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Jan Nieuwenhuijs: Bucking repatriation trend, Argentina sends more gold to London
By Jan Nieuwenhuijs
Money Metals Exchange, Eagle, Idaho
Tuesday, September 17, 2024
In July the Central Bank of Argentina shipped another 3 tonnes of gold to the United Kingdom to swap for foreign exchange. A month prior the central bank also transported 3 tonnes to the U.K. The bank is now estimated to have 37 tonnes (60% of Argentina's gold reserves) on swap in the London bullion market.
Argentine newspaper Clarín reported in 2017 that BCRA moved 11 tonnes of its monetary gold to London, according to their research, to be swapped for Japanese yen. "We are already doing this with all the gold we have in London, because by placing it in that financial center, we can expand its use," the central bank told to Clarin at the time.
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El Pais reported in July this year that the bank was again transporting gold abroad. After rumors were making rounds about how much gold was shipped out and to where, President Milei hinted that the gold was used overseas as collateral for a loan (this is how a swap typically works). Argentina appears to be in need of foreign currency to pay interest or to pay off debt.
A few weeks back I was able to confirm that the bank had sent $150 million worth of gold (3 tonnes) to the U.K. in June, based on cross-border trade statistics. Because officials had confessed that part of the Argentinian monetary gold was sent abroad, and for the first time ever the U.K. -- home of the largest gold market -- recorded to have imported 3 tonnes from Argentina that month, I was confident this batch could be assigned to the central bank. ...
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