The BCRA informs that its gold position yielded a net positive result of USD2,505 million during the 2025 fiscal year. This performance is the result of the evolution of the price and the financial hedging transactions that are applied to its total gold holdings.
The financial transactions with gold recorded in 2025 are part of the hedging policy that the BCRA implements on 100% of its gold position. This strategy aims to protect international reserves against potential losses that a significant drop in the price of one of its main assets could cause.
As with any hedging strategy, these instruments involve a cost. When gold records favorable performance—as in 2025—the financial derivatives used for protection typically generate negative results. This is inherent to the nature of hedging: the underlying asset generates a gain, while the hedging instrument absorbs a loss. Therefore, a correct assessment of the strategy requires considering both parts of the transaction and their net effect, which in this case was largely positive.
The hedging transactions carried out in 2025 are consistent with a practice that the BCRA has maintained since 2007, for almost twenty years. Between 2007 and 2011, payments made for similar hedging transactions represented almost double the payments made in 2025, relative to the market value of the gold in the portfolio.
In this context, during the 2007-2011 period, the General Audit Office (Auditoría General de la Nación, AGN) raised no observations regarding the hedging strategy used or the related payments. And the BCRA’s external auditors did not issue observations concerning these practices. These precedents confirm that hedging transactions on the gold position comply with applicable auditing and control standards.
The AGN, as the external oversight body of Argentina’s public sector and in line with other auditors, approved the BCRA’s financial statements for 2025, which posted a record result in the BCRA’s history and the highest equity increase in the last 20 years.
Evidently, the current AGN management is determined to discredit the BCRA management for purely political purposes. The deviation of the AGN’s functions for political reasons undermines the institutionality of the BCRA. This is clear in its latest release, where the above mentioned transactions are described as hedging operations, but when summarizing the information, they are considered as speculative. A financial transactions cannot be both hedging and speculative at the same time. This already occurred with the gold movement, where the AGN published a letter in which words were carefully chosen so as not to lie, but also not to contribute to clarifying the facts, despite having all the information to do so. The BCRA management will remain focused on preserving the highest operating standards and continuing to build upon the best results of the past 25 years, for the good of Argentina.
