Canada's gold reserve nearly empty after $35M sale

OTTAWA - The Canadian government has nearly completed a gradual sell-off of its gold reserves as its holdings of the precious metal now amount to just a few dozen ounces.

See Full Article

Data from the World Gold Council suggest Canada stands apart from its industrialized peers as the only G7 country without a stockpile of at least hundreds of tonnes of gold.

The federal Finance Department says Ottawa unloaded nearly 22,000 ounces of gold coins in February for about $35 million.

The department says the government now holds just 77 ounces of gold -- valued around $130,000.

A department spokesman says the government has a long-standing policy of diversifying its portfolio by selling physical commodities like gold in order to invest instead in assets that are more easily traded.

Former senior Finance Department bureaucrat Don Drummond says he doesn't think it makes any sense for Canada to hold any gold because it hasn't delivered a good rate of return over time and it costs money to store it.



Advertisements

Latest Economic News

  • Shopify shares down 6% as Adobe buys rival Magento

    Economic CBC News
    Shares in Canadian e-commerce software maker Shopify Inc fell around 6 per cent on Tuesday after Adobe Systems Inc. announced it was buying rival Magento Commerce. Magento, which counts CocaCola Co, Intelligentsia Coffee, Canon Inc and Burger King among its customers, helps companies build online stores, competing with Shopify whose software and consulting expertise helps merchants sell everything from infant formula to cosmetics online. Source
  • WestJet Airlines and pilots resume contract negotiations in Calgary

    Economic CTV News
    CALGARY -- WestJet Airlines Ltd. says contract negotiations with its pilots resumed Monday in Calgary. Talks between the airline and pilots represented by the Air Line Pilots Association moved from Halifax where they took place last week. Source
  • China cutting auto import taxes as of July 1

    Economic CTV News
    BEIJING -- China said Tuesday it will reduce auto import duties effective July 1 following pledges to buy more U.S. goods and end restrictions on foreign ownership in the industry. President Xi Jinping promised the changes in April amid mounting pressure from Washington to narrow China's multibillion-dollar trade surplus with the United States, though Chinese spokespeople said they had nothing to do with that dispute. Source
  • SNC-Lavalin settles shareholder class actions in Ontario and Quebec, to pay $88M

    Economic CTV News
    MONTREAL - SNC-Lavalin Group Inc. says it has agreed to settle two class action lawsuits filed on behalf of shareholders in 2012 over allegations of misleading investors about its activities in Libya. The company says it will contribute $88 million to the settlement of the cases in Ontario and Quebec. Source
  • U.S. slaps tariff of up to 256% on Vietnamese steel

    Economic CBC News
    The United States has raised tariffs on steel from Vietnam that Washington says originated in China and evaded anti-dumping duties on Chinese steel. The announcement following this week's truce in a broader trade dispute between Beijing and Washington reflects the wide array of strains in the world's biggest trading relationship. Source
  • Sony buys most of EMI Music, to spend US$9B on image sensors

    Economic CTV News
    TOKYO -- Electronics and entertainment company Sony Corp. said Tuesday it plans to spend US$2.3 billion acquiring an additional 60 per cent stake in EMI Music Publishing, home to the Motown catalogue and contemporary artists like Kanye West, Alicia Keys and Pharrell Williams. Source
  • New York Stock Exchange names first female leader

    Economic CTV News
    NEW YORK -- The New York Stock Exchange has named its first female leader in the history of the 226-year-old exchange. The parent company of the NYSE, Intercontinental Exchange Inc., told The Wall Street Journal Monday night that Stacey Cunningham will become the 67th president. Source
  • Knowledge House executives to be sentenced for share price manipulation

    Economic CTV News
    HALIFAX -- A judge is expected to sentence two key players in a sophisticated multimillion-dollar stock market scheme today for manipulating the share price of Knowledge House. Former president and CEO Daniel Potter and lawyer Blois Colpitts were found guilty in March -- nearly 17 years after the Halifax e-learning company's dramatic collapse. Source
  • Canada looking to lure private capital to poor nations in G7 meetings

    Economic CTV News
    OTTAWA - When G7 finance and international development ministers convene in British Columbia next week, Canada hopes the meetings will generate fresh ideas on how aid money can be leveraged to entice the private sector to boost investments in poorer parts of the world. Source
  • Artificial intelligence will tell you what you want, and you will listen: Don Pittis

    Economic CBC News
    It may seem crazy, but the world's biggest retailer is working on a scheme to use artificial intelligence to decide what you will want to buy before you've decided to buy it and send it to your home. AI, after years lurking in the background, is about to get significantly more intrusive. Source