You are here
Argentina ordered to reveal location of central bank gold
By Facundo Iglesia
Buenos Aires Herald
Wednesday, January 15, 2025
New York Federal Judge Loretta Preska has ordered Argentina to hand over information on the central bank's gold reserves per a request filed by hedge fund Burford Capital in October.
The discovery order is the latest in the saga of a US$16.1 billion lawsuit it won against the country in 2023 for the expropriation of energy company YPF.
... Dispatch continues below ...
... ADVERTISEMENT ...
First Majestic Mines Silver and Gold
in Mexico and Operates Bullion Store
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The company owns and operates the San Dimas silver and gold mine, the Santa Elena silver and gold mine, and the La Encantada silver mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon gold project in northeastern Nevada.
In 2024 these mines are projected to produce between 21.1 to 23.5 million silver-equivalent ounces, consisting of 8.6 to 9.6 million ounces of silver and 150,000 to 167,000 ounces of gold, with an all-in sustaining cost of $19.32 to $20.68 per payable silver-equivalent ounce.
For information about the company, visit:
https://www.firstmajestic.com/
In a practice unique to First Majestic, the company offers a portion of its silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at the company's bullion store at some of lowest premiums available.
In Q1 2024 First Majestic will also commence bullion production from its 100%-owned and operated minting facility, First Mint LLC, to manufacture its own exceptional silver bullion products catering to the growing demand for physical silver.
Argentina's assets are being probed for potential seizure by the U.S. District Court for the Southern District of New York to partly pay for the lawsuit. In a letter to Judge Preska, Burford quoted newspaper articles from last July reporting that Economy Minister Luis Caputo confirmed that the central bank had moved some of its gold overseas, which certain media outlets claimed would be used for a repo. The government did not provide further information on the matter.
Last week, Argentina wrote a letter to Preska arguing that the central bank and the republic are legally separate entities, meaning that the gold reserves do not belong to the government and their details are confidential.
The country, represented by the Sullivan & Cromwell law firm, also said that the central bank's reserves "enjoy special protection from execution" under the U.S. Foreign Sovereign Immunities Act and UK law.
In her order, Preska countered that "regardless of whether the gold reserves are held" by the central bank, the republic shall produce its own documents concerning the reserves."
The judge further demanded information on government accounts held in the country and overseas, as well as evidence from a separate lawsuit in order to "trace the republic's assets." ...
... For the remainder of the report:
* * *
GATA is grateful to these companies for their recent support:
Apollo Silver Corp.
Barksdale Resources
Dolly Varden Silver Corp.
Dryden Gold Corp.
Group Eleven Resources
Guanajuato Silver
IBK Capital Corp.
Independent Trading Group
Mining Discovery
Power Nickel
Silver North
Strike Point Gold
The National Investor
The Prospector
Western Alaska Minerals
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon:
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
Donations of $250 will entitle the donor to a 1-ounce silver round commemorating GATA's work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png
