Brazil president seeks to calm fears over meat sales, exports

Brazilian President Michel Temer and Angola’s Ambassador Nelson Manuel Cosme eat barbecue in a steak house in Brasilia after a meeting with ambassadors from countries that import Brazilian meat, on Sunday. (AFP)
Updated 20 March 2017
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Brazil president seeks to calm fears over meat sales, exports

BRASILIA: Brazil tried to reassure the world Sunday that its huge meat industry poses no threat — with President Michel Temer even inviting ambassadors to a steak dinner — despite allegations that corrupt exporters sold tainted products.
Temer smiled as he invited diplomats to a traditional Brazilian meat restaurant called a churrascaria, saying “if you accept the invitation we will be very happy.” Nineteen of the 33 envoys who met with him accepted the offer. But Temer had the serious mission of calming a scandal threatening the reputation of the world’s biggest beef and poultry exporting nation.
The scare started Friday when police said a two-year probe had found major meat producers bribed health inspectors to certify tainted food as fit for consumption.
At least 30 people have been arrested, with police raiding more than a dozen processing plants and issuing 27 arrest warrants.
A poultry-processing plant run by the multinational BRF group and two meat-processing plants operated by the local Peccin company were shut down, the Agriculture Ministry said.
Brazilian meat is exported to more than 150 countries, with principal markets as far apart as Saudi Arabia, China, Singapore, Japan, Russia, the Netherlands and Italy. Sales in 2016 reached $5.9 billion in poultry and $4.3 billion in beef, according to Brazilian government data.
In his address to the ambassadors, Temer acknowledged that the scandal had generated “major concern.”
But he insisted that the bad meat and faked certificates occurred in only “a very few businesses” and did not represent a wider problem.
Calling Brazil’s inspection system “one of the most respected” in the world, Temer said: “I want to reiterate our confidence in the quality of our products.”
In 2016, 853,000 consignments of animal products were exported, Temer said, yet “just 184 of them were deemed by importers to be in violation.”
Earlier, Luis Eduardo Pacifici Rangel, secretary of agricultural protection, told reporters that there was “no risk for population, neither for exports.”
Brazil is worried the scandal will hurt attempts to negotiate a trade deal between South America’s Mercosur group with the EU.
The EU ambassador to Brazil, Joao Cravinho, tweeted on Sunday that he wanted “complete, urgent clarifications from the agriculture ministry.”
The authorities have not yet detailed where tainted products were found, but say that in some cases carcinogenic substances were used to mask the smell of bad meat.
In addition to the giant BRF firm, which owns the Sadia and Perdigao brands, companies under investigation include JBS, a world leader in meat sales and owner of the Big Frango, Seara Alimentos and Swift brands.
JBS took out a full-page ad in the newspaper O Globo to say that the federal office conducting the investigation had made no mention of health problems stemming from JBS products. The BRF group is running similar ads, saying its products pose no health risk “whatsoever.”


Silver crosses $77 mark while gold, platinum stretch record highs

Updated 27 December 2025
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Silver crosses $77 mark while gold, platinum stretch record highs

  • Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
  • Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years

Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.

Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation ‌as a US ‌critical mineral, and strong investment inflows.

Spot gold ‌was ⁠up ​1.2% at $4,531.41 ‌per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.

“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist ⁠at Zaner Metals.

Markets are anticipating two rate cuts in 2026, with the first likely ‌around mid-year amid speculation that US President Donald ‍Trump could name a dovish ‍Fed chair, reinforcing expectations for a more accommodative monetary stance.

The US ‍dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.

On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.

“$80 in ​silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next ⁠year,” Grant added.

Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.

On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.

Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.

All precious ‌metals logged weekly gains, with platinum recording its strongest weekly rise on record.