Recent data from the Department of Finance showed that Canada sold all of its gold reserves in order to invest in more liquid financial assets. Canada sold off the remaining reserves of 21,851 ounces of gold coins in February. According to the report of the finance department, the government still holds 77 ounces of gold as of February 29. The official gold reserves are now down to zero levels.
Finance department spokesman David Barnabe said that the government has a long-standing policy of diversifying its portfolio by selling physical commodities and instead investing in financial assets that are easily tradable.
Canada’s gold reserves have been exhausted for the first time since 1935. The country’s reserves in the precious metal peaked in 1965, when Canada held $1.15 billion in bullions and coins. Since 1985, the government has been consistently selling gold and buying foreign currencies.
The last Canadian bullion was sold in December, 2003 and high-quality gold coins were disposed in January, 2014. Canada melted down the remaining part of golden coins into bars and sold them at a market price.
