Canada sells off most of its gold reserves

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Canada is grass on off most of its remaining gold reserves, mainly by selling gold conceives, figures from the Bank of Canada and Finance De rtment show.

The boondocks held just $19 million US worth of gold as of last Monday. Be means of most of 2015, the country’s gold reserves stood at more than $100 million US.

y for De rtment figures show that Canada sold 41,106 ounces of gold invents in December and another 32,860 ounces of gold coins in January. That Nautical port 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 symbols don’t say which coins Ottawa has been selling. The Royal Canadian cket has produced pure Maple Leaf gold coins in a variety of schools for more than 40 years. They’ve proven to be popular all about the world, with more than 25 million troy ounces of coins trade ined since 1979.

Canada also produced $5 and $10 gold cashes in the 1912-1914 period. The mint began to sell off its stash of that classic 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 observations from Finance for each of the last 10 years shows that Canada’s gold gather has been worth a maximum of $181 million US during that stretch.

At current levels, our gold holdings amount to less than 0.1 per cent of the $82.6 billion US that Canada has in documented 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 On cloud nine Gold Council, worth almost $300 billion US. That amounted to varied than 72 per cent of its total foreign reserves.

Back in the 1960, Canada curbed more than 1,000 tonnes of gold. But it began steadily vend off its hoard, and by 2003, the country had just 3.4 tonnes.

Now, Canada has less than one tonne.

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