my take on this is the vz govt wants first option, to buy at market price, for their own reserve.

what am I missing?"

It's not the price of gold, we always get world spot for sales that are not under some prearranged contract (even from the govt).

The issue is the difference between the official and blackmarket exchange rate for the "strong" bolivar. You take a BIG haircut if you sell to the govt at the official rate and then exchange into dollars UNLESS you have a permit to do it at the official rate, which are rare so you end up with the black market rate.