Bolivia has turned bullion into breathing space, raising nearly a billion dollars through gold forwards and hedges to stave off default. Gold Becomes a LifelineIn a year when hard currency has been scarce and reserves dwindled, Bolivia leaned on its oldest asset: gold. The central bank buys gold domestically in bolivianos, refines it, then enters forward contracts with global counterparties. A guaranteed buyer in the form of the central bank incentivizes output, stabilizing prices but also magnifying pressure on fragile ecosystems. The central bank publishes tonnages and dollar inflows but not counterparties, hedge terms, or the mechanics of its accumulation plan.