Brazil is one of the safest places in the whole world to invest in gold, according to a new study by Goldman Sachs Group Inc. The country has a strong gold market and the central bank has pumped billions of dollars into the market.
The study, titled “Gold Is the Most Safe Asset,” found that Brazil’s gold holdings were more than $300 billion in 2015, making it one of only four countries where gold has been the safest asset.
The Brazilian economy has boomed, creating millions of jobs and cementing the country’s status as a global hub of mining.
“This is an incredibly exciting time in our nation,” said Gabriel Sosa, the vice president of commodities at Goldman Sachs.
“The Brazilian economy is thriving and the country is seeing unprecedented growth.
The prospect of gold is now more attractive than ever, and it’s no longer a fringe option.”
The Brazilian central bank, which controls gold prices, has pumped $20 billion into the gold market this year, bringing the country to the top of the list of safest places to invest.
Sosa said the central Bank will not be taking on the role of the world’s leading gold investor, but will instead focus on other investments.
Gold, which is priced at around $US1,200 per troy ounce, is widely used in electronics, jewelry, cars, jewelry and the internet.
The central bank estimates that its portfolio of gold, worth around $40 billion, will rise to $100 billion by 2020.
Sulla said the country has been investing in gold because it is cheap and because gold is a safe investment because of its intrinsic value.
“Gold is one asset that is very stable, because of the way it’s mined, the fact that it’s chemically stable and the fact it’s not subject to the same risk as other commodities,” Sosa told reporters in an interview in New York.
“That makes it a very stable asset.”
Gold prices rose last year amid a commodities boom.
But the country experienced an economic slowdown during 2016 and 2017.
That led to an ongoing crisis in the country.
Gold prices fell again in 2018.
The IMF said in March 2018 that gold reserves could drop to a record low of $3.6 billion.
São Paulo, a city of some 15 million people, has become one of Brazil’s most sought-after investment destinations.
Brazil has a growing middle class, with the country seeing a record 10.3 million people enter the workforce in 2018, according the IMF.
Brazil’s economy has been growing faster than any other country, and the IMF expects the country will expand its gross domestic product (GDP) to 6.5% in 2021.
Inflation is at a record-low rate of 2.4%, while wages are rising and people are getting richer.
Brazil is also home to one of South America’s largest gold mines.
Semeny dos Santos, an analyst at Goldman, said the government’s push into the mining sector has made Brazil’s central bank more willing to make money on gold, even if it means buying assets that are more volatile.
“It makes sense that gold is safe because it’s a safe asset, but we also need to make sure we’re making money,” Semeno said.
“There’s a lot of money to be made on gold.”