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RT: Canada has used up all of its gold reserves.

SkyManSkyMan Posts: 9,493 ✭✭✭✭✭
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

Comments

  • derrybderryb Posts: 36,779 ✭✭✭✭✭
    They sold the central bank's reserve holdings.

    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

  • SkyManSkyMan Posts: 9,493 ✭✭✭✭✭
    Originally posted by: derryb
    ...

    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.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    The Central Fund of Canada holds approx 54 tonnes of physical gold. Then toss in all the gold mines in Canada which probably is on the order of thousands of tonnes of gold, possibly tens of thousands of tonnes. Then you have all the Canadian based companies with mines all over the world. Lots of Canadian gold linkage if push came to shove.



    Being a closer trading partner of the USA with its 8,100 tonnes of gold, doesn't hurt either.
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,283 ✭✭✭✭✭
    Digging for controversy is often more arduous than digging for anything else.
  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭
    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
    theknowitalltroll;
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    I do not believe this piece of information will have any effect on gold prices since Canada

    has enough reserves in the ground or available for acquisition at any time. Cheers, RickO
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Originally posted by: BAJJERFAN

    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.
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • PerryHallPerryHall Posts: 46,107 ✭✭✭✭✭
    Originally posted by: derrybDo not confuse this with their "in ground" reserves. Plenty more to be had.




    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

  • derrybderryb Posts: 36,779 ✭✭✭✭✭
    Originally posted by: PerryHall
    Originally posted by: derrybDo not confuse this with their "in ground" reserves. Plenty more to be had.


    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

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,283 ✭✭✭✭✭
    Originally posted by: derryb
    Originally posted by: PerryHall
    Originally posted by: derrybDo not confuse this with their "in ground" reserves. Plenty more to be had.


    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. image

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