MULTIZ321
TUG Member
- Joined
- Jun 6, 2005
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BLUEWATER BY SPINNAKER HHI
ROYAL HOLIDAY CLUB RHC (POINTS)
Canada is Pretty Much Out of Gold - by Mark Mellin, Value Walk/ Markets/ Business Insider/ businessinsider.com
"At an increasingly distant point in history, a government’s currency was backed by gold reserves. But slowly, governments abandoned “the gold standard,” most notably occurring in 1971 when then U.S. President Richard Nixon abandoned the gold standard, and moved to “fiat” currencies where the value was based on faith in the government. This Today another milestone, if slightly less monumental, occurred when the government of Canada confirmed that it had sold most its gold reserves.
The Canadian government’s gold reserves had been steadily declining since the mid-1960s, when the commodity rich nation stored more than 1,000 tonnes. Half of that gold stock was by 1985, with the most significant portions of reserves sold through the 1990s to 2002. As of 2015, Canada had only three tonnes of gold in storage, a Zerohedge report noted, and in February that number stood at 1.7 tonnes after unloading 22,000 ounces of gold coins, generating $35 million (Canadian Dollar). The government still holds 77 ounces of gold, worth just $130,000..."
Richard
"At an increasingly distant point in history, a government’s currency was backed by gold reserves. But slowly, governments abandoned “the gold standard,” most notably occurring in 1971 when then U.S. President Richard Nixon abandoned the gold standard, and moved to “fiat” currencies where the value was based on faith in the government. This Today another milestone, if slightly less monumental, occurred when the government of Canada confirmed that it had sold most its gold reserves.
The Canadian government’s gold reserves had been steadily declining since the mid-1960s, when the commodity rich nation stored more than 1,000 tonnes. Half of that gold stock was by 1985, with the most significant portions of reserves sold through the 1990s to 2002. As of 2015, Canada had only three tonnes of gold in storage, a Zerohedge report noted, and in February that number stood at 1.7 tonnes after unloading 22,000 ounces of gold coins, generating $35 million (Canadian Dollar). The government still holds 77 ounces of gold, worth just $130,000..."
Richard
