Argentina ordered to reveal location of Central Bank gold
HalfDime
Posts: 171 ✭✭✭
New York Judge Loretta Preska has ordered Argentina to hand over information on the Central Bank’s gold reserves per a request filed by hedge fund Burford Capital in October. The discovery order is the latest in the saga of a US$16.1 billion lawsuit it won against the country in 2023 for the expropriation of energy company YPF.
Argentina’s assets are being probed for potential seizure by the Southern District Court of New York to partly pay for the lawsuit. In a letter to Judge Preska, Burford quoted newspaper articles from last July reporting that Economy Minister Luis Caputo confirmed that the Central Bank had moved some of its gold overseas, which certain media outlets claimed would be used for a repo. The government did not provide further information on the matter.
Last week, Argentina wrote a letter to Preska arguing that the Central Bank and the Republic are legally separate entities, meaning that the gold reserves do not belong to the government and their details are confidential. The country, represented by the Sullivan & Cromwell law firm, also said that the Central Bank’s reserves “enjoy special protection from execution under [United States’ Foreign Sovereign Immunities Act] and UK law.”
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A hedge fund wants to be paid in gold and Argentina won't say where it is.
Comments
A NY court has jurisdiction over Argentina? LOL
Maybe an illegal Black Op is in order.
Repetition of ignorance is ignorance raised to the power two.
Yup, if I were Argentina, I'd be telling Judge Preska to go pound sand. THKS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Almost as funny as California wanting to charge an exit tax on residents fleeing the state. Do a better job of running the state and maybe they and their taxable income won't flee.
Repetition of ignorance is ignorance raised to the power two.
California was one of the most amazing places I ever lived. Almost another lifetime ago. Good times minus all the peeps. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
You should move back, they're gonna need their share of all your SLV money
Repetition of ignorance is ignorance raised to the power two.
If that gold is at the US federal reserve bank vault, they made a big boo boo.
It's on my short list for potential winter snowbird locations once we retire. Biggest economy in the US, they are perfectly fine without my $$$. Perhaps Argentina will sell them their gold? RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
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I wonder if Argentina has already sold off these gold reserves ?
I have been told that the giant (and seemingly endless) "Fairmont" hoard of gold coins that is being sold came from a large bank in Argentina.
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Almost as funny as California wanting to charge an exit tax on residents fleeing the state. Do a better job of running the state and maybe they and their taxable income won't flee.
Doing a better job of running California - that is the question. If you approach this as a purely mathematical exercise, the prerequisite conditions would have to be:
That the rate of epiphany in California voters that "something is wrong" enough to change the voting patterns must exceed the rate of outflow of escapees from California. Even so, after equilibrium is reached a catalyst will still be needed to overcome the dynamic equilibrium threshold.
I knew it would happen.
Don't cry for me Argentina. . .
Repetition of ignorance is ignorance raised to the power two.