Canada almost ran out of its gold reserves. According to official data, the country’s government sold almost all available gold. As a result, Canada became the only G7 country without a stockpile of at least hundreds of tons of gold. Canada’s Department of Finance confirmed the information adding that gold reserves were down to $0 as of the end of February. In fact, the government holds 77 ounces of gold.
Such an outcome was not immediate. The government has been gradually selling off its precious metal reserves for the last 50 years. In mid-1960s, the country’s gold stock piles exceeded 1,000 tons, but almost half of the holdings was sold by 1985. The rest was sold in early 2000s. It seems authorities could not stop and continued. In 2015, the county held 3 tons of gold; and in February 2016, 1.7 tons. Now Canada is officially the only G7 country without at least hundreds of tons of gold in its reserves. Other leading countries still keep gold as one of the safe-haven assets. Meanwhile, Russia is confidently piling on its gold reserves.
