Virus prevents diaspora Venezuelans from sending money home

In this April 27, 2020 photo, Daniel sits in grandmother's lap in their apartment in Caracas, Venezuela, as they chat via a messenger service with his father Misael Cocho. (AP)
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Updated 11 May 2020
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Virus prevents diaspora Venezuelans from sending money home

  • Venezuela’s population peaked at 30 million in 2015, but 5 million alarmed at the country’s economic implosion migrated elsewhere in South America and to the US and Europe, according to the UN’s International Organization for Migration

CARACAS: After fleeing Venezuela along with millions of others amid the country’s grueling humanitarian crisis, Misael Cocho made his way by bus to Peru — where he got odd jobs and sent money home monthly to support his mother and his 5-year-old son.
But just after Cocho landed his steadiest work so far in Lima, coronavirus cases skyrocketed. He lost his job, sold his TV to buy food and hasn’t been able to wire money for months to Caracas to pay for food for the boy and Cocho’s mother.
The pandemic’s economic fallout left many Venezuelans abroad and the relatives back home who rely on them in dire straits. And as work disappears in countries like Peru and Colombia, humanitarian groups say many Venezuelans who fled hunger are now going hungry.
Cocho, 24, faces a dilemma: Should he stay in Peru in case the economy improves, or go back to Caracas where life is precarious but might not get worse?
“The truth is that this pandemic has really hit me hard,” he said.
Venezuela’s population peaked at 30 million in 2015, but 5 million alarmed at the country’s economic implosion migrated elsewhere in South America and to the US and Europe, according to the UN’s International Organization for Migration. Most who stayed behind get by on a minimum wage that’s the equivalent of about $2 a month.
About half of the Venezuelans who emigrated to other South American countries are so-called “informal” sector workers — laborers, vendors, street performers and waiters, estimated Provash Budden, regional Americas director for the Mercy Corps humanitarian aid group. Those jobs were hit hard by the virus’ economic impact and there are few if any social safety nets to help the people who had them.

FASTFACT

Venezuela’s population peaked at 30 million in 2015, but 5 million alarmed at the country’s economic implosion migrated elsewhere in South America and to the US and Europe.

Cocho first found work in Peru shoveling manure and sweeping streets and recently landed a better-paying job at a family-owned corner store. But he was laid off as the coronavirus spread. Peru has about 65,000 confirmed cases and, with more than 1,800 deaths, the second highest Latin American death count after Brazil, where more than 10,000 have died.
He sleeps on a mattress in a crowded home filled with Venezuelan migrants. The landlord has let him skip the rent so far, but Cocho doesn’t know how long the generosity will last.
“I’ve had no other choice but to sell the things I don’t use in order to get by,” he said.
Venezuela was once a wealthy nation sitting atop the world’s largest reserves of oil. But years of political confrontation, corruption and resource mismanagement by the socialist government left most Venezuelans with increasingly scarce water, electricity, gasoline and inadequate medical care.


Silver crosses $77 mark while gold, platinum stretch record highs

Updated 27 December 2025
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Silver crosses $77 mark while gold, platinum stretch record highs

  • Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
  • Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years

Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.

Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation ‌as a US ‌critical mineral, and strong investment inflows.

Spot gold ‌was ⁠up ​1.2% at $4,531.41 ‌per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.

“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist ⁠at Zaner Metals.

Markets are anticipating two rate cuts in 2026, with the first likely ‌around mid-year amid speculation that US President Donald ‍Trump could name a dovish ‍Fed chair, reinforcing expectations for a more accommodative monetary stance.

The US ‍dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.

On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.

“$80 in ​silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next ⁠year,” Grant added.

Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.

On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.

Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.

All precious ‌metals logged weekly gains, with platinum recording its strongest weekly rise on record.