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Dollar-obsessed Argentines have a new love for buying gold instead
By Ignacio Olivera Doll
Bloomberg News
Wednesday, June 11, 2025
Gold is winning over the hearts of Argentines, a nation once almost irrationally devoted to the dollar.
Argentina's deep-rooted reliance on the greenback -- the country ranks among top holders of the U.S. currency, according to estimates by economists and former central bank officials -- is now being challenged by a growing appetite for gold. From bullion and small bars to exchange-traded funds, Argentines are increasingly turning to the precious metal as an alternative store of value.
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The shift signals a profound change in investor psychology as the dollar no longer offers the same inflation hedge it once did. The ongoing cost-of-living surge in the U.S., coupled with a rise in the peso under President Javier Milei, has diminished the greenback's lure. For many Argentines, the dollar is now merely a "second-best" choice among safe-haven assets. ...
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