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

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.

The news about 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 the month of 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.