Canada Selling All It's Gold - Coin Community Forum

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Author	Replies: 7 / Views: 2,210
JGG Pillar of the Community Canada 798 Posts	Posted 06/01/2016 8:29 pm I have a question for the group. Recently, I read that the Government of Canada and the Bank of Canada had liquidated all their gold holdings through various means. This includes selling to foreign private and central banks, as well as producing coinage. They did not lease the rights to the gold, they downright sold it. Gone. So could it be that the silver commemorative and bullion coin flood could also be a part of this strategic initiative? I know they have to hold silver as part of their ETF offering, but could the market flood of silver have anything to do with dumping their reserves? * Moved by Staff to a more appropriate forum. * Report this Post to the Staff

New1954 Pillar of the Community Canada 1027 Posts	Posted 06/01/2016 9:13 pm @JGG Could it be that the government is in too much debt and needs some cash flow? Very curious indeed. Where did you read about this? I would like to find out more. Thank you. Report this Post to the Staff
wildflowerAB Pillar of the Community Canada 2845 Posts	Posted 06/01/2016 9:44 pm The liquidation of Canada's Gold Reserves has been discussed numerous times in the past, particularly as the 1912-1914 $5 and $10 gold hoard formed a small portion of the reserve. You can find some of the threads by using the search feature. A fascinating topic, in my opinion. Very bad timing as well.... A lot of information here: http://www.mining.com/web/and-then-...ls-its-gold/ Report this Post to the Staff
darryldarryl Pillar of the Community Canada 2427 Posts	Posted 06/01/2016 9:45 pm www.cbc.ca/news/business/gold-canada-reserves-1.3443700 www.cbc.ca/news/business/gold-canada-reserves-1.3475818 www.ctvnews.ca/business/canada-s-gold-reserve-sell-off-makes-sense-experts-1.2804492 www.mining.com/web/and-then-there-was-none-canada-sells-its-gold/ Report this Post to the Staff
Proof Nut Valued Member Canada 393 Posts	Posted 06/01/2016 11:57 pm I've been following the story since February of this year and wrote a short article for a local club newsletter. Some of the things I learned is that although the Canadian Government has been selling off it's own holdings since the 1960's, the RCM remains a world leading refiner, producing gold bars/bricks for sale to other countries as well as storing them for safekeeping. http://www.reserves.mint.ca/Gold/Home/Management The World Gold Council http://www.gold.org/ provides regular updates and statistics on reserves. In addition to the links darrldarryl posted that coincidentally are the same ones used in my article, I also found it interesting how much precious metal is recovered from electronics. http://money.cnn.com/2016/04/15/tec...g/index.html Edited by Proof Nut 06/01/2016 11:58 pm Report this Post to the Staff
UltraRant Pillar of the Community Norway 1358 Posts	Posted 06/02/2016 05:06 am When I saw the title of this I was a bit shocked: no more gold reserves in Canada? Then I started reading a bit and thinking a bit. The UK has sold half of its gold reserve between 1999 and 2002 for $3.5 billion. That would be $16 billion or so in today's market, as gold is now historically expensive. Now look at the current GDP of Great Britain. That's a multi trillion dollar number. In other words, their gold reserve would mean way less than 0.1% of the nation's total GDP. Which means that it's virtually insignificant for the total economy. The GBP has been detached from the gold price a long time ago anyway. Could it be that the BofC just realized that their gold reserve won't make any impact on Canada anymore and that any possible gold needs are covered by having billions of USD and other currencies and rights in stock (which are largely covered by gold, if required), but that this is a perfect time to get as much money out of any existing reserves as can possibly be expected? Report this Post to the Staff
gxseries Pillar of the Community Australia 3831 Posts	Posted 06/02/2016 08:57 am If you look at a bank's perspective - holding gold in bank vaults isn't going to give you interest at all. Sure if gold prices go up, it works well. But if the Canadian Bank is speculating that gold prices will go down - would you not sell it? My partial coin collection http://www.omnicoin.com/collection/gxseries My numismatics articles and collection: http://www.gxseries.com/numis/numis_index.htm Regularly updated at least once a month. Report this Post to the Staff
silverwolf Pillar of the Community Canada 3733 Posts	Posted 06/02/2016 10:02 pm short and sweet answer, no they are not>>> Report this Post to the Staff
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