One month ago, when looking at the latest Canadian official international reserves, we noticed something strange: Canada had sold nearly half of its gold reserves in one month. According to the February data, total Canadian gold reserves stood at 1.7 tonnes. That was just 0.1 per cent of the country’s total reserves, which also include foreign currency deposits and bonds.
As we noted, the decision to sell came from Finance Minister Bill Morneau’s office.
“Canada’s gold reserves belong to the Government of Canada, and are held under the name of the Minister of Finance,” explained a spokesperson for the Bank of Canada on Wednesday. “Decisions relative to gold holdings are taken by the Minister of Finance.”
Reached by Global News on Wednesday evening, a spokesperson for the finance department said the sale “was done in the normal course of business for the government. The decision to sell the gold was not tied to a specific gold price, and sales are being conducted over a long period and in a controlled manner.”
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Now is a great time to convert some of your cash savings into gold.
ReplyDeleteI consider gold a long term savings vehicle which will provide protection for purchasing power.
Qaddafi held 144 tonnes when the drones reigned down on him..while the Obama led NATO stole Ukraine's too.. Canada is smart to dump their's before they steal it too
ReplyDeleteThen ponder how you plan to redeem your gold.
ReplyDeleteGold was around since the beginning of time my bets are on it.
ReplyDeleteMarch 5, 2016 at 6:54 PM
ReplyDeleteInteresting view
ReplyDeleteSounds like they're abandoning any pretense of backing their currency with anything more than additional ink and paper.