Overview
- The Banco Central published a monetary policy report on Thursday that defends the 2024–2025 hedges and says it captured about 70% of the 2025 gold price rise.
- The AGN has filed an imputation over the 2025 results and auditors attributed roughly US$1,023 million of negative impact to option operations, a figure the BCRA contests within broader accounting results.
- The BCRA says it used zero‑cost collars — a combination of bought puts and sold calls that sets a protection floor without an upfront net premium — and that these contracts settle in foreign currency and do not change physical gold holdings.
- The report confirms the bank holds 61.7 tonnes of gold bought 2004–2011 and links the decision to resume hedging to the extreme reserve fragility at end‑2023, when net international reserves were deeply negative and most FX liquidity was committed.
- Key transparency gaps persist because the BCRA did not name counterparties or specify how much gold, if any, was moved abroad or where it is custodied, keeping political pressure, further audits and market scrutiny likely to follow.