CARACAS, Venezuela, May 26 (UPI) -- Venezuela has sold at least $1.7 billion in gold reserves to pay debts this year, decreasing the South American country's gold reserves to the lowest level on record.
Venezuela sold more than 40 tons of gold in February and March, and in the past year the country's reserves have dropped by nearly a third. Last week, Venezuela's total reserves fell to a low of $12.1 billion, of which gold accounts for nearly 70 percent.