It's Official: Canada Has Sold All Of Its Gold Reserves
Article and # 9.
Posted on 03/03/2016 10:29:50 AM PST by blam
Tyler Durden
March 3, 2016
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.
"Under the old system, (gold) backed up currencies,” Lee explained. “The U.S. dollar was tied to gold. One ounce was worth US$35. Then in 1971, for lots of reasons I won’t get into, Richard Nixon took the United States off the gold standard.”
Gold and dollars were interchangeable until that point, he said, but in the modern financial world, the metal is no longer considered a form of currency.
(snip)
(Excerpt) Read more at zerohedge.com ...
Trudeau I following the same game plan as his father. It will have the same financial consequences.
I’m not sure about that. Salt used to be used as a currency. Gold prices go up and down like oil, silver, coal, milk, wheat, etc.
the mother vein is going online and the price of gold is going to take a dive...
Bingo! He’s just liquidating all his assets before running up the debt.
I understand that Bill Clinton and his Federal Reserve pukes used the US gold reserve as collateral to borrow money from other countries when the value of gold was in the $300/ounce range. Isn’t it reasonable that the lender states would require the US to transfer said US gold to their holdings? Sounds like another perfect Clinton scam on the American people. Anyone know how often Fort Knox gets audited, if ever?
For every seller there is a buyer.
There was a story in the National Tatler in 1974 that David Rockefeller bought the gold that was in fort Knox through back channels at the federal reserve. This story was relayed to them from an anonymous source that overheard Nelson Rockefeller telling the story. Nelson Rockefeller’s executive assistant (59 yo Louise Auchincloss Boyer grandaughter of Col House - the real president during Wilson’s presidency that brought us the fed and cousin to Jackie Auchincloss Kennedy) was later found to be the source and died from a fall from her hi-rise apartment in NYC three days later.
http://s6.zetaboards.com/Bill_Still_Reforum/topic/1176801/1/
It is worth noting that ancient civilizations such as India and China that have been around 5,000 years still value gold highly. They have a long-term historical perspective quite different from ours, including the preservation of wealth. An ancient gold coin dug from the earth still has intrinsic value even before considering any archeological value. I predict that greenbacks and bitcoins will be unknown, much less valued, in 5,000 years.
Why own gold when you can rent it? At my new AirGnS (gold and silver), you can sign up to rent as many bars of gold or silver as you want, for a low annual fee. I’ll keep them safely in storage for you, and send you a photo of YOUR gold. At the end of the year, you can renew your rental or discontinue at no cost or further obligation.
Hey, socialism is EXPENSIVE!
It's Official: Canada Has Sold All Of Its Gold Reserves
Article and # 9.
Only if I get visitation once a year.
Who wants to live in freaking freezing Canada?? I don’t see thousands of Americans trying to get over there.
They better worry about the Mexicans passing straight through the U.S. and up into Canada.
I know China has been buying it by the ton for quite a long time, if the numbers are correct.
Rumor is that they’re actually understating how much.
What else would they do with all those soon-to-be worthless dollars, besides buying up American companies and real estate?
Gold is real MONEY. It has intrinsic value. The dollar and looney are currency. They are backed only by faith and fairy dust from their respective countries of issue. The exchange rate between currencies and real, tangible monetary assets floats depending on the perceived value of the currency against the stable value of real money. Currencies devalue as more units are printed against the backing "value" of the national economy. The USD is being printed at a rapid rate and its value is falling since the economy behind it is also failing.
Governments are devaluing currency as a means of devaluing the debt they hold in that currency. They hope to render the debt obligations worthless while planning a new currency pegged to gold or other real money. Unfortunately, the amount of debt is many orders of magnitude too large for this strategy to succeed.
Yes, but more accurately Gold is MONEY, according to the St. Louis Federal Reserve Bank. CURRENCY as a medium of exchange, yes, but sometimes currency isn’t really MONEY.
https://www.stlouisfed.org/education/economic-lowdown-podcast-series/episode-9-functions-of-money
Well, actually they make the case that $20 bills are better money than cattle, but really they are making the better currency case (medium of exchange). Fiat currencies aren’t money, according to the characteristics the Fed puts forward themselves.
Characteristics of MONEY (according to the Federal Reserve)
Durability
Portability
Divisibility
Uniformity
Limited Supply
Acceptability
Gold and silver meet all these characteristics. Fiat currencies don’t (particularly the Limited Supply characteristic), imo.
Too cold for them, too.
“but in the modern financial world, the metal is no longer considered a form of currency...”
Of course not. They don’t want a currency that resists artificial manipulations.
Nobody living will ever be able to verify that, so your prediction is a safe one.
Best show on TeeVee.
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