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Because the world no longer runs on a gold standard - and it shouldn't, it's wholly inappropriate for a complex globalized economy. .... having gold in the vault does nothing.
Gold in the vault is just an asset and a vault is just a place.
The US has a bunch of gold - supposedly worth about $300B. It also has an asset NOT in a vault - the SPR. It's worth about $50B.
The preppers are kinda right; gold is like a currency that is no longer controlled by a government. You can "kinda" buy shtuff with it, but you have to sell it first ( like a bbl of SPR oil ).
They are totally wrong for the reasons I and others have pointed out a bajillion times - if things go "bad" your gold ( and silver and guns and cigarettes and et al ) will be taken from you by people with gun control.
Quote:
Originally Posted by BIMBAM
There is zero benefit to Canada to spending our tax dollars on gold that site in vault rather than using them on productive activities.
There is ZERO benefit to taking assets bought with sweat and blood of your citizens and just selling them for current regular expenditures.
It should be noted that most of the sales of UK and BOC gold was done at prices substantially South of today's price.
Where BOC - COULD HAVE - gotten $1B for their gold, they took a $couple $hundred $million. Now the debate is whether bureaucrats should have the authority to make investments with taxpayer assets.
Is this documentary available online? I'd like to watch it.
That's because Russia is an intelligent country - while Canada is not - , yet the world's most intelligent country is Switzerland.
What is more interesting, are not the total gold holdings in absolute numbers, instead the gold reserves by country relative to population size. That's where Switzerland is the world's number one.
Gold reserves by country, per inhabitant, a selection:
Switzerland 122 gram gold (!!!!)
USA 25 gram gold
Germany 41 gram gold
Russia 13 gram gold
Japan 6 gram gold
Portugal 38 gram gold
UK 5gram gold
I always knew Switzerland is rich, but damn, it is mega rich in fact and makes the rest of the world look like 4th world countries.
I just checked the list and Canada is not among the Top 50, ranked by total numbers.
Even countries like Lithuania and Tajikistan have more gold than Canada.
I just noticed something else...your history about the use of the word dollar is totally wrong. The US did not invent the term. I somethings...no mostly I believe you just make things up. Your cred on here is very weak.
Is this documentary available online? I'd like to watch it.
That's because Russia is an intelligent country - while Canada is not - , yet the world's most intelligent country is Switzerland.
What is more interesting, are not the total gold holdings in absolute numbers, instead the gold reserves by country relative to population size. That's where Switzerland is the world's number one.
Gold reserves by country, per inhabitant, a selection:
Switzerland 122 gram gold (!!!!)
USA 25 gram gold
Germany 41 gram gold
Russia 13 gram gold
Japan 6 gram gold
Portugal 38 gram gold
UK 5gram gold
I always knew Switzerland is rich, but damn, it is mega rich in fact and makes the rest of the world look like 4th world countries.
I just checked the list and Canada is not among the Top 50, ranked by total numbers.
Even countries like Lithuania and Tajikistan have more gold than Canada.
Is this documentary available online? I'd like to watch it.
That's because Russia is an intelligent country - while Canada is not - , yet the world's most intelligent country is Switzerland.
What is more interesting, are not the total gold holdings in absolute numbers, instead the gold reserves by country relative to population size. That's where Switzerland is the world's number one.
Gold reserves by country, per inhabitant, a selection:
Switzerland 122 gram gold (!!!!)
USA 25 gram gold
Germany 41 gram gold
Russia 13 gram gold
Japan 6 gram gold
Portugal 38 gram gold
UK 5gram gold
I always knew Switzerland is rich, but damn, it is mega rich in fact and makes the rest of the world look like 4th world countries.
I just checked the list and Canada is not among the Top 50, ranked by total numbers.
Even countries like Lithuania and Tajikistan have more gold than Canada.
Was watching Doc today, a CBC documentary, about the role of gold in the world.
Well, Canada doesn't have any according to the documentary. She sold it off over the decades including to Russia. The doc described Canada as selling it off cheap inferring she gives it away and leaves money on the table. If all this is true why has this been hidden from Canadians and why have we sold off our future until we only have a few bars left in the coffers. This makes Canada more than weak rather a doormat.
I'm asking why a major gold mining country doesn't have tons of it socked away? And how are we going to fill the vault as soon as possible? We need to address this right away. The Bank of Canada has a lot to explain here.
This very same conspiracy theory exists in the US regarding the gold in Fort Knox. Supposedly the gold is all gone according to the conspiracy theory. I wonder if other western nations other than Canada and the USA have versions of this conspiracy theory. My bet is on plenty of gold being where it belongs in both North American treasuries, hard to believe a secret this devastating could actually be kept, too many people would have to be involved with keeping it.
Daniel, it's not a conspiracy theory. Canada really did sell off all of it's gold. It's old news from 2 years ago and the information about its sales has never been hidden from the public. Canada's government and the Bank of Canada has always been up front about that.
Kitty, relax, it's not the disaster that some alarmists would have you think it is. It was a practical thing to do. And its sales was never a secret nor was it ever the people's gold nor the people's future so I don't know where you get that idea from unless it was from alarmists and conspiracy theorists. It has always only been a Canadian Crown asset just like so many other of Canada's natural resources are Canadian Crown assets that are being managed by the government for the nation the way they are supposed to do.
It's no longer an asset as currency since no country now uses a gold standard to value and back its currency, and it's of no use sitting idle and hoarded in a vault when it can actually be used for more important things.
Just because the processed gold is no longer being hoarded in a vault doesn't mean it hasn't been replaced with other more valuable and more useful assets. Today gold is only an asset as a precious element to be used for other things of an industrial, technological or medical nature. And there's plenty more of it where it came from right in the ground, which is just as good and safe a vault to hoard something in as any man-made vault.
Canada does have lots of gold in the ground however.
The Swiss sold off a bunch of their gold a few years back but still retain a lot.
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