What's the point of just having gold if not for a rainy day? After decades of lefty peronist rule, it's a rainy day. Invest it. It would have been better to have not needed to do that, given the strong likelyhood of an incoming global rainy day sure, but argentina wasn't in a strong enough position to be able to do that. So for them, yeah, better to use it. He's cosying up to the US and away from china/BRICS, I don't think it will be seized, and they werent able to seize Venezuela's.
It sounds like that's exactly what they are doing yeah.
Minister of Economy Luis Caputo acknowledged that the operation was indeed carried out. “It’s a very positive move… if you have gold in the BCRA, it’s as if you have [assets] inside that cannot be used for anything. If you have it outside the country, you can get returns,” he argued, in an interview with La Nación+, an Argentine TV channel. “It’s much better to have it guarded outside, where they pay you something,”... President Milei later hinted that the transfer of the gold is related to the possibility of using it as collateral to take out a bridge loan. The president said that Argentina already has sufficient U.S. dollars available to pay the maturity of interest on foreign debt — a payment of about $1.6 billion — which is due in January 2025. He claims that the bridge loan would be to pay an additional sum of $3 billion to foreign creditors.
The guy on the right is the Minister of Economy by the way, in case anyone else was as confused as me.
What's the point of just having gold if not for a rainy day? After decades of lefty peronist rule, it's a rainy day. Invest it. It would have been better to have not needed to do that, given the strong likelyhood of an incoming global rainy day sure, but argentina wasn't in a strong enough position to be able to do that. So for them, yeah, better to use it. He's cosying up to the US and away from china/BRICS, I don't think it will be seized, and they werent able to seize Venezuela's.
It sounds like that's exactly what they are doing yeah.
The guy on the right is the Minister of Economy by the way, in case anyone else was as confused as me.
sends physical gold to invest and get digital fiats back, bet even if the investment is successful, he's not putting the gold back