[Venezuela is about to reach an agreement to transfer $4 billion in gold reserves from the United Kingdom to the United States] On September 18, the media quoted people familiar with the matter as reporting that the Venezuelan government and the opposition were about to reach an agreement to transfer gold reserves worth about $4 billion from the Bank of England to the Federal Reserve Bank of New York. Under the terms being negotiated, the gold could potentially be used as collateral for government borrowing to fund fiscal spending. The government will not be able to sell its gold holdings immediately but will have legal control over it. The Bank of England stated that it would not be able to perform relevant operations unless a British court issued a ruling clarifying the legal ownership of the account. The British Foreign Office, the Venezuelan government and the opposition declined to comment.