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Brazilian Central Bank Bolsters Reserves with $6.8B in Gold

Gold's Seasonality
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EDITOR NOTE: Brazil’s economy suffered a 4.1% GDP contraction in 2020 amid the pandemic; its worst recession since the mid-1990s. Its infection cases currently hold a seven-day average of 37,700. Perhaps in light of the risks to its social fabric and economy, Brazil’s central bank purchased 41.8 tons of physical gold last month. This buy represents a nearly 53% jump in one month, as the country now holds 121.1 tons of gold worth around $6.8 billion. With uncertainty plaguing its social and economic outlook, the Brazilian Central Bank sought safety in an asset that would strengthen its monetary integrity. We Americans can all learn from this nation as it squares off with various factors that may plunge it into the depths of a long-term crisis.

RIO DE JANEIRO, BRAZIL - After years without substantially changing the amount of gold in its international asset reserves, the Brazilian Central Bank headed by Roberto Campos Neto bought 41.8 tons of the metal in June.

With this, the volume of gold that is held in the reserves jumped 52.7% in just one month, to 121.1 tons - equivalent to US$6.873 billion. The value of the June purchase was not disclosed.

It was the biggest purchase in one month since at least December 2000, when the current historical series compiled by the Central Bank on the profile . . .

Original post from The Rio Times

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