Eyes on Gold

[shtferbrains]

Just FYI, pre 1967 coins melt value is about $1 of face value is worth $61 today.
So a roll of 40 quarters is $610 vs $10 face value.

I think we have a jar with some rolls I'm going to look for.

[shtferbrains]

China and Russia are buying their own gold production by printing Yuan and Rubles to buy from their producers.
They are the world's top producers and hold the largest reserves as a part of the BRICS play to get away from having to use USD to trade.
Seems to be working for them and have to wonder why they would see any reason to stop?

Canada is 4th largest producer but has virtually zero gold reserve.
We do print lots of money but buy US securities etc for reserves.

I can't see much downside in using printed money to trade for your own gold production?
But I guess we have international bankers that are smarter than the Chinese for that?

[Old Cowzilla]

When it comes to printing money in other countries it would be like the pot calling the ketal black. At least they could say they have physical gold not sure what we have in North America.

[AllisWD45]

In Canada we have zero gold. One of the 1st things Trudeau did in 2015 is sell all of Canadas gold reserves.

[biglentil]

It aint just the PM's rallying all metals are running. The hold cash deflationists have been dead wrong and still like to highlight every little pullback of metals up over 100% on the year that they never recommended in the 1st place. These metals aren't running because of a strong economy but rather its dollars losing purchasing power, late 70's style stagflation. Thats $8 cad a lb copper it was 60cents in early 2000's.

[wheatking16]

For what it is worth:

From Gemini:

The sale of Canada's gold reserves was a multi-decade process involving several administrations. Canada is the only G7 nation with effectively zero official gold reserves, a policy stance unique among major economies.¹



The following breakdown tracks gold sales by Prime Minister, from the peak of Canada's holdings to their final liquidation.

1. Lester B. Pearson (1963–1968)²

• Status: Peak Holdings
• Gold Reserves: ~1,023 tonnes (approx.³ 32.9 million oz)⁴
• Context: Under Pearson, Canada’s gold reserves reached their all-time high in 1965.⁵ At this time, gold was still a central pillar of the global financial system (Bretton Woods), and no significant sales occurred.

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2. Pierre Trudeau (1968–1979, 1980–1984)

• Status: The Beginning of the Sell-Off
• Estimated Sales: ~500+ tonnes
• Reserves Remaining: ~500 tonnes (by 1985)⁶
• Context: The systemic de-pegging of the US dollar from gold in 1971 changed the metal's role in global finance. Under Trudeau, Canada began a long-term strategy to sell off bullion in favor of interest-bearing assets like US and foreign government bonds.⁷ By 1985 (shortly after Trudeau left office), Canada's reserves had been cut roughly in half.⁸

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3. Brian Mulroney (1984–1993)⁹

• Status: The Major Liquidation
• Estimated Sales: ~350–400 tonnes
• Reserves Remaining: <100 tonnes (estimate)
• Context: The Mulroney government continued and accelerated the policy of diversification. A massive portion of the remaining reserves (reported as 525 tonnes sold between 1987 and 1995 across the Mulroney and early Chrétien years) was liquidated during this era. The proceeds were used to invest in foreign currency reserves, which could be easily traded to intervene in currency markets if needed.¹⁰

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4. Jean Chrétien (1993–2003)¹¹

• Status: Selling the Tail End
• Estimated Sales: ~70–90 tonnes
• Reserves Remaining: 3.4 tonnes (by 2003)¹²
• Context: By 2000, reserves had fallen to just 46 tonnes.¹³ By the end of Chrétien's tenure in 2003, the Finance Department (under Paul Martin) had sold off almost all remaining bullion, leaving only a "negligible" amount of approximately 3.4 tonnes.¹⁴

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5. Stephen Harper (2006–2015)

• Status: Holding the Remainder / Minor Sales
• Estimated Sales: ~0.4 tonnes (~13,000 oz)
• Reserves Remaining: ~3 tonnes (by late 2015)¹⁵
• Context: The Harper government maintained the status quo, holding onto the final ~3 tonnes of gold. The only notable activity was the sale of roughly 30,000 vintage gold coins (minted 1912–1914) between 2012 and 2014, aimed at collectors rather than for monetary policy reasons.¹⁶

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6. Justin Trudeau (2015–Present)¹⁷

• Status: Total Liquidation
• Estimated Sales: ~3 tonnes (~77,000 to 96,000 oz)
• Reserves Remaining: 0 tonnes (77 ounces of coins)¹⁸
• Context: Upon taking office, the Trudeau government (under Finance Minister Bill Morneau) sold the final remnant of Canada's gold reserves over a three-month period (December 2015 – February 2016).¹⁹
  • December 2015: 41,106 ounces sold.²⁰
  • January 2016: 32,860 ounces sold.²¹
  • February 2016: 21,851 ounces sold.²²
  • Rationale: The Department of Finance stated the sale was done to diversify the portfolio into "easily tradable" assets (bonds) that would yield a return, arguing that holding physical gold cost money (storage) and yielded no interest.²³

Summary Table

Prime Minister	Era	Role in Gold Sales
L.B. Pearson	1963–1968	Held Peak (1,023t)
P. Trudeau	1968–1984	Sold ~50% of total reserves
B. Mulroney	1984–1993	Sold majority of remaining reserves
J. Chrétien	1993–2003	Reduced reserves to near zero (3.4t)
S. Harper	2006–2015	Sold vintage coins; held remainder
J. Trudeau	2015–Present	Sold final 3 tonnes (100% liquidated)

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[fjlip]

"Canada is the only G7 nation with effectively zero official gold reserves, a policy stance unique among major economies."

Uniquely STUPID! Losers, NOT a country!

Ukraine has all of ours now, should be soon sending US help after war is done!

[AlbertaFarmer5]

Another way to look at that is Canada has a 1.445 trillion dollar debt. That would be over $200 billion higher in today's dollars if not for selling the gold reserves.
Masking even bigger deficits.

And what do we have to show for it?

[shtferbrains]

Another way to look at that is Canada has a 1.445 trillion dollar debt. That would be over $200 billion higher in today's dollars if not for selling the gold reserves.
Masking even bigger deficits.

And what do we have to show for it?

I don't see any logic in that statement?
Your saying governments over the yrs used the gold they squandered to keep our deficit down?
You were just trolling me on that one?

[wheatking16]

Another way to look at that is Canada has a 1.445 trillion dollar debt. That would be over $200 billion higher in today's dollars if not for selling the gold reserves.
Masking even bigger deficits.

And what do we have to show for it?

IMO, Gold reserves are overrated.