Just learned the Bank of Canada used to have 1,023 tonnes of Gold, but in 2016, Justin Trudeau sold the last of it.
Today that same gold would be worth $149 billion.
Now Canada is the only G7 nation with zero gold reserves.
Did you know Canada is the only G7 nation with zero gold reserves?
byu/Alizasl ineconomy
Posted by Alizasl
16 Comments
Maybe the Canadian dollar is the future
Because they have 3200 tonnes of it in the ground. Free storage, dig it up when you need it.
Canada is doomed, inflation will skyrocket. The dollar isn’t worth anything.
Damn
I had no idea Trudeau did that
Did Harper sell some too?
Canada has something even more precious. A strategic maple syrup reserve.
There was 2.3 Million oz in the ’80s (about $US6 Billion at today’s prices) and it got flogged off and traded for paper under both Conservative and Liberal governments. The major selloff was between ’87 and ’95, some 525 tons, or 1.6 Million oz at an average of about $US400 or so.
Trudeau sold off 3 ton, or 95k oz.
We have the Royal Canadian Mint, one of the premier gold mints in the world. Gold is also one of Canada’s major exports.
The Canadian Dollar is a bet on the Canadian economy. By owning gold instead, you’re basically saying that a shiny rock is more valuable than the collective ingenuity and outpot of an entire nation.
They are one of the biggest gold producers in the world. There’s a company there about to be mining something like a billion a year in gold.
Sounds like the kind of thing Gavin newsome would do when elected
Doesn’t Canada use hash coins as a reserve currency or is that too greasy?
Bullshit. Canada has plenty of gold reserves in the ground.
Tbh dumping the cad for usd would instantly help our buying power by 30% instantly.
Gold is just laying around all over the place in Canada, go find a river and pick some up.
The gold is up in them thar hills!
I wasn’t aware of that, and it’s a major strategic error on Trudeau’s part!
Gordon Brown made a similar mistake between 1999 and 2002 by selling just over 400 tons of gold from the United Kingdom.
Nicolas Sarkozy in France also made the same disastrous choice, probably trying to follow the UK’s example. France sold 590 tons of gold between 2004 and 2009.
Do you notice how the heading says “The LAST of it..” but other then that 1 thing, it doesn’t tell you anything about how much, why, when, compared to other governments both conservatives and liberals, etc etc, just that Trudeau sold the last of it.
“There was 2.3 Million oz in the ’80s (about $US6 Billion at today’s prices) and it got flogged off and traded for paper under both Conservative and Liberal governments. The major selloff was between ’87 and ’95, some 525 tons, or 1.6 Million oz at an average of about $US400 or so.
Trudeau sold off 3 ton, or 95k oz. “