Argentina gold reserves dispute: AGN claims $1B loss, BCRA counters with gain; ingots not in London

Argentina's General Audit Office (AGN) alleges the Central Bank (BCRA) lost US$1.023 million in 2025 on gold hedges, while the BCRA claims a net gain of US$2.505 million, framing the hedges as insurance and accusing the AGN of political bias. Separately, Argentina's defense in a London court case over PBI coupons revealed that gold sent abroad in 2024 is not in London, supporting speculation it is held at the Bank for International Settlements in Basel. The dispute raises questions about the accuracy of official gold reserve reporting and the true location of Argentina's gold, with implications for market confidence and transparency.