Argentina’s Gold Abroad Sits in London, Reports Say
ARGENTINA · CENTRAL BANK
Key Facts
- —The country Argentina holds about 61 tonnes of gold, according to central bank data.
- —What happened Governor Bausili told senators the gold moved abroad sits at the BIS.
- —The London report El Cronista, citing bank sources, places the bars in London.
- —The audits State auditors found a US$1.023 billion loss on 2025 gold hedges.
- —The reserves Gross reserves stood at US$49.133 billion on Wednesday, 7 October.
- —Still open The central bank has not disclosed how much gold left Argentina.
Argentina’s central bank books part of its gold at the BIS, while reports place the bars themselves in London.
Part of the Argentina gold reserves left the country in 2024, and where it sits now is disputed in Congress. Central bank governor Santiago Bausili told senators it is deposited at the Bank for International Settlements (BIS) in Switzerland.
El Cronista, a Buenos Aires business daily, then reported that the bars are physically held in Bank of England vaults in London. It cited central bank sources, and the bank has issued no public statement confirming that account.
For US investors, the question is how usable the gold is. It is part of the reserves that Argentina’s IMF programme targets and that bondholders watch.
What Bausili Told the Senate
Bausili spoke on Wednesday, 9 September, as senators debated a reform of the central bank’s charter, the Carta Orgánica. The Central Bank of the Argentine Republic (BCRA) is the country’s monetary authority and holds its reserves.
The gold “was transferred and deposited at the BIS, in Switzerland, where it remains,” he said, per El Economista. The BIS, based in Basel, is a bank owned by central banks that offers them accounts, including for gold.
Bausili said the BCRA holds two kinds of gold: bars in its own Buenos Aires vaults and a portion at the BIS. “All gold movements are documented and recorded,” he said, adding that the accounts had been audited.
He called the 2024 move a window of opportunity, when strong demand cut the cost of replacing old, lower-quality bars. On Monday, 2 September 2024, the BCRA said it had moved part of its gold “between its different accounts”, total unchanged.
The stock is about 1.98 million fine troy ounces, roughly 61 tonnes, per a BCRA report cited by Chequeado. The bank’s weekly balance sheet valued it at about US$8.6 billion on 7 September.
Where the Argentina Gold Reserves Are Reported to Be
La Política Online, a Buenos Aires political news site, summarised the El Cronista report on Monday, 14 September. In that account, the deposit is recorded in a BIS account while the metal is stored at the Bank of England.
A BIS gold account need not mean metal in Switzerland. What has not been officially stated is where the bars physically are.
La Política Online reported that about 1,000 bars were sent, and Página/12 reported that only 115 needed recasting. Peronist senator Juliana Di Tullio has spoken of 13 tonnes, a figure the BCRA has not confirmed.
Two Audits, Two Questions
The National Audit Office (Auditoría General de la Nación, AGN) audits public bodies for Congress. Its president, Juan Manuel Olmos, was proposed by the largest opposition party, the Peronists.
In a note to Di Tullio, Olmos said the AGN approved the BCRA’s 2023 and 2024 accounts. But “the traceability of the gold reserves is still under analysis,” he wrote, because the bank took over a year to reply.
That management audit asks why the gold was moved, where it went and whether anyone benefited, Infobae reported on 8 October. The report is with the BCRA, which must file its reply.
A second AGN finding concerns hedges: dollar-settled derivatives on part of the gold lost US$1.023 billion in 2025. The finding is set out in Argentina Audit Finds US$1 Billion Loss on Gold Hedges.
Infobae put the operations at US$960 million and option premiums at US$62.8 million. Olmos said no open positions remain and that no loss of this size had been recorded before.
The BCRA replied on Thursday, 8 October, that its gold position, metal and hedges together, earned a net US$2.505 billion in 2025. It said it hedges 100% of its gold, has done so since 2007, and that the AGN approved its 2025 accounts.
The bank accused the AGN’s leadership of acting for political reasons. A court complaint over the hedging loss is covered in Argentina Gold Loss of US$1 Billion Lands in Court.
Senate Summons and a Criminal Complaint
Di Tullio and Martín Soria, of the Peronist bloc in the Senate, filed a request to summon Bausili urgently. They want him to explain where the gold is and what was done with it, Conclusión reported on 14 September.
Their bloc said Bausili “lied to the Senate” about the location and about the audits. No date for a new appearance has been made public.
On Tuesday, 15 September, the two and María Florencia López expanded a criminal complaint filed on 28 April, Perfil reported. It names President Javier Milei, Economy Minister Luis Caputo and Bausili, and alleges abuse of authority and embezzlement.
A complaint asks federal courts to investigate and is not a charge. None of the three has been charged, and all are presumed innocent.
What It Means for US Readers
The BCRA reported gross reserves of US$49.133 billion on Wednesday, 7 October. Gold worth about US$8.6 billion is close to a fifth of that buffer.
The BCRA and the US Treasury signed an exchange stabilisation agreement for up to US$20 billion on 20 October 2025. Holders of Argentine dollar bonds watch reserves closely, because they fund debt payments.
Gold held in London can be swapped, lent or pledged far more easily than bars in a Buenos Aires vault. The charter reform would allow gold to serve as collateral in central-bank operations, La Política Online reported.
What Is Not Known
The BCRA has not said how much gold went abroad, or officially where the bars are stored. It has not said whether any of it was pledged, lent or swapped.
The size, dates and counterparties of the 2025 hedges are not public. Neither is the AGN’s transfer report, or the BCRA’s reply to it.
What Comes Next
The next steps are the BCRA’s reply to the AGN transfer audit and any Senate decision on the summons. The charter reform debate will keep the gold on the agenda.
None of this means the gold is missing. Official data show the stock unchanged at about 1.98 million ounces for at least five years.
Frequently Asked Questions
Where is Argentina’s gold?
Governor Santiago Bausili says part is in Buenos Aires vaults and the part moved abroad is at the BIS. El Cronista, citing central bank sources, reports those bars are stored at the Bank of England in London.
How much gold does Argentina have?
About 1.98 million fine troy ounces, roughly 61 tonnes, according to central bank data. The weekly balance sheet valued it at about US$8.6 billion on 7 September.
What did the auditors find?
The AGN found a US$1.023 billion loss on 2025 gold hedges, which the bank says the metal more than offset. Its audit of the transfer abroad is still open.
Why was the gold moved?
Bausili said strong demand in 2024 made it cheaper to replace old, lower-quality bars. The BCRA said in 2024 that the transfers left its total gold holdings unchanged.
Will Bausili return to the Senate?
Peronist senators have asked for him to be summoned urgently. No date for a new appearance has been made public.
Sources: BCRA, statement on 2025 gold result (8 October 2026); BCRA, international reserves series; BCRA, US Treasury agreement (20 October 2025); Chequeado; El Economista; Buenos Aires Times; La Política Online; Conclusión; Perfil; Infobae (all accessed 11 October 2026).
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