© Shannon Stapleton / Reuters
RT: Canada’s golden age is over
Canada has used up all of its gold reserves. For the first time since 1935 the country is out of gold.
The volume of gold reserves in Canada has declined steadily over the past 50 years. In the mid-1960s, Canada’s gold reserves exceeded 1,000 tons. By 1985, half had been sold. In 2015, the reserves were down to three tons and now the country has no gold left.
According to Finance Department data, Canada sold 41,106 ounces of gold coins in December and another 32,860 ounces of gold coins in January. The remaining 21,929 ounces were sold in February.
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WNU Editor: And in its place the Canadian government is banking on this .... Ottawa headed for $150B in deficits over next 5 years: TD Bank forecast (Toronto Star).
Regular readers of this blog know that I have a friends in China who monitor economic/political trends, and over the years they have shared their info with me when it comes to Canada .... and I in turn share their information with you .... my readers (for those who may not know, I live in Canada) . A year ago these "experts" told me the following and which I posted in this blog .... the Canadian dollar would go down from $.92 to the U.S. dollar to around $.65 (it is around $.75 right now), there will be an NDP-socialist win in the oil rich province of Alberta (they were correct), and an NDP-socialist win in the federal election (they were wrong on the NDP win, but their assessment on why the Conservatives were going to lose was correct). Today .... when I read their executive summary on Canada for fiscal 2016 - 2017 .... they are predicting a deficit a deficit north of $200 billion (not $150 billion), a deficit that will be mostly structural, and a Canadian dollar near $.60.
Sighhh .... if this is correct ..... this is not going to end well for those of us who live in Canada .... especially since half the country are literally a few dollars away from not making ends meet .... 50% Of Canadians Say They Are Within $200/Month Of Being Unable To Pay Their Bills (Zero Hedge).