Milei Moves $4.5 Billion Argentina Gold Abroad Amid Concerns

Jul 31, 2024, 04:45 PM

Argentina's President Javier Milei has admitted to transferring a portion of the central bank's $4.5 billion worth of gold abroad, as reported by El Pais. The move has raised concerns about potential seizure and the risks associated with trading or lending the gold for profit. Economy Minister Luis Caputo defended the decision, stating that holding gold outside the country allows for returns, unlike keeping it within the central bank. Speculation suggests the gold may have been sent to London to earn interest. The decision has sparked debate, with some drawing parallels to Portugal's loss of gold during the 2008 Lehman collapse.