Ten years ago, Venezuela secretly shipped gold worth €5.05bn to Switzerland to melt and sell it internationally. Over five years, 127 tonnes were airlifted, traced by Swiss customs. Switzerland, a major gold hub, hosts key refineries. The Venezuelan government, facing bankruptcy, used gold as collateral for loans. By 2017, Venezuela was in default, with a significant financing gap and inadequate oil export revenue. The gold transfer aimed to prevent default but ultimately failed, leaving the country with a foreign debt of up to $170 billion.