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It's Official: Canada Has Sold All Of Its Gold Reserves
Zero Hedge ^ | Tyler Durden

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 ...


TOPICS: Canada; News/Current Events
KEYWORDS: canada; cruzplan; gold; goldbug; goldbugs; goldmansachs; goldprice; goldreserves; metals; reserves; tylerdurden; tylerdurdenmyass; zerohedge
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To: HombreSecreto

If that is the case, they’re now busy selling it off to support their currency.


41 posted on 03/03/2016 11:14:11 AM PST by proxy_user
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To: Arlis

“Because THE WORLD still values gold as currency........”

Yep. Pretty sure if I offer a contractor, or limo driver, or even my tax accountant gold coins for their services, they would gladly accept it. I guess you could say that is just barter, but those same people wouldn’t accept a goat or a coupon for 10 foot massages :)


42 posted on 03/03/2016 11:15:05 AM PST by Boogieman
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To: backwoods-engineer

Not if there are time travelers among us.


43 posted on 03/03/2016 11:18:03 AM PST by SoCal Pubbie
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To: Vic S

“Texas establishes own gold depository independent of Federal Reserve”

https://www.rt.com/usa/267916-texas-independent-gold-depository/

Russia understands it too.


44 posted on 03/03/2016 11:19:16 AM PST by Texas Fossil ((Texas is not where you were born, but a Free State of Heart, Mind & Attitude!))
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To: reaganaut
But what about its strategic maple syrup reserves? (yes that is a real thing in Canada)

Well, it's warming up again so it should be moving soon.

45 posted on 03/03/2016 11:21:00 AM PST by zeugma (Lon Horiuchi is the true face of the feral government. Remember that. Always.)
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To: Eurotwit
Who is buying all the gold?

Central banks, the people who gave us fiat currency, have been net buyers of gold for 8 years. Far and away the biggest buy is the Peoples Bank of China. But it is just a "barbarous relic" after all.


46 posted on 03/03/2016 11:35:21 AM PST by atomic_dog
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To: Darteaus94025

“Next year, we’ll tax all IRA money over $50K at 25%; they’re rich anyway.”

If you are in the 15% bracket, retired and drawing social security, the social security ramp makes your IRA withdrawals taxed at over 25%.


47 posted on 03/03/2016 11:52:05 AM PST by TexasGator
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To: blam

Bear market bottom signal.


48 posted on 03/03/2016 11:54:31 AM PST by Stentor (Oh Teddy Cruz, Canadian that you be. O Teddy Cruz, we stand on guard for thee.)
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To: blam
It's Official: Canada Has Sold All Of Its Gold Reserves

There are rumors that Ft Knox is empty, but the government continues to guard it to maintain the charade.

49 posted on 03/03/2016 11:59:47 AM PST by The Sons of Liberty (My Forefathers Would Be Shooting By Now!)
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To: InterceptPoint

I haven’t watch it this season..................


50 posted on 03/03/2016 12:13:06 PM PST by Red Badger (The Left doesn't like him and the Right doesn't like him, so he must be the right guy for the job...)
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To: Red Badger

Still great. The kid is doing good.


51 posted on 03/03/2016 12:15:31 PM PST by InterceptPoint
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To: InterceptPoint

Good to know.
What’s Tony doing with his floating dredge?....................


52 posted on 03/03/2016 12:41:10 PM PST by Red Badger (The Left doesn't like him and the Right doesn't like him, so he must be the right guy for the job...)
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To: Red Badger

Tony and his dredge are lagging behind. He is going to finish a distant third this year. Under a $million. The other two teams near $3 million.


53 posted on 03/03/2016 12:44:15 PM PST by InterceptPoint
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To: SoCal Pubbie
If I ever meet a time traveler, I will travel back to NOW and tell myself.

... waiting...

Nope, never met one.

54 posted on 03/03/2016 1:02:51 PM PST by backwoods-engineer (AMERICA IS DONE! When can we start over?)
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To: InterceptPoint

Great!...................I’ll haveta catch the reruns!.................


55 posted on 03/03/2016 1:08:58 PM PST by Red Badger (The Left doesn't like him and the Right doesn't like him, so he must be the right guy for the job...)
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To: jiggyboy; PA Engineer; blam; TigerLikesRooster; Cheap_Hessian; CJinVA; Jet Jaguar; ...

Goldbug ping.


56 posted on 03/03/2016 5:09:38 PM PST by Jet Jaguar
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To: Vic S

I moved gold at Fort Knox in 1977 as temporary labor supporting a GAO / Treasury audit. There was quite a lot there. We moved / audited 47,000 bars that were in the 27# range. This was supposedly about 10%, which felt right, given all the sub vaults (we moved gold out of 2).


57 posted on 03/03/2016 8:39:30 PM PST by FreedomPoster (Islam delenda est)
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