ARGENTINA · CENTRAL BANK
Key Facts
- The country Argentina is a major South American economy, led by libertarian President Javier Milei, and its bonds and shares trade in New York.
- What happened A federal prosecutor asked the state auditor and the central bank for documents on gold derivatives, the first step in the Argentina gold probe.
- The money The state auditor puts the 2025 loss on gold options at about US$1.02 billion: US$960.2 million in losses plus US$62.8 million in premiums.
- The other side The central bank says its gold and hedges together earned a net US$2.505 billion in 2025, and calls the audit political.
- Who is named Economy Minister Luis Caputo, central bank president Santiago Bausili and central bank official Juan Curutchet are named in the complaint.
- The catch No one has been charged, the judge has not ruled, and the prosecutor may still dismiss the complaint after reading the files.
- Power Index Argentina ranks 4th of 14 in The Rio Times Latin America Power Index, with 61.2 points (October 2026 edition).
A federal prosecutor has taken the first step in an Argentina gold probe, seeking files on central bank trades that lost US$1.02 billion. The request, reported on Tuesday 20 and Wednesday 21 October 2026, follows an audit saying the bank’s 2025 gold derivatives lost that sum.
For US readers the Argentina gold probe matters because Argentine bonds and shares trade in New York. Prosecutor Gerardo Pollicita wants the files before deciding whether to push a criminal case against Economy Minister Luis Caputo and central bank chief Santiago Bausili.
What the Prosecutor Asked For
Pollicita asked federal judge Ariel Lijo to order a set of preliminary document measures, according to judicial sources quoted by La Nación and Infobae. Lijo heads Federal Court No. 4 in the Comodoro Py complex, the Buenos Aires courthouse where the biggest federal corruption cases are heard.
He wants the state auditor (the AGN) to hand over its full file for audit 423/2025, with working papers and internal dissents. He also wants the central bank’s formal reply to the auditor and any action it took afterwards.
Questions Put to the Central Bank
Pollicita also asked the central bank, known as the BCRA, to describe the rules for gold-reserve trades and which departments take part. He asked how internal controls and supervision work, to learn who could sign off on such contracts.
He wants to know whether the bank and the Economy Ministry exchanged instructions on managing the gold since 2025. After reading the replies he will say whether the Argentina gold probe goes forward or the complaint is dropped for lack of a crime.
Why the Auditor Flagged the Gold Trades
The AGN, Congress’s public-sector auditor headed by Juan Manuel Olmos, approved the central bank’s 2025 accounts without reservations. It added a warning that gold derivatives produced a negative result of ARS 1.469 trillion (about US$1.023 billion), Perfil quoted the resolution.
That total is US$960.2 million in option losses plus US$62.8 million in premiums, according to Infobae. The auditor said the loss was paid out of liquid dollars from the international reserves.
How a Gold Collar Lost Money
La Nación explains that the bank apparently built a collar, a pair of option contracts that limit both losses and gains. It bought a put, which guarantees a minimum selling price, and sold a call, which obliges it to sell at a fixed price.
Infobae reported the call price was set a little above US$3,000 an ounce, while gold later climbed past US$4,000. The bank therefore owed its trading partners the difference even as the gold it still held gained value.
Who Filed the Complaint and Whom It Names
Lawyer Gregorio Dalbón, who represents former president Cristina Kirchner in some cases, filed the criminal complaint earlier this month and widened it on 12 October. It names Caputo, Bausili and central bank official Juan Curutchet, alleging fraudulent administration, abuse of authority and failure of official duty.
All of them are presumed innocent, and none has been charged. The audit finding, the complaint and the lawyer’s request for a raid on the bank came first.
The Bank and Government Reply
The central bank says its gold position must be judged as a whole, and that the metal’s rise produced a net gain of US$2.505 billion. It accuses the auditor’s leadership of acting for purely political purposes.
The bank describes the options as protection against a price fall, which costs money in a year when prices rise. La Nación notes that gold gained 44% in 2025, so the metal in the vaults gained as the options lost.
What It Means for US Readers
Holders of Argentine dollar bonds and New York-listed shares watch the reserves closely, because they back the country’s debt payments and its currency. A dispute over how the reserves were managed can raise doubts about transparency, even though the bank reports a net gain.
Nothing in the prosecutor’s request changes the bank’s accounts or Argentina’s debt payments. The Argentina gold probe does show that a US$1 billion hedging result has moved from an audit footnote into a federal court.
What Is Not Known
It is not known whether Judge Lijo has approved the requests, or when the auditor and the bank must reply. The prosecutor has not said whether the Argentina gold probe will become a formal investigation.
Press reports that commissions above US$60 million were paid to intermediaries remain unconfirmed. It is also open whether the separate audit of the physical gold stored abroad will add to the case.
More: Argentina news in English, every day from The Rio Times.
Frequently Asked Questions
What did the Argentine prosecutor ask for?
Prosecutor Gerardo Pollicita asked the state auditor for its full file on the central bank’s 2025 accounts. He also asked the bank for its rules on gold trades and any exchanges with the Economy Ministry.
Has anyone been charged over the central bank gold trades?
No, nobody has been charged, and the officials named in the complaint are presumed innocent. The prosecutor first wants to read the documents before deciding whether to push a formal investigation.
Did Argentina’s central bank really lose US$1.02 billion?
The state auditor says its gold derivatives had a negative result of US$1.023 billion in 2025. The bank says its gold holdings and hedges together produced a net gain of US$2.505 billion.
What is a collar in gold trading?
A collar combines a bought put option, which sets a minimum selling price, with a sold call option, which sets a maximum. It lowers the cost of protection but gives up gains above the call price.
Why does the case matter to American investors?
Argentine bonds and company shares trade in New York, and the central bank’s reserves support debt payments and the currency. Questions about reserve management can affect confidence in those assets.
Sources: La Nación, 21 October 2026; Infobae, 20 October 2026; El Esquiú, 21 October 2026; Perfil, 13 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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