Dropzone Posted February 7, 2016 Share Posted February 7, 2016 T2's Liberal Government sold 43.3% of Canada's gold reserves in January. We now have less than Haiti........if that doesn't scare the hell out of you, it should. We're now 99th out of 100 countries. Link to comment Share on other sites More sharing options...
cavok Posted February 7, 2016 Share Posted February 7, 2016 Greece has 100+ tonnes of gold, 33 times as much as we do. I don't see the correlation between gold reserves and currency/economic stability. I suppose you could make the case that a resource based economy like ours can rely on lumber, oil, etc. to backstop our currency. Link to comment Share on other sites More sharing options...
Guest Posted February 7, 2016 Share Posted February 7, 2016 3 hours ago, Dropzone said: T2's Liberal Government sold 43.3% of Canada's gold reserves in January. We now have less than Haiti........if that doesn't scare the hell out of you, it should. We're now 99th out of 100 countries. Thank goodness we have lots more in the ground. But where are you getting your numbers from? Here is the latest snap shot I could find. http://www.tradingeconomics.com/canada/gold-reserves Link to comment Share on other sites More sharing options...
Dropzone Posted February 7, 2016 Author Share Posted February 7, 2016 15 minutes ago, Former CPAIR said: Thank goodness we have lots more in the ground. But where are you getting your numbers from? Here is the latest snap shot I could find. http://www.tradingeconomics.com/canada/gold-reserves Google "Canada's gold reserves" posted within the last week. Multi hits...... Link to comment Share on other sites More sharing options...
Guest Posted February 7, 2016 Share Posted February 7, 2016 3 hours ago, Dropzone said: 11 minutes ago, Dropzone said: 11 minutes ago, Dropzone said: Google "Canada's gold reserves" posted within the last week. Multi hits...... Google "Canada's gold reserves" posted within the last week. Multi hits...... lots of hits but none for 2016 11 minutes ago, Dropzone said: Google "Canada's gold reserves" posted within the last week. Multi hits...... T2's Liberal Government sold 43.3% of Canada's gold reserves in January. We now have less than Haiti........if that doesn't scare the hell out of you, it should. We're now 99th out of 100 countries. Lots of hits in Google but none pertaining to Jan 2016. How about posting the result you are quoting? Not one to defend the Liberals but..... Link to comment Share on other sites More sharing options...
Dropzone Posted February 7, 2016 Author Share Posted February 7, 2016 31 minutes ago, Former CPAIR said: Thank goodness we have lots more in the ground. But where are you getting your numbers from? Here is the latest snap shot I could find. http://www.tradingeconomics.com/canada/gold-reserves Try "Canada sells gold reserves" posted within the last week. Multi hits......take your pick. Link to comment Share on other sites More sharing options...
moeman Posted February 7, 2016 Share Posted February 7, 2016 https://popescugolddotcom.wordpress.com/2016/02/04/canadas-official-gold-reserves-since-1890/ http://www.gold.org/research/changes-world-gold-official-reserves Link to comment Share on other sites More sharing options...
J.O. Posted February 7, 2016 Share Posted February 7, 2016 It's long been believed that the vaults at Fort Leavenworth are empty and that they have been since Bond took down Oddjob in 1964. Link to comment Share on other sites More sharing options...
Kip Powick Posted February 7, 2016 Share Posted February 7, 2016 1 hour ago, J.O. said: It's long been believed that the vaults at Fort Leavenworth are empty and that they have been since Bond took down Oddjob in 1964. Oh, you young guys..me thinks you are thinking of Fort Knox....... The movie "Goldfinger" is very memorable to me...My total cost of 'courtship' prior to engagement was that movie and a milkshake (51 years ago) Link to comment Share on other sites More sharing options...
DEFCON Posted February 7, 2016 Share Posted February 7, 2016 Former Congressman Ron Paul was head of the Congressional Gold Committee at one time. During his Chairmanship, Mr. Paul repeatedly attempted to conduct an audit of the gold reserves the Treasury and Federal Reserve claim are held in storage at Fort Knox on behalf of the people. The law aside, Mr. Paul's committee was denied all forms of access to the objective, which really means there are forces out there that are far more potent than the 'electorate'. It's pretty certain that the gold Roosevelt confiscated from the people is now almost certainly residing in Chinese, Russian & Indian vaults. Link to comment Share on other sites More sharing options...
Guest Posted February 7, 2016 Share Posted February 7, 2016 15 hours ago, Dropzone said: 11 hours ago, Dropzone said: 11 hours ago, Dropzone said: 11 hours ago, moeman said: https://popescugolddotcom.wordpress.com/2016/02/04/canadas-official-gold-reserves-since-1890/ http://www.gold.org/research/changes-world-gold-official-reserves Google "Canada's gold reserves" posted within the last week. Multi hits...... Google "Canada's gold reserves" posted within the last week. Multi hits...... Thanks Moeman def. something to think about but I do wonder why having a "Gold Reserve" really matters in this day and age of printing as much money as a country wants. Afterall the currency is not backed by gold. Link to comment Share on other sites More sharing options...
Guest Posted February 7, 2016 Share Posted February 7, 2016 Seems that the sell off started many years ago, so it appears the current Libs are only following in the steps of previous Liberal and Conservative Governments. The Bank of Canada’s Gold Hoards The Bank of Canada’s Gold Hoards David Howden January 31, 2013 With the media abuzz about German Bundesbank´s plan to repatriate its gold holdings held in foreign lands, officials at the Bank of Canada must be a little embarrassed. Not only does the BoC not have any gold holdings in foreign countries to ask for, it lacks any substantial gold holdings at all. The Bank of Canada today holds less gold than at any other point in its 79 year history. The total reserve of just over 3 tons pales in comparison to the highest level recorded in its history – 1,023 tons in 1965. This means that there are about 0.003 ounces of gold sitting in reserve at the BoC for every Canadian, or just a little under $5.80 at today´s market prices. Of course, one can easily ask what difference it makes. Like all fiat currencies, the Canadian dollar is nonredeemable. If you go to your bank and ask for something in exchange for a beautiful new twenty dollar bill the best you can hope for are two tens. Even though it is nonredeemable, the gold in a central bank´s vaults serves two purposes. First, as I discussed here and here, it is an asset that is steady in value and aids central banks in maintaining their operations. Central banks are not so different than private banks. Both hold assets and liabilities – in the BoC´s case, its assets include government of Canada bonds and its liabilities are comprised mostly of the currency outstanding. Central banks, much like private banks, don´t wish to go bankrupt. Partly this is to protect their independence. Central banks covet their independence from the governments that grant them their monopoly right to control the money supply. If the Bank of Canada entered insolvency tomorrow, there would be a bailout coming from Ottawa. And you better bet there will be increased political attention on the BoC´s operations as a result. I´m sure that central bankers at the BoC are not gluttons for the paperwork, overtime and other forms of pain this could entail. Of course, the BoC could only enter insolvency if its assets lost value below its liabilities. (Its liabilities, being compromised mostly of currency, are fixed at par value, and as such cannot change in value.) A potential source of a loss of value on its assets could come from default – whether partial or full – on the assets it holds. The government of Canada is not the least fiscally responsible one in the world. Yet as I have outlined here, Canada ranks among the illustrious peer group of the United Kingdom and Portugal as the only other developed country to have debt-GDP levels above 90% for the government, household and corporate sectors. (Maybe this extreme indebtedness will help Mark Carney feel at home as he returns to the UK to take over the Bank of England´s helm.) Holding gold erases the possibility that a central bank will have to turn to its government for help, along with the increased oversight that will come with it. The second reason why gold in a central bank´s vault makes sense is that, well, something has to be there, and it might as well be gold. In order for a central bank to alter the money supply without causing undue disruptions to the economy, it must undertake a process called sterilization. This relatively simple procedure involves buying or selling an asset whenever the money supply is increased or decreased. If the central bank did not do this important step, it would be forced to give newly issued money directly to some parties, resulting in large wealth redistributions. It is commonly argued that instead of holding gold in its vault and not earning interest on it, the central bank should just hold another risk-free asset in the form of government bonds. It will earn a little interest on these bond holdings, and thus be able to pay off some of its operating costs. This strategy is indeed cost reducing for the Bank of Canada, with an important caveat. The government of Canada must make good on the bonds that the BoC holds. Increasingly it is becoming clear that the government is jeopardizing its financial stability by spending beyond its means and running deficits. And this brings us to the core part of the argument. Her Majesty´s Government of Canada runs a deficit in part because it is cheap to do so. Interest rates on federal bonds are quite low. One reason why these interest rates are low is because the Bank of Canada stands ready to continue buying these debt issuances in a bid to hold on its own balance sheet as it increases the money supply. By pledging to purchase and hold on its balance sheet federal bonds, the BoC allows the government to take on a more precarious financial position than would otherwise be the case. The culmination of this process could be a loss on the BoC´s assets, if the government gets to the point of default. Gold is not a barbarous relic for a central bank. The Bank of Canada, by shedding its gold reserves to the point where it holds less than Bolivia, Bangladesh, Cambodia or Macedonia, has placed itself in a difficult position. Refraining from buying federal debt now would cause interest rates to rise, and potentially endanger the government´s solvency. While this outlook is none too pleasing, the threat of insolvency would send a strong signal to Ottawa to get the government´s finances back on track. Threatening to recommence gold purchases to hold in its reserves at the expense of government bonds is an easy option available to the BoC. The federal government doesn´t have to listen to too many people, but in this case, the Bank of Canada has the ability to make the government an offer it can´t refuse. Link to comment Share on other sites More sharing options...
J.O. Posted February 8, 2016 Share Posted February 8, 2016 18 hours ago, Kip Powick said: Oh, you young guys..me thinks you are thinking of Fort Knox....... The movie "Goldfinger" is very memorable to me...My total cost of 'courtship' prior to engagement was that movie and a milkshake (51 years ago) Dammit Jeff, you can't give him ammunition like that! Link to comment Share on other sites More sharing options...
mo32a Posted February 9, 2016 Share Posted February 9, 2016 And on a personal note, you would much rather be sent to Fort Knox than Leavenworth. Link to comment Share on other sites More sharing options...
Dropzone Posted March 4, 2016 Author Share Posted March 4, 2016 Canada fades away......... Globe&Mail March 4, 2016 "The latest report on the country’s official international reserves, published Thursday, shows zero gold on the ledger." Officially we now have a "third world" country's currency backed with nothing but paper ......not even an insurance policy. Link to comment Share on other sites More sharing options...
DEFCON Posted March 4, 2016 Share Posted March 4, 2016 But Dropzone, it's all a matter of one's perspective; Mini - T apparently believes that Canadians enjoy being amongst the most highly taxed nations on Earth. Canada is probably offering the most in free stuff too, which represents a lottery win to the tens of thousands now arriving and being 'forced, yes that's forced, upon economically depressed local economies that are speaking out against his policy. It's all for our good you know ... it's time for people to remove any physical gold they're holding in safety deposit boxes, or risk giving it up to the Feds in the fairly near future. Link to comment Share on other sites More sharing options...
boestar Posted March 5, 2016 Share Posted March 5, 2016 Defcon that scenario was played out in the USA many years ago. I was actually watching a show today that was discussing the fact that the USA cannot account, beyond a doubt, that they actually possess any gold. Speculation is that Ft Knox is empty and the federal reserve vaults have far less than the gold that is supposed to be there. Money has not been backed by gold for a very long time. Money is not worth the paper (plastic) its printed on Link to comment Share on other sites More sharing options...
Guest Posted March 5, 2016 Share Posted March 5, 2016 59 minutes ago, boestar said: Defcon that scenario was played out in the USA many years ago. I was actually watching a show today that was discussing the fact that the USA cannot account, beyond a doubt, that they actually possess any gold. Speculation is that Ft Knox is empty and the federal reserve vaults have far less than the gold that is supposed to be there. Money has not been backed by gold for a very long time. Money is not worth the paper (plastic) its printed on Luckily we can back our currency with abundant Natural Resources. Link to comment Share on other sites More sharing options...
DEFCON Posted March 5, 2016 Share Posted March 5, 2016 Malcolm I think I see your pov, but do we really want to cut a forest down, poison lakes, and or destroy whatever little may be left of the natural ecosystem to pay off a debt that was acquired for one or more not so sound decisions of government? Boestar I read an article a while back that claimed it wasn’t possible for Fort Knox to have the kind of gold reserves on hand the ‘books’ would have us believe are there. The authors supported their contention by including calculations that considered the total of all gold ever known to have been mined, it’s provenance and allowances for every form of jewellery and other use of the metal. There’s been a gold purchasing spree going on for the last five years and huge tonnages have been heading east. Is it a stretch to conclude the BRIC is now in possession of a commanding share of the world’s gold reserves? Malcolm’s conclusion may represent a current reality, the sale of corporate Canada, private & Crown lands as well as property holdings in repayment of foreign debt? As things stand, most of us have the majority of our future worth stored away in a completely useless form of currency, electromagnetic data bits, which are only one EMP away from oblivion, never mind all the other known possibilities. That consideration alone might be reason enough to develop a personal gold reserve, squirrel it away somewhere safe from the long reach of government and protect ones self as much as one can by ‘holding’ mans oldest reliable currency. Link to comment Share on other sites More sharing options...
Guest Posted March 5, 2016 Share Posted March 5, 2016 defcon, my point we don't need gold to back up our currency, we have more than enough renewable resources and the manpower to guarantee the worth of our currency. We don't need to rape and pillage to survive / prosper unlike most countries in the EU who have burn their bridges a long time ago. Link to comment Share on other sites More sharing options...
boestar Posted March 5, 2016 Share Posted March 5, 2016 This will be the new currency when the bottom finally falls out. http://www.valcambi.com/products-and-metals/combibarTM/au/100-x-1-g/100-x-1-g-gold-combibarTM/ Link to comment Share on other sites More sharing options...
Fido Posted March 5, 2016 Share Posted March 5, 2016 A currency is whatever a large group of people want it to be. There is no need for a currency to be 'backed' by anything material other than a belief that it is worth something. Canadian Tire money can be a currency although legally it cannot be called that, but it can be used in financial transactions. Frequent Flyer points have attained the aura of a currency and what is backing them? Cigarettes are used as a currency in some situations. In our coffee shop menthol cigarettes have attained currency status just because the government has refused to allow their sale in this province but one enterprising old timer has secured a regular source and he has used them to trade for things that he needs.. Link to comment Share on other sites More sharing options...
inchman Posted March 6, 2016 Share Posted March 6, 2016 Agreed. People and businesses even give currency status to BitCoin, not issued by any government, having no inherent value and "mined" by people with nothing better to do than sit in front of a computer. Beyond its manufacturing and jewelry value, most gold is held as an investment. In 1999 the price of gold was under C$400. in recent years, it has been as high as almost C$1900 and is currently trading at about $1700. The combination of the price of gold and the US exchange makes it a very good sell in Canada right now... even better back in 2011-2012. I don't know about you guys, but I like to sell when the price of my investments is high (although that doesn't happen as often as I would like it too). Are those other countries investing on some overriding principle of hoarding gold or on sound advice? What will happen to the price when China realizes that it needs some cash and sells thousands of tons of it? Link to comment Share on other sites More sharing options...
Dropzone Posted March 7, 2016 Author Share Posted March 7, 2016 Rumours rampant that T2 Liberals are going to raise the capital gains tax rate ++ on Mar 22 for all those rich pilots .......that sort of wipes out any gain you might have made on your cottage....... You guys had enough yet.........??? Link to comment Share on other sites More sharing options...
Trader Posted March 7, 2016 Share Posted March 7, 2016 DEFCON-- I would also add that IF you believe you will need to use the gold that is squirreled away, due to a global meltdown, you have better also hide away some weapons to protect it. If it ever comes to that without a weapon someone will be taking it away from you. Link to comment Share on other sites More sharing options...
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