RT: Canada has used up all of its gold reserves.
SkyMan
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According to an article today in RT, Canada has used up all of its gold reserves.
"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."
Here's a link to the full article:
RT Link
"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."
Here's a link to the full article:
RT Link
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Comments
Do not confuse this with their "in ground" reserves. Plenty more to be had.
The Bank of England did a similar thing in 1999 and did it in such a way to drive the price down to bail out a major bank. Canada's true reasoning will eventually be revealed.
BOE was also shown to have sold right before a major rise in price. Let's hope Canada is making the same mistake.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
...
The Bank of England did a similar thing in 1999 and did it in such a way to drive the price down to bail out a major bank. Canada's true reasoning will eventually be revealed.
BOE was also shown to have sold right before a major rise in price. Let's hope Canada is making the same mistake.
Interesting. Thank you for the link.
U.S. Type Set
Being a closer trading partner of the USA with its 8,100 tonnes of gold, doesn't hurt either.
has enough reserves in the ground or available for acquisition at any time. Cheers, RickO
Is the U.S. still minting gold coins using gold from government stockpiles or are they purchasing it on the open market like they are with silver? Did the government ever replenish their silver stockpile
The reported US govt gold reserves have not changed in many years. Therefore, the gold coins from the US Mint are being produced with gold from other sources. And that would fit with the trouble the mint has been having for a couple of year with getting adequate supply of AGE blanks from their regular suppliers.
That's like saying that you have thousands of tons of fish "in the sea". It's very expensive and time consuming to extract gold from the ground.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
That's like saying that you have thousands of tons of fish "in the sea". It's very expensive and time consuming to extract gold from the ground.
My point is that "gold reserves" has two meanings - in the bank and in the ground.
It's official, most of us now own more gold than the Bank of Canada.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
That's like saying that you have thousands of tons of fish "in the sea". It's very expensive and time consuming to extract gold from the ground.
My point is that "gold reserves" has two meanings - in the bank and in the ground.
It's official, most of us now own more gold than the Bank of Canada.
I'll drink to that.