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Canada Has Sold All Of Its Gold Reserves

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Im not sure what to think about this. I suppose Canada could go with a Maple Syrup standard now. Why not..

 

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.”

This latest sell-off is indeed part of a much longer-term pattern of moving away from gold as a government-held asset. According to economist Ian Lee of the Sprott School of Business at Carleton University, Ottawa has no real reason to keep its gold reserves other than adhering to tradition.

<snip>

According to Lee, there may soon come a time when Canada’s gold reserves are entirely a thing of the past. There are better assets to focus on, he argued, calling the government’s decision to dump gold “wise and astute.”

Lee was right, because fast forward one month when earlier today Canada's Department of Finance released its latest official international reserves and as of this moment it's official - Canada has fully "broken away with tradition" and has exactly zero gold left.

More:

http://www.zerohedge.com/news/2016-03-03/its-official-moment-canada-has-no-gold-reserves-left

 

Ottawa, March 3, 2016

Official International Reserves

- All 2016 Official International Reserves -

The Department of Finance announced today that Canada’s official international reserves increased by an amount equivalent to US$108 million during February to US$81,290 million.

Details on the level and composition of Canada’s reserves as of February 29, 2016, as well as the major factors underlying the change in reserves, are provided below. All figures are in millions of US dollars unless otherwise noted.

More:

http://www.fin.gc.ca/n16/16-030-eng.asp

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I'm on the fence about this... maybe I just prefer to think Canada had a boating accident.

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3 hours ago, Brio said:

I'm on the fence about this... maybe I just prefer to think Canada had a boating accident.

They learned how to sail from Ft. Knox.

Welcome to the Titanic!

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17 minutes ago, YourMom2 said:

Welcome to the Titanic!

Okay, a BIG boating accident :chuckle:

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This is not a problem. If Canada wants more gold all they have to do is fire up a couple of those old dredges in the Yukon and mine some more.  Get Tony Beets from Gold Rush to run the operation for them. Problem solved. LOL

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I wonder how long they will be able to afford the hordes of Muslim invaders that they are importing first class.

I believe America with need a northern wall as well as a burritard wall.

:yah:

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