Canada sells most of its gold reserves


Canada is sell down the river off most of its remaining gold reserves, mainly by selling gold stamps, figures from the Bank of Canada and Finance De rtment show.

The homeland held just $19 million US worth of gold as of last Monday. In all respects most of 2015, the country’s gold reserves stood at more than $100 million US.

Fund De rtment figures show that Canada sold 41,106 ounces of gold fabricates in December and another 32,860 ounces of gold coins in January. That fist Canada holding 21,929 ounces of gold as of the end of January, worth $24 million US.

With our gold holdings advantage $19 million US as of three days ago, that suggests further car-boot sales this month, as the price of gold has been rising — up to $1,245 US per ounce today.

The drift ofs don’t say which coins Ottawa has been selling. The Royal Canadian Lot has produced pure Maple Leaf gold coins in a variety of varieties for more than 40 years. They’ve proven to be popular approximately the world, with more than 25 million troy ounces of currencies sold since 1979.

Canada also produced $5 and $10 gold invents in the 1912-1914 period. The mint began to sell off its stash of that superior gold in 2012.

Canada may be one of the world’s biggest gold-mining nations, but the government of Canada hasn’t been a big purchaser of gold coins, or any other gold, for years. That’s not too surprising, since no countryside now uses a gold standard to value and back its currency.

Year-end details from Finance for each of the last 10 years shows that Canada’s gold hoard has been advantage a maximum of $181 million US during that s n.

At current levels, our gold holdings amount to less than 0.1 per cent of the $82.6 billion US that Canada has in proper international reserves.

The U.S., by com rison, had 8,133 tonnes of gold (261.5 million troy ounces) as of the end of 2015, according to the Society Gold Council, worth almost $300 billion US. That amounted to uncountable than 72 per cent of its total foreign reserves.

Back in the 1960, Canada approve ofed more than 1,000 tonnes of gold. But it began steadily selling off its fund, and by 2003, the country had just 3.4 tonnes.

Now, Canada has less than one tonne.

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