 ounces of gold were produced last year, up from 432,000 ounces the previous year, according to the Ministry of Natural Resources. It noted that up to 50% of local gold production is smuggled out of Guyana. U.S. Ambassador Nicole Theriot on Friday praised Guyana's cooperation, noting that the countries have worked together to secure Guyana's border with Venezuela . Relations between the two South American neighbors remain tense given a bitter dispute over the Essequibo region , which Venezuela has long claimed as its own. It represents two-thirds of Guyana and is rich in gold, diamonds, timber and other natural resources. It also is located close to massive offshore oil deposits , with current production averaging some 650,000 barrels daily. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
