US Authorizes License for Venezuela to Sell Gold

Today, we launched a new Your News Hub feature: badges!

This member-only feature allows members to earn badges based on how many articles they read on our website. Members can click on their profile in the top right corner of the website to view their progress towards their next badge, and badges will appear next to members' names in their profile. If you're reading this article on our website, you're already one post closer to your next badge!

Members can also view others' profiles and compete against each other to earn badges and read the most articles. We might bring more badges to the website in the future, but we'll need to see some engagement from you all before that happens!

Note: Articles read in the app will not count towards badges– unfortunately, this is a website-only feature.

The United States confirmed the announcement of a major deal that hands Venezuela's state-owned mining company a license to sell gold.

The multimillion-dollar deal will see Venezuelan mining company Minerven receive a license to sell gold internationally. Among their potential customers, Singapore-based global commodities trading firm Trafigura will receive up to 2,200 pounds of gold dore bars– unrefined bars that are between 50% and 90% gold, with the remaining alloy made up by silver or copper.

Minerven had faced severe sanctions from the US government in previous years under President Nicolás Maduro, who has since been captured by American forces. Now, US President Donald Trump has decided to expand his control over Venezuela's extensive network of natural resources, going further than just oil.

US Interior Secretary Doug Burgum finalized an agreement for the required licensing during a meeting with interim President Delcy Rodríguez earlier this week, where the Venezuelan leader took care to assuage the concerns of US mining companies. According to Burgum, these mining companies could funnel billions of dollars into a Venezuelan economy that is just beginning to pick up the pieces from Maduro's brutal regime, which throttled economic growth in the South American nation.

Currently, gold exports are heavily controlled by rebel groups and gangs, but Rodríguez asserted that Minerven would work to reclaim control over the nation's largest mines. The license from the US also guarantees that the gold will not be sold to any person or company representing or sending the goods to Russia, China, Iran, or North Korea.

The meeting also allowed them to confirm the deal with Trafigura– the company will facilitate the shipment of the gold to American refineries through a separate agreement with the US government. Trafigura is also currently involved in the United States' oil contracts in Venezuela, which remains crucial as Trump looks to expand the country's grip on global oil markets.

Fact of the Day (The Fact Site): A study from 2007 proved that surgeons who play video games at least three hours a week perform 27% faster and make 37% fewer errors.

Quote of the Day (Gracious Quotes): Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. (Biz Stone)

Word of the Day (Merriam-Webster): Vaunted (adj, VAWN-tud) - Vaunted describes someone or something that is often spoken of or described as very good or great.

In a Sentence: The team’s vaunted defense faltered in the second half of the game.

Image credit to Bloomberg