Argentina’s central bank responded to an audit highlighting 1.023 billion dollars in losses on gold derivatives during 2025. It said gold holdings and associated hedges together reported a net gain of 2.505 billion dollars. The national audit office approved the accounts with a favorable opinion, while its leadership and the central bank disputed how to characterize the hedging strategy.
Argentina’s central bank (BCRA) responded to the national audit office (AGN) after it highlighted 1.023 billion dollars in losses on gold derivatives in 2025. The bank said gold holdings and related hedges together generated a positive net result of 2.505 billion dollars. Its response on October 8 challenged the audit leadership’s characterization of the strategy.[1], [2]
The loss figure includes 960.2 million dollars in negative option results and 62.8 million dollars in premiums. The audit said no gold derivative positions remained open at year-end. BCRA says it hedges its entire gold position to protect reserves against a sharp price fall. Its explanation is that protective instruments can lose money when gold rises, while the underlying metal appreciates.[1]
AGN gave a favorable opinion on the financial statements and described the instruments as hedges. Its president Juan Manuel Olmos separately called the operations speculative. BCRA rejected that claim and accused the audit leadership of political motives. The bank said the hedging practice dates to 2007. The technical audit did not assess whether the strategy was economically advisable; the disputed figures concern 2025 accounts.[1]
