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12/21/12

Brazil adds to its gold reserves again

An interesting report over at Mining dot com today which you can read by clicking this link, but here's a chart derived from the report data.


In simple terms Brazil's gold reserves don't budge for years and now suddenly, in the space of the last three or four months, they double. Read more on that link above.

PS: One metric tonne has 32,150.75 troy ounces, so at today's more-or-less U$1,650/ozt for gold, one tonne is worth U$53.05m. Which means Brazil's total gold reserve is worth U$3.565Bn. Which means it's a touch under 5% 1% (ty for the correction anon commenter: Brazil total reserves stand at 378.55Bn) of total country reserves so minor stuff in absolute terms, but the trend is the interesting thing here. Trends are friends, y'see.