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Massive gold bars, initially rumored to be seized from Nicolas Maduro, were displayed at the White House. The real story involves a new licensing deal between a Venezuelan state-owned mining company and Trafigura Group, aimed at re-integrating Venezuela into the global economy and boosting American industry.

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The US and Venezuela have decided to restore diplomatic ties after nearly a decade, aiming for a peaceful democratic transition and closer cooperation on mining and oil, according to the US State Department.

Doug Burgum met with Venezuela's acting president this week to discuss oil and mineral opportunities and secure a gold deal.

U.S. Interior Secretary Doug Burgum says Venezuela offers security guarantees to mining companies that want to invest in risky, mineral-rich regions

This is not an everyday trade agreement.

At current market prices, a kilogram of gold is valued at roughly $166,000, putting the potential value of the shipment in the hundreds of millions of dollars

Venezuela's Minerven has signed a multimillion-dollar contract with Trafigura to sell 650-1,000 kg of gold dore bars to the US. US Interior Secretary Doug Burgum facilitated the deal, which involves gold being sent to US refineries. This marks a significant tightening of commercial ties between the US and Venezuela.