Making Money Minute with Ron Hiebert - Canada’s Sold Its Gold
Canada is the only G7 country whose Central Bank doesn ‘t have any significant gold reserves. Both conservative and Liberal governments in the 80’s and 90’s sold off the majority of our gold stockpile, using the rationale that it was a loser, and they wanted to put the proceeds into more productive assets. Their major selling came at a time when gold was trading around $400 an ounce. Today gold prices are 10 times higher. Sadly the proceeds financed more spending.
