The Central Bank of Argentina recorded a loss of more than $1 billion on gold derivatives transactions in 2025—even though the metal’s price rose by 65% over the period. According to AGN, the deals involved 94% of the country’s gold reserves.
AGN head Juan Manuel Olmos said the losses were caused by an error in calculating the price trajectory.
The central bank, for its part, says the transactions are part of a mechanism to hedge against falling gold prices that has been in place since 2007. It acknowledges that under this scheme, losses are inevitable in years when the metal’s price rises.
AGN head Juan Manuel Olmos said the losses were caused by an error in calculating the price trajectory.
The central bank, for its part, says the transactions are part of a mechanism to hedge against falling gold prices that has been in place since 2007. It acknowledges that under this scheme, losses are inevitable in years when the metal’s price rises.