Bausili says Argentina’s gold is in Switzerland; AGN can’t audit transfer

The Central Bank of Argentina's president, Santiago Bausili, claims that the government's gold reserves are held in the vaults of the Bank for International Settlements (BIS) in Switzerland, a statement the National Audit Office (AGN) cannot verify. During a Senate questioning, Bausili likened the transaction to swapping outdated U.S. dollar bills for newer ones, explaining that the gold was moved to replace lower-grade bars with higher-purity metal.

He stated that the gold bars minted between the 1960s, 1970s, 1980s, and 1990s have varying quality levels, prompting the BCRA to "seize the opportunity" to improve the quality of the gold in 2024. Bausili asserts that when companies disclose their financial positions, they "invite other financial agents to trade against those interests" and that certain information should be withheld to prevent constant counter-positioning.

However, the AGN's report reveals that they were unable to audit the transfer, as "placement contracts for gold bars with the BIS and/or any other foreign depository… do not exist to date." Four transfers of 250 bars took place between June and August 2024, but as of December 31, 2024, these contracts still had not been established.

Bausili maintains that the requested information is classified and contained in restricted files, but insists that the BCRA responds to all AGN requests and the files remain "available for inspection." Peronist Senator Juliana Di Tullio disputes Bausili's account, suggesting that Argentine gold is still in the Bank of England in London, where it was sent by Economy Minister Luis Caputo in 2024. She plans to file a criminal complaint against Bausili and summon him to Senate proceedings.