It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
www.cbc.ca...
Canada is selling off most of its remaining gold reserves, mainly by selling gold coins, figures from the Bank of Canada and Finance Department show.
www.huffingtonpost.ca...
The Canadian government has nearly completed a gradual sell-off of its gold reserves as its holdings of the precious metal now amount to just a few dozen ounces.
Data from the World Gold Council suggest Canada stands apart from its industrialized peers as the only G7 country without a stockpile of at least hundreds of tonnes of gold.
The federal Finance Department says Ottawa unloaded nearly 22,000 ounces of gold coins in February for about $35 million.
The department says the government now holds just 77 ounces of gold — valued around $130,000.
A department spokesman says the government has a long-standing policy of diversifying its portfolio by selling physical commodities like gold in order to invest instead in assets that are more easily traded.
Former senior Finance Department bureaucrat Don Drummond says he doesn't think it makes any sense for Canada to hold any gold because it hasn't delivered a good rate of return over time and it costs money to store it.
Drummond says that hundreds of years ago gold symbolized the wealth of a country.
Former senior Finance Department bureaucrat Don Drummond says he doesn't think it makes any sense for Canada to hold any gold because it hasn't delivered a good rate of return over time and it costs money to store it.
Drummond says that hundreds of years ago gold symbolized the wealth of a country.
originally posted by: TrueBrit
a reply to: gmoneystunt
I am far from being an authority on matters financial, but when my government started selling off our gold, back in the Blair/Brown days of the New Labour government, it did not do us much by way of favours.
originally posted by: TrueBrit
a reply to: ScepticScot
But it will always come in handy when ones economy goes medieval overnight.
No matter which way you slice it, it was a poor call.