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Flash forward 17 years and the BofC's reasoning for selling its gold was a “long-standing policy of diversifying its portfolio by selling physical commodities (such as gold)Â and instead investing in financial assets that are easily tradable and that have deep markets of buyers and sellers.”
Canada is the largest economy with no gold reserves. In 1980, the government implemented a policy of selling its gold at a gradual and controlled pace to enhance the return for the Exchange Fund Account (EFA).
The latest data from the federal finance department shows Canada sold off 21,851 ounces of gold coins in February for roughly $35 million, leaving the official holdings of the precious metal at zero. The report noted the government still has 77 ounces left, valued at roughly $130,000.
Gold is mined in 10 Canadian provinces and territories, with the majority coming from Ontario and Quebec that together accounted for 70% of mined gold production in Canada in 2021. Canadian mines produced 223 tonnes of gold in 2021, ranking Canada as the fourth-largest global producer.
In effect, if not in form, Canada went off the gold standard in 1929. However, the export of gold was not officially banned until 31 October 1931 by an Order-in-Council.
A trusted investment piece since 1999, the Royal Canadian Mint's renowned one-ounce 99.99% pure gold wafer includes the latest, most advanced security enhancements.
The United States holds the largest stockpile of gold reserves in the world by a considerable margin. In fact, the U.S. government has almost as many reserves as the next three largest gold-holding countries combined (Germany, Italy, and France).
The United States has the largest gold reserve, with more than 8,000 metric tons of gold. This was more than twice the gold reserves of Germany and more than three times the gold reserves of Italy and France.
What Country Has the Most Gold? The country with the most gold is the United States, with 8,133 metric tons in the American gold reserve. This amounts to a value of $480.84 billion, going by the price of gold at the beginning of January 2023.
How Much Gold can a Person Own in Canada? There is no limit on the amount of gold you can own as a private individual in Canada. Like most other commodities, ownership of gold is not regulated by the government.
Agnico Eagle Mines Ltd. is about to get its “forever” wish — full ownership of one of North America's biggest gold mines.
The Backstory:
The logic was that gold wasn't being used as a safe haven as much as it had been before, and that foreign currencies like the US Dollar and the imminent Euro would generate much better returns. The price of gold in the late 1990s was roughly between $254 and $312 per ounce.
According to GlobalData, Canada is the world's fourth-largest producer of gold in 2022, with output up by 11% on 2021. Over the five years to 2021, production from Canada increased by a CAGR of 4% and is expected to rise by a CAGR of 19% between 2022 and 2026.
Australia is estimated to have the world's largest gold reserves, with 9,500 tonnes or 17 per cent of the total world estimated gold reserves of 57,000 tonnes.
Either way, there is financial uncertainty. Precious metals are the counterbalance to that uncertainty. Russia, China, Brazil, Egypt, India, Turkey, Qatar, and many other countries are stockpiling gold to overthrow the Dollar and ensure sovereignty.
Where is All the Gold? The World Gold Council estimates that miners have historically extracted a total of 201,296 tonnes of gold, leaving another 53,000 tonnes left in identified underground reserves.
The gold stored in the U.S. was acquired by West Germany during a period of trade surpluses with the U.S. before 1970. The gold was never repatriated to Germany due to fear of invasion by the Soviet Union.
According to my analysis, the Chinese central bank owned 4,309 tonnes of gold on December 31, 2022, which is more than double than what is officially disclosed. My estimate would make China the second largest gold reserve country after the US.
What makes Dahlonega gold so different from other gold found around the world is the purity. Dahlonega has the purest gold in the world, which is 98.7 percent pure.