Loading ...Canada sells nearly half of all its gold reserves
The government of Canada sold off nearly half its gold reserves in recent weeks, continuing a pattern of moving away from the precious metal as a government asset.
According to the International Monetary Fund’s International Financial Statistics, Canada held three tonnes of gold reserves as of late 2015.
The latest data, published last week, show the total Canadian gold reserves now stand at 1.7 tonnes. That’s just 0.1 per cent of the country’s total reserves, which also include foreign currency deposits and bonds. In comparison, the U.S. holds 8,133 tonnes of gold, while the United Kingdom weighs in at 310 tonnes.
The decision to sell came from Finance Minister Bill Morneau’s office.
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