Why did the Canadian government abandon the gold standard in 1933? November 2015 Trudeau government sworn in Finance reports that we had 110 million dollars of gold in US currency, by Feburary of 2016 it was all sold off. Where did all the gold go? All of the money went to the international reserves, why?
We ask why wasn’t it used to deal with the deficit? It is odd that Canada is in the top 5 producers of gold in the world, and yet we have no gold reserves. We also have to ask ourselves why we have no physical gold assets. Is it because the government would have a good reason to keep raising taxes?
The decision to selling of the gold assets came from then Finance Minister Bill Morneau. Formar senior Finance Dept. bureaucrat Don Drummond said, policy of diversifying it’s portfolio by selling physical commodities like gold in order to invest instead in assets that are more easily traded. So the government said, however we all know gold is a solid currency,look at a number of countries they are all building their portfolio in gold and silver, is this something we should worry about? Solid currency has always been a good investment , are the leaders of Canada leading us in a direction we are not willing to go.
Canada has sold off all it’s official gold holdings to the Bank of Canada Feburary 2016, the reserves showed that Canada’s gold is at zero. Canada now stands as the only G-7 country that does not hold at least 100 tons of gold. Canada is ranked dead last out of 100, Albania at 99 out of 100.