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Trudeau Finishes What His Dad Started — Selling off our Gold Reserves

While we accumulated mass reserves of gold up until the reign of Pierre Trudeau, our supply has been reduced to pre-1900’s numbers, thanks in large part to the Liberals.  The chart below shows that the largest sell offs were during the Trudeau Sr. and Chretien years.

canada-gold

CBC reports that Justin has nearly finished depleting our reserves by selling off 3/4 of our remaining gold.

Canada sells off most of its gold reserves.  Thousands of gold coins being sold, figures show

CBC News — Business — Feb. 12, 2016

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.

The country held just $19 million US worth of gold as of last Monday. Through most of 2015, the country’s gold reserves stood at more than $100 million US.

Finance Department figures show that Canada sold 41,106 ounces of gold coins in December and another 32,860 ounces of gold coins in January.

That left Canada holding 21,929 ounces of gold in its reserves as of the end of January — a “negligible” amount, the Bank of Canada acknowledges — worth $24 million US.

“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,” Finance Department spokesman David Barnabe wrote in an email to CBC News.

“The government has a long-standing policy of diversifying its portfolio by selling physical commodities (such as gold) and instead investing in financial assets that are easily tradable and that have deep markets of buyers and sellers,” he said.

With our gold holdings worth $19 million US as of three days ago, that suggests further sales this month, as the price of gold has been rising — up to $1,245 US per ounce today.   Continue reading here….

 

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