Overview
- Citing its September policy report published Thursday, the BCRA said the 2024–2025 hedges let it capture about 70% of 2025’s 66% gold rally and that the consolidated gold position posted a net gain of roughly USD 2,505 million.
- The Auditoría General de la Nación identified about USD 1,023 million in negative results tied to the derivatives and has opened follow‑up audit work specifically on the transfers of physical gold abroad.
- The trades used a zero‑cost collar, a strategy that buys put options to set a downside floor while selling call options to finance that protection, which limited upside when gold rose sharply in 2025.
- Key facts remain undisclosed: the BCRA has not named counterparties or specified how much gold was moved, where it is held, or the custody terms, and the bank says confidentiality is needed to avoid market gaming.
- The dispute traces to extreme reserve fragility at end‑2023 and could prompt greater political oversight and IMF scrutiny, so the public conflict will likely hinge on the AGN’s audit findings and any revelation of counterparties or custodial details.