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Jan Nieuwenhuijs: Argentina's gold reserves arrive in London
By Jan Nieuwenhuijs
Gainesville Coins, Lutz, Florida
Thursday, August 15, 2024
In June the United Kingdom received a gold shipment worth $150 million dollars from Argentina. Most likely the gold was sent by the central bank of Argentina to be used as collateral in the London Bullion Market.
Newspaper El País reported on July 28 that part of the official gold reserves of Argentina were transferred abroad. After rumors spread regarding the whereabouts of the Argentinian gold, Minister of Economy Luis Caputo acknowledged that gold was indeed shipped overseas.
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"If you have it outside the country, you can get returns," he shared in an interview with an Argentine TV channel.
According to El País, President Milei hinted that the gold can be used as collateral to take out a bridge loan, which is essentially a swap.
Normally, "monetary gold" (gold owned by a central bank) is exempt from being disclosed in customs data. However, as I have pointed out in the case of the Chinese central bank buying gold in London, if bullion banks take care of shipping and insurance, the metal does show up in cross-border trade statistics. ...
... For the remainder of the analysis:
https://www.gainesvillecoins.com/blog/argentinian-gold-collateral-arrives-in-london
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