They pressured Argentina in the YPF trial and demanded to know where the gold that the Central Bank sent abroad is.

During a new hearing in the trial for the expropriation of YPF , tensions rose again in the New York court. There, Judge Loretta Preska demanded that the Argentine State hand over chats, emails, and messages from the last two economy ministers, Sergio Massa and Luis Caputo , as part of a strategy to demonstrate that the government and the oil company are one and the same. The key to this line of argument is to achieve the seizure of state assets , such as the gold that the Central Bank transferred abroad in 2023.

Burford Capital , the fund that purchased the rights to litigate and has already obtained a favorable ruling for more than $16 billion, wants to know exactly where the Argentine gold is . The judge supported the request and assured that Caputo could have the information. "Because they didn't look in the bank," was the phrase with which the official defense, which insists that the BCRA is independent, dismissed the case.

"This is a treasure hunt. They have the treasure map and they won't even let us find the gold," Burford's attorney, Seth Levine , said of the YPF case. The lawyer argued that Caputo has spoken publicly about the matter, so he should be subpoenaed. The judge did not rule out that possibility.

According to the Argentine defense, the minister only replicated information from the Central Bank of Argentina and made no decisions regarding the movement of gold. "We are treading on sovereignty issues," warned Giuffra, Argentina's lawyer, noting that moving forward with statements from officials could generate a diplomatic conflict. However, the judge seemed determined to maintain the pressure.

In addition to the claim for the Central Bank 's gold , the hearing left new demands: the judge asked for details about bank accounts, relations with China, state trusts, and privatizations . She also refused to keep any documents Argentina submits secret, unless justified on a case-by-case basis.

Preska, who has been leading the litigation for over ten years, is seeking to identify "centralized sources" of financial information. Although the defense attempted to block some of the data discovery, all indications are that the judge is willing to move forward with embargoes if the country fails to comply with the ruling.

Meanwhile, the main case for the expropriation of YPF remains under appeal before the Second District Court of New York , which will not hear oral arguments until October. But Preska's message was clear: if Argentina doesn't pay or negotiate, she will seek to foreclose on assets, and Argentine gold remains in the plaintiffs' sights.