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 Replies: 8 / Views: 2,062 |
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Pillar of the Community
Canada
862 Posts |
http://www.cbc.ca/news/business/gol...es-1.3443700I came across this article from another thread and think you guys might be interested. The article was published today(Feb 11, 2016) and saying Canada has less than 1 ton of gold left right now. correct me if I'm wrong, based on last two months' sales number, Canada should run out of gold pretty soon. or RCM has its own gold vault?
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Bedrock of the Community
Australia
21786 Posts |
If they want to market gold collector coins,
the Mint can buy in all the gold they want for a particular issue and
on sell it in collector coin form, for whatever premium is needed to make a decent profit.
Indeed, mints in centuries past have operated in such a manner, the profit made by issuing coins into circulation at at a face value way above their bullion value, was known as 'seignorage'.
Gold is readily available on the World bullion market, and it is not nrecessary to dip into National gold reserves.
The Gold Maple Leaf can remain live and well.
Perhaps they would sell at more of a premium than they have done in the past, but in far fewer numbers. With such scarcity, they could become collector issues in their own right, rather than just more common bullion issues.
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Pillar of the Community
Australia
7096 Posts |
They can always buy it from Aus. We just keep on digging the stuff up all the time  |
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Pillar of the Community
 Canada
5394 Posts |
It may be news to some, but official government policy has been to not hold a large amount of gold for lots of years. This is hardly new news .
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Moderator
United States
54281 Posts |
Where do you think they got the gold they have now?
Show your financial support of the Coin Community Family (click here)See my topic on Mexican Numismatic Medals (click here) |
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Pillar of the Community
Australia
3831 Posts |
If you look at the size of Canada and the mines - Canada is home to some of the world's richest mineral resources including oil. Gold is not an exception either. I'm more puzzled over what the fuss is. If the Royal Canadian Mint is running low on stockpile gold, there is always an option to buy gold direct from mines. After all, gold price is not at its peak at this point of time so there's no reason to hedge against potential price hike. |
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Rest in Peace
United States
17900 Posts |
The RCM certainly won't be issuing anything that loses money. They make money both literally and figuratively. |
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Pillar of the Community
United States
3343 Posts |
Considering that Canada is the largest gold-mining country in the world, they can dig all they need. The TV show Gold Rush gives you an idea of the scale of the operation in the Yukon. http://www.mining.com/canadas-gold-...s-out-57607/The earlier cited article gives current Canadian reserves as about 21,000 ounces. The reserves are used to make coins, so represent less than a month's supply. Gold is a commodity (like oil, scrap iron or wood chips), and they don't carry a lot of this expensive raw material in inventory. "Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
02/13/2016 08:44 am
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Pillar of the Community
United States
3789 Posts |
IF thats true, thats pretty funny. So just as gold goes into an uptrend, it is revealed they have divested their gold lol. Reminds me of Gordon Brown over in England couple years back.
Governments are notorious for getting it wrong all the time with gold lol
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Replies: 8 / Views: 2,062 |
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Posted 02/12/2016 01:32 am
