Canada was left without gold reserves for the first time in 80 years

Golden reserve of Canada was sold out during February and has dropped to zero, according to the website of the Department of Finance. “The government of Canada sold 21,851 ounces of gold coins in February. As of 29 February, the reserves in gold was set at 77 ounces”, — stated in the message Department.

In the accounts Department at the same time, gold reserves dropped to zero.

The official representative of the Finance Department of Canada David Barnaby, quoted by the Toronto Star, explained that the government follows a long-term policy of diversification of the portfolio by selling real products and investing in more liquid assets.

The Globe and Mail wrote that Canada had eaten up the reserves of gold for the first time since 1935. According to Bloomberg, the volume of gold reserves in Canada reached a peak in 1965, when the country had about $1.15 billion in bars and coins. In 1980 the government began to sell gold “gradual and controlled” and invest in foreign currency.

Latest gold bullion Canada sold in December 2003, and coins of high quality in January 2014. All the stocks that remained, “were low-quality gold coins of the reign of king George V $5 and $10 that were released in 1912, 1913 and 1914,” said Barnaby. They were melted down into gold bars and sold “at market prices”.