Canada sells all their gold reserves

pmbug

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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.

... fast forward one month when earlier today Canada's Department of Finance released its latest official international reserves and as of this moment it's official - Canada has fully "broken away with tradition" and has exactly zero gold left.
...
http://www.zerohedge.com/news/2016-03-03/its-official-moment-canada-has-no-gold-reserves-left

Shades of Britain... :flushed:
... "Gordon Brown's decision to sell off our gold reserves at the bottom of the market cost the British taxpayer billions of pounds," he said. "It was one of the worst economic judgements ever made by a chancellor.
...
Between 1999 and 2002, Mr Brown ordered the sale of almost 400 tons of the gold reserves when the price was at a 20-year low. Since then, the price has more than quadrupled, meaning the decision cost taxpayers an estimated £7 billion, according to Mike Warburton of the accountants Grant Thornton.
...
http://www.telegraph.co.uk/finance/...you-sold-Britains-gold-Gordon-Brown-told.html

* ZH details not quoted here indicate Canada actually has a whopping 77 ounces of gold left. :rotflmbo:
 

sunction

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How did this happen? Not so long ago the country was beginning to buy gold reserves around the world to be the country with highst gold reserves and now they are selling. Surprising!
 

pmbug

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Good question. Seems like a rather dramatic policy decision made with little input/consideration from/for the public.
 

Christian

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If he had known then, he would have bought them all. Investing in gold is the best option!
 
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