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Canada is Pretty Much Out of Gold

MULTIZ321

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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
 

am1

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How much does Canada have in the ground?
 

Ironwood

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Canada has the highest reserves of gold in-situ in the world. Canada and the US (esp Alaska) have about 35% of the known gold in ground. The highest quality by grade per country is South Africa first followed by Canada, well ahead of any others. The largest undeveloped deposit in the world is the Peeble deposit in Alaska estimated to contain 107 million oz of gold. Ownership is Northern Dynasty/Anglo American. I used to own a small investmnt in Northern Dynasty but bailed a couple of years ago at a small loss. Location, accessibility and projected cost per oz, has been the big issue. I don't think it's economical yet even after the rise in gold this year.
I just happen to be watching a business channel showcasing the global PDAC (mining) convention in Toronto this week, and gold is the current topic of discussion.

On the issue of Canada selling off it's gold reserves, here's the explanation:

'Former senior Finance Department bureaucrat Don Drummond says he doesn't think it makes any sense for Canada to hold any gold, because it hasn't delivered a good rate of return over time and it costs money to store it.

Drummond says that hundreds of years ago, gold symbolized the wealth of a country.

But that's no longer the case, since no major world economies still value their money tied to the gold standard.'
 
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dioxide45

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How much of the gold that is in the ground is already sold off though in its mining rights? It isn't like the government can go and just start mining it. They would need to buy the mined gold from those that mine it at the going market rate.
 

T-Dot-Traveller

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Sounds like the same strategy the Leafs are using

maybe Don Drummond should be named Leaf GM
Sell off the gold - keep the young pylons


Right now - NO Canadian . teams will be playing for NHL Gold this year

Leafs should change their name to Marlies

the only one with gold is named Babcock

LOL
 

Ironwood

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maybe Don Drummond should be named Leaf GM
Sell off the gold - keep the young pylons


Right now - NO Canadian . teams will be playing for NHL Gold this year

Leafs should change their name to Marlies

the only one with gold is named Babcock

LOL

T-Dot...that's a whole other sensitive subject, and each year since 1967 our hopes get dashed a month into the new season. The Leafs traded their #1 pylon to the Sens, and are in another rebuild. But no Cdn teams in the post season....I better find another Netflix series to watch the next two months! :doh:
 

easyrider

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Interesting article and what I find odd is that I have friends with more gold than Canada.

Bill
 

T-Dot-Traveller

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Gold and Fool's Gold

Interesting article and what I find odd is that I have friends with more gold than Canada.

Bill

PM Harper thought the gold was all in the tar sands , and did not need any
real gold .

tar sands turned out to be Fool's Gold
( at current value of a barrel of oil)

***************
NET NET for me is :
TS MF in loonies = x 1.4

oh well- the cost of sunshine in February went up
 
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