Canada Completely Exhausts Gold Reserves

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Translated by Ollie Richardson for Fort Russ

4th March, 2016


The government of Canada has sold all the gold from the gold reserves of the country. Thus, Canada became the first and so far the only country among the “Big twenty” countries that does not possess reserves of gold.

According to the Ministry of Finance of Canada, as of 3rd March 2016, the volume of gold reserves in Canada decreased to zero. In January, the Bank of Russia became a world leader in the procurement of gold among all Central Banks in the world. Experts from the International Monetary Fund noted that “procurement amounted to 688,000 ounces of precious metal.”

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Earlier, the Bank of Russia reported that “Russia’s international reserves increased by $3.2 billion to $368.3 billion.” Actual gold accounts for about $52 billion in gold and foreign currency reserves.

“It is a quiet attack on the almighty dollar. A secret declaration of independence. Russian President Vladimir Putin is buying up gold – not attracting a lot of attention, but while acting with elan. At this time, political circles fear a new cold war between Moscow and the West, in the financial sector it has began long ago,” said Die Welt.

“By his actions Putin wants to undermine the power of America and Europe. He buys gold, which prevents the domination of Western currencies. This is his calculation. Behind it is, no more, no less, a claim to world domination,” say the economists.

Earlier, Want China Times, citing Duowei News, reported, according to analysts, “China accumulated enormous gold reserves, enabling China to crash the US currency”. The publication also noted that Russia has doubled its gold reserves since 2005.

We will add that in 2014 the world’s economists began to sound the alarm – so The Daily Telegraph cautiously wrote, “The Kremlin, taking advantage of the falling prices, bought 55 tons of this valuable metal – a lot more than other countries”.

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