Mystery solved: Bausili says Argentina's missing gold is in Switzerland

For two years, Argentina's missing gold reserves have fuelled opposition outcry, official secrecy, speculation and even the occasional conspiracy theory.

But on Wednesday, Central Bank Governor Santiago Bausili finally ended the mystery, telling a Senate committee hearing that the gold shipped out of the country in 2024 is now being held in a vault in Switzerland.

"It was transferred and deposited at the BIS in Switzerland, where it remains," Bausili told lawmakers, referring to the Swiss Bank for International Settlements.

The disclosure brings an end to a mystery that had endured since Argentina's Central Bank, commonly known by its Spanish acronym BCRA, began shipping gold abroad in 2024. Until Wednesday, the monetary authority had never publicly confirmed its destination.

The revelation came as senators debated reforms to the BCRA's Organic Charter, with opposition lawmakers once again pressing officials over the whereabouts of the reserves.

Opposition Senator Juliana Di Tullio had previously raised the possibility of filing a criminal complaint over the Central Bank's refusal to answer information requests on the issue.

Bausili, however, insisted there was nothing mysterious about the operation, framing it as straightforward asset management.

He explained that a surge in global demand for gold bars in 2024 had temporarily reduced the cost of exchanging older, lower-grade ingots for finer ones, creating a window of opportunity the Central Bank decided to exploit.

"It was optimal to take advantage of that window of opportunity, and at a lower-than-historical cost, convert that lower-quality gold into higher-quality gold," he told senators.

Pressed on the theories and speculation that had flourished during the Central Bank's prolonged silence, Bausili was characteristically blunt, insisting the operation had been fully audited and documented throughout.

"It seems tempting to construct a conspiracy – or a novel," said the governor.

The saga began in August 2024, when newspaper Página/12 published video footage of a BCRA-branded truck heading towards Buenos Aires' main international airport, reportedly carrying US$250 million in gold bars.

Reporting at the time indicated that roughly half of Argentina's gold reserves had been held domestically and half in London before the shipments. 

Sending bullion abroad for certification under London Bullion Market Association standards could allow it to be used as collateral for financing – a potentially useful option for a Central Bank that was then sitting on negative net reserves.

Neither Bausili nor Economy Minister Luis Caputo has said how much gold ultimately ended up in Switzerland, nor whether Argentina intends to use the reserves to raise financing. 

– TIMES/PERFIL