Meanwhile in Canada!! Here is the delusion of what Canada’s politicians think about gold. Here is a quote “Canada’s gold reserves belong to the Government of Canada, and are held under the name of the Minister of Finance,” explained a spokesperson for the Bank of Canada on Wednesday. “Decisions relative to gold holdings are taken by the Minister of Finance.” Quote: “Under the old system, (gold) backed up currencies,” Lee explained. “The U.S. dollar was tied to gold. One ounce was worth US$35. Then in 1971, for lots of reasons I won’t get into, Richard Nixon took the United States off the gold standard.” Quote: “It is a precious metal, like silver … they can be sold like any asset.” Quote: “It gives them more strategic flexibility to sell the gold, take the money and invest in U.S. government bonds, or United Kingdom bonds or French bonds or German bonds,” Lee said.
Gold reserves sold in December -1.28 tonnes. Leaving the big Canadian economy only with 0.1% of it’s reserves. If Canada would go to a gold backed currency in the case all other currencies would move as a big global move to gold. Stupidity has bought Canada in the same boat as Japan as Hyper Keynesianism is taking over the country!!
Here is the link to the announcement and an article:
Canada sells off large chunks of its gold reserves
http://globalnews.ca/news/2508940/canada-sells-nearly-half-of-all-its-gold-reserves/?sf20706041=1
Here is the numbers:
Canada Gold Standard: Based on M3
$34.352.954 for an Oz of Gold
Canada Gold Standard: Based on M2
$22.679.620 for an Oz of Gold
Canada Gold Standard: Based on M1
$13.632.786 for an Oz of Gold
Canada Gold Standard: Based on M0
$1.318.803 for an Oz of Gold
To give you a historical view on gold. I want to show you the Canadian gold holdings between today and back in the 1890’s. It is surprising how Canada sold off all their gold in the 50-70’s as they got ready to go away from a gold as a backing to their currency to a fiat currency system that has failed.
Canada-gold holdings historical
Remember what gold is as it is an insurance on your wealth! You need to protect yourself from failing currencies becoming worthless. If you had bout gold in Venezuela in 2010 lets say 10000 Bolivares Fuerte worth of gold. Today you would have 40000 worth gold in Bolivares Fuerte? If you had kept your Bolivares Fuerte in your bank account only in 2015 you would have lost 60-70% of your money as it lost its value to commodities as the supply of currency in Venezuela went up 275% in 2015.
History is ridden with people loosing their life savings and killing themselves!!!!!
John Sneisen
The Economic Truth