Usual suspect…

The mystery of Argentina’s gold: Milei admits that it was transferred abroad, without specifying the quantities or destination

While the government acknowledges that gold reserves have been sent outside the country, there’s no official information available regarding the purpose of the operation. The gold is now exposed to the risk of being seized, due to long-standing claims against Argentina made by foreign creditors.



Argentina’s reserves, held by its Central Bank, include almost two million troy ounces of gold, valued at about $4.5 billion. But lately, there’s a question that’s on everybody’s lips: where is it? Was it taken out of the country? Did some of it remain within Argentina, while the rest was transferred abroad? Well, the official information only offers partial answers.

The administration of far-right President Javier Milei admitted to the recent transfer of gold abroad, but didn’t specify quantities, the destination, or the purpose for this measure. Nor did the Central Bank provide any details. In a scenario of financial instability — and with the government facing the need to accumulate reserves — the decision generated suspicions and speculation. There are also fears that the gold could possibly be seized, due to long-standing legal cases that have been filed against Argentina by foreign creditors.