Canada, a Major Gold Producer, is now a “Gold Free Zone?”

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Canada's Kinross Gold Mine

Canada's Kinross Gold Mine
Canada’s Kinross Gold Mine
Canada has used up all of its gold reserves. For the first time since 1935 the country is out of gold.

The volume of gold reserves in Canada has declined steadily over the past 50 years. In the mid-1960s, Canada’s gold reserves exceeded 1,000 tons. By 1985, half had been sold. In 2015, the reserves were down to three tons and now the country has no gold left.

© fin.gc.ca

According to Finance Department data, Canada sold 41,106 ounces of gold coins in December and another 32,860 ounces of gold coins in January. The remaining 21,929 ounces were sold in February.

© Michael Dalder

“The government has a long-standing policy of diversifying its portfolio by selling physical commodities (such as gold) and instead investing in financial assets that are easily tradable and that have deep markets of buyers and sellers,” Finance Department spokesman David Barnabetold CBC in February, when Canada was left with $24 million worth gold in its reserves.

By comparison, the United States had 8,133 tonnes of gold (261.5 million troy ounces) at the end of 2015, worth almost $300 billion, according to the World Gold Council, which amounted to more than 72 percent of its total foreign reserves.

“These days, gold has no legal purpose that is required under monetary policy,” Ian Lee, a professor at the Sprott School of Business at Carleton University in Ottawa told the Globe and Mail. The link between banknotes and gold has steadily disappeared in the second half of the 20th century.

However, many are calling for currency to be backed by gold again. Among them is Ted Cruz, who is running for the Republican nomination for US president. The Texas senator has suggested America should return to the gold standard.

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GPD is our General Posting Department whereby managing editors Jim W. Dean and Gordon Duff share posts from other confirmed sources along with general information with our readers.

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3 COMMENTS

  1. Well, actually Canada has plenty more gold left and it may be looking to mine it. That’s the gold in the possession of the Canadian public.

  2. ooh god, so Canada thinks it’s okay to sell of a touchable good that has maintained (at least) a certain amount of value throughout human history for some paper not worth the wood it’s printed on, that will have ‘completely zero’ value once the other party renegs on the deal???
    (and it’s quite easy to reneg an a paper deal)

    Are they actively steering toward failure?

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