Gold exports break record in Brazil due to fear of global recession

Gold Mine in Paracatú, Brazil

Metal stock at central banks, major buyers, is at its highest level in 19 years.

At the end of July, a group of criminals took 770 kilos of gold from a cargo terminal at Cumbica International Airport in Guarulhos (SP). The members arrived disguised as federal policemen, threatened terminal workers with guns, and concluded the robbery in two and a half minutes. Filmed by security cameras, scenes of the cargo piled on a fake Federal Police van caught the eye of the public: no one imagined that it was passing so much gold through the country's main airport.

In fact, such loads are increasingly common there, because Brazilian gold exports have been hitting a record, in the wake of rising international prices prompted by fears that the world is on the brink of recession. To protect their patrimony, people are buying and storing the precious metal.

Read more at Folha de S. Paulo

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