The Central Bank of the Argentine Republic (BCRA) reports that, during the 2025 fiscal year, its gold position yielded a net positive result of USD 2,505 million. This performance reflects the combined effect of the evolution of the metal’s price and the financial hedging operations that the entity habitually applies to its total holdings in this asset.
The financial operations with gold registered 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.
Like any hedging operation, these instruments entail a cost. In years when gold shows favorable performance—as occurred in 2025—the financial derivatives that act as insurance typically record a negative result. This behavior responds to the very nature of hedging: the underlying asset shows a gain, while the protection instrument absorbs a loss. Therefore, a correct evaluation of the strategy requires considering both parts of the operation jointly and their net effect, which in this case was largely positive.
The hedging operations carried out in 2025 are part of a habitual practice that the BCRA has maintained since 2007, almost twenty years ago. In fact, between 2007 and 2011, payments made for similar hedging operations represented almost double the payments made in 2025, relative to the market value of the gold in portfolio.
In this context, during the 2007-2011 period, the Auditoría General de la Nación (AGN) did not formulate observations regarding the hedging strategy used or the associated payments. Nor were observations recorded by the BCRA’s external auditors concerning these practices. This circumstance confirms that hedging operations on the gold position comply with applicable auditing and control standards.
The AGN, as the external control body of the national public sector and in line with other auditors, approved the BCRA’s financial statements for the 2025 period, which showed a record result in the BCRA’s history and the highest equity increase in the last 20 years.
As is evident, the current leadership of the AGN is dedicated to discrediting the BCRA’s leadership for purely political purposes. The deviation of the AGN’s functions for political reasons undermines the institutionality of the entity. This is clear in its latest statement, where the cited operations are mentioned as hedging operations, but when summarizing the information, they are characterized as speculative. A financial operation cannot be both hedging and speculative at the same time. This already occurred with the issue of gold movement, where the AGN published a letter in which it carefully chose its words not to lie, but also not to contribute to clarifying the facts, despite having all the information to do so. The BCRA’s leadership will remain focused on preserving the highest standards for the entity’s functioning and continuing to build upon the best results of the last 25 years, for the good of the Nation.
