Socio-Economics History Blog

Socio-Economics History Blog

Brazil’s Central Bank Refuses to Answer Any Questions About Its Gold Reserves

by mosesman

  • Brazil’s Central Bank Refuses to Answer Any Questions About Its Gold Reserves
    by Ronan Manly, https://www.bullionstar.com/
    This year has been shaping up to be a strong one for central bank gold buying. This is despite the official absence from the buy side of central bank gold powerhouses such as Russia and China. Instead, there has been a noticeable trend of a diverse group of central banks who are not regular gold buyers, deciding to step up and make substantial gold purchases over short periods of time.
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    Thailand, Hungary and Brazil
    First up in Europe was the central bank of Hungary, Magyar Nemzeti Bank (MNB), which stunned the gold market in early April, when it announced that it had bought 63 tonnes of monetary gold during March 2021. (See BullionStar article “Hungarian central bank boosts its gold reserves by 3000% in less than 3 years”).
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    Next up in Asia was the central bank of Thailand, Bank of Thailand, which revealed that over the two months of April and May 2021, it had added a total of 90 tonnes of gold to its reserves, specifically 43.5 tonnes during April, and another 46.5 tonnes in May ( See BullionStar article “Thai central bank leads pack, buying 90 tonnes of gold over April and May”).
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    And now most recently, the attention has moved to South America, where IMF data submitted by Brazil’s central bank, the Banco Central do Brasil (BCB), reveals that after adding 11.7 tonnes of gold in May, the Brazilian central bank bought another 41.7 tonnes of gold in June, making a 2-month buying total of 53.5 tonnes of monetary gold. This now boosts Brazil’s gold reserves to a claimed 121 tonnes and puts South America’s largest economy in 32nd position in the sovereign monetary gold holding rankings.
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    read more.
Changes in Brazil’s gold holdings over April, Many and June 2021, millions ozs. Source: IMF .

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