Saturday, July 18, 2020
Friday, July 10, 2020
What does the price of gold have to do with you?
In this time of Covid-19 how does the lack of gold in our Canadian treasury (except for a measly 77 ounces) matter? But let’s take a pause. Measure this 77 ounces of gold against Germany’s gold reserve of over 3,000 tonnes (That’s tonnes of gold, not ounces) France’s 2,430 tonnes and both China and Russia also in the top ten for gold in their reserves. The US of course tops the list by harboring over 8, 300 tonnes of gold in its reserves. So what? We are not on the gold standard anymore. Canada went off the gold standard when the US and other European countries did. I don’t think any of us common folk know why Canada decided to sell off all the gold in our treasury. But it matters now that they did and it will perhaps matter on into the future. Well, let’s just think about it.