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Argentina's Central Bank reported US$1,023 million loss in gold operations
The Auditoría General de la Nación (AGN) has reported that the Banco Central de la República Argentina (BCRA) incurred a loss of US$1,023 million in 2025 due to financial operations involving gold reserves. According to the audit, the central bank used gold as collateral for derivative contracts, effectively betting on the international price trajectory of the metal. The AGN noted that the bank miscalculated the market movement, resulting in a loss composed of US$960 million from negative operation results and US$62.8 million in option premiums.
The audit also raised concerns regarding the physical location and legal custody of gold ingots that were transferred abroad. While the AGN highlighted the unprecedented magnitude of using physical gold for such high-risk transactions, the BCRA has strongly contested the findings. The central bank maintains that its gold position actually yielded a net positive result of US$2,505 million when accounting for both the appreciation of the metal's value and the costs of hedging operations.
The BCRA defended its strategy, stating that these hedging operations cover 100% of its gold position and have been standard practice since 2007 to protect reserves against price drops. The central bank further accused the AGN leadership of pursuing purely political motives to discredit the institution.
Entities
Auditoría General de la Nación · Banco Central de la República Argentina · Banco Central del Paraguay · Basilio Núñez · Carlos Carvallo Spalding · Central Bank of Paraguay · Javier Milei · Juan Manuel Gustale · Juan Manuel Olmos · Luis Caputo · Santiago Bausili · Senado de la República del Paraguay
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 4 SOURCES] The BCP affirmed that the national financial system is operating normally with adequate solvency and liquidity.
- [● 3 SOURCES] The BCP stated that rumors of a financial system intervention are totally false.
- [● 3 SOURCES] The BCP report to the Senate contains 31 pages protected by banking secrecy.
- [● 2 SOURCES] The AGN is conducting an audit to clarify the physical location and legal custody of gold ingots transferred abroad. ahorainfo.com.ar · diariopampero.com
- [● 5 SOURCES] The loss includes US$960 million from negative operation results and US$62.8 million in option premiums. diariopampero.com · facundoquiroga.com · derf.ar · mediosrioja.com.ar
- [DISPUTED] The BCRA claims a net positive result of US$2,505 million from its gold position in 2025, accounting for both asset appreciation and hedging costs. frenteacano.com.ar · cuestionentrerriana.com.ar · lu32.com.ar · www.labrujula24.com · vilmetal.com.ar
- [● 7 SOURCES] The AGN concluded that the BCRA lost money by speculating on the international price trajectory of gold and miscalculating the outcome. facundoquiroga.com · diariopampero.com · elagrocorrentino.com.ar · panoramadenoticias.com.ar · bairesparatodos.com.ar · +1 more
- [● 4 SOURCES] The BCRA stated that its gold hedging operations cover 100% of its position and have been a standard practice since 2007. frenteacano.com.ar · vilmetal.com.ar · www.labrujula24.com · cuestionentrerriana.com.ar
- [● 3 SOURCES] The BCRA accused the AGN leadership of acting with purely political motives to discredit the central bank. frenteacano.com.ar · cuestionentrerriana.com.ar · lu32.com.ar
- [DISPUTED] The AGN reported that the BCRA lost US$1,023 million due to financial operations involving gold reserves in 2025. diariopampero.com · elagrocorrentino.com.ar · facundoquiroga.com · ahorainfo.com.ar · mediosrioja.com.ar · +5 more
- [● 5 SOURCES] The AGN noted that physical gold reserves have never been used for risk transactions of this magnitude in the history of BCRA audits. ahorainfo.com.ar · panoramadenoticias.com.ar · elagrocorrentino.com.ar · bairesparatodos.com.ar
- [○ 1 SOURCE] The failed bet resulted in a loss of 1,023 million dollars after gold prices rose by 63%. saltadiario.com.ar