Image – istock
Canada has been selling off its gold reserves for a while now and is at or close to zero. In the 60’s it had over 1000 Tonnes. It’s reserve is now made up in currency and similar forms.
Yet countries such as Russia, India and China are currently bolstering their gold reserves. Central banks added 336 tonnes to their reserves in the second half of last year, a 25 per cent increase from the previous year, the World Gold Council says.
In February, the U.S. held about 8,133 tonnes of gold, which made up 72 per cent of its reserves. Germany had 3,381 tonnes for 66 per cent of its reserves last month, while Italy and France each held more than 2,400 tonnes — over 60 per cent of their respective reserves.
I guess Canada is betting on world and major currencies stability or bailouts from the World Bank and its G8 partners if not. Is that a wise choice?
Some of the comments from the CBC site
“They have replaced the gold reserves with 49 billion in US dollars, and the US buys the gold, and who owns the country”
“But that’s no longer the case, since no major world economies still value their money tied to the gold standard.”…gold is STILL classified in trade as monetary and non monetary. the fact that we have a finance debt allowing this sell off and sell out to happen is a travesty ,criminal and WILL come back to haunt the sovereignty of the country in years to come.
Ottawa sells off almost all its gold reserves, leaving just 77 ounces — or less
Related and updated news
The Secret World of Gold – Gold in Canada
A look at Canada’s diminished gold reserves.
China’s Gold Mystery: Is Nation Slowly Increasing Reserves? – Bloomberg