According to Bloomberg: "Brazil’s holdings expanded 17.2 tons last month to 52.5
tons, the most since January 2001, according to data on the
International Monetary Fund’s website."
There was no reason specified as to why Brazil bought so much gold. Could it be that they are starting to see cracks in the gravity defying moves of central banks to artificially hold up their fiat currencies. How long can Japan and the US keep interest rates near zero? How long can those countries and most of the rest of world continue debt financed deficit spending? The manipulations by cenral banks of the world will not hold up.
At some point fear will start a panic. When that panic comes, faith in fiat currencies will crumble. Could it be that Brazil is being proactive before the panic happens.
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