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 ounces. 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?
Ottawa sells off almost all its gold reserves, leaving just 77 ounces — or less
The Secret World of Gold – Gold in Canada
A look at Canada’s diminished gold reserves.