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Looks like Argentina has leased or pawned its gold in London
The Mystery of Argentina's Gold: Milei Admits That It Was Transferred Abroad, Without Specifying the Quantities or Destination
By Havier Lorca
El Pais, Madrid
Sunday, July 28, 2024
Argentina's reserves, held by its central bank, include almost 2 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.
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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 be seized, due to longstanding legal cases that have been filed against Argentina by foreign creditors.
The transfer of the gold was not officially announced by the government or the central bank. Rather, the information came from the bank workers' union, known as La Bancaria. Its leader -- the left-wing legislator Sergio Palazzo -- presented a request within the framework of the Law of Access to Public Information for the Central Bank of the Argentine Republic (BCRA), asking if there were any operations to send gold bars abroad during June.
Specifically, he demanded to know if transfers of gold took place on June 7 and June 28 through Lumil -- a private security firm that transports valuables -- and British Airways. He also wanted to know the specific amounts, their destination, the administrative procedures taken, as well as the names of the officials involved.
The BCRA has 30 days to respond to the legislator and has not yet done so. But last Friday, Minister of Economy Luis Caputo acknowledged that the operation was indeed carried out. "It's a very positive move. ... If you have gold in the BCRA, it's as if you have assets inside that cannot be used for anything. If you have it outside the country, you can get returns," he argued in an interview with La Nacion+, an Argentine TV channel. "It's much better to have it guarded outside, where they pay you something."
His words suggest that the purpose of the shipment -- possibly to London or Basel, according to speculation -- was to deposit the gold and earn interest.
However, if that's indeed the case, numerous economists have warned that the logic of the transfer -- with the cost of the required insurance -- didn't justify the operation, given that the returns are very low. ...
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