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Canada has sold its gold—all of it

by Greg Klein | March 3, 2016

Canada has sold its gold—all of it

Other countries have been stocking up on this stuff, but not Canada.

Canada hasn’t an ounce of sovereign gold left, the Globe and Mail reported March 3. A look at the just-released international reserves statement “shows zero gold on the ledger,” the paper found.

“The gold story these days is about psychology and history,” the G&M quoted Ian Lee of Carleton University’s Sprott School of Business. “It’s not about central bank policy or economics any more.”

Ironically Lee teaches at an institution named after staunch gold advocate Eric Sprott.

Lee suggested more countries would sell off their stash were it not for the influence of their resident goldbugs. But according to figures released by the World Gold Council last month, last year’s central bank gold purchases created “the second-highest annual demand in our records.”

The G&M noted other assets in Canada’s international reserves, including $48.6 billion in American money and $22.5 billion in other currencies, among additional holdings.

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