Selling Canada’s Gold Is A Big Mistake

For decades, successive Canadian governments have been selling off our gold.

Our reserves are now entirely gone, and the government now officially classifies the worth of our gold holdings at $0.

Around 1960, our nation had 1,000 tonnes of gold, now we have basically nothing.

So, what have we got in return for all that gold?

Foreign fiat currency.

That is a huge mistake.

We have traded something that has gone up tremendously in value (gold), for something that is guaranteed to decline in value (fiat currency).

History shows that all fiat currencies (money backed up by nothing more than the fact that a government backs it) decline massively in value through inflation. Sooner or later, fiat currencies end up worthless.

Canada sells while others hoard

While Canada sold off all of our gold, other nations have been expanding their gold reserves. China, India, and Russia are buying up gold, and other countries maintain large reserves.

America has over 8,000 tons of gold, while Germany has over 3,000 tons and France has over 2,400.

What do those countries know that Canada doesn’t?

Selling off our gold is a huge mistake. Fiat currencies can be rendered worthless in an instant, as massive devaluation, hyperinflation, or collapse of an economy can turn government-backed money into worthless paper (or worthless digital information). Meanwhile, gold has a long-running historical perception of value, and provides an important source of stability.

Destroying physical currency

The sale of our gold is disturbing beyond the purely economic reasons. It is also part of a long-running globalist agenda to destroy physical currency. Central banks around the world are coordinating to implement negative interest rates, and push us to use only digital currency – eliminating cash and coins entirely. That way, they can track and control financial transactions.

Eliminating gold is part of that agenda, because it has a value outside of what the government can control – and government hates losing control. While some countries are resisting that pressure, Canada has given in entirely.

It’s a big mistake, and we could pay for it down the road.

Spencer Fernando


The elites want to hide their many failures behind political correctness, deception, and manipulation. We need to push back and spread the truth.

That’s why I write.

Building this website takes a lot of work, but it’s worth it, and there are two ways you can help:

1 – You can contribute monthly to my Patreon, or make a one-time donation through PayPal.

2 – You can share this article

0 0 vote
Article Rating
Notify of
Newest Most Voted
Inline Feedbacks
View all comments
Lian Walton

The first time i heard this i could not believe it – how could a country do something so stupid – well – we did . It’s true – it’s all gone – i wonder how much the RCM pays whomever for gold to mint coins – you can bet numismatologists will pay for it if they deal with the RCM – the rest of us will pay in other ways .

Jill Ward

It was in the news not too long after trudeau came to power that he in fact was selling off all of what we had in reserves! So, once again we have him to thank as he finished the job!

Joseph Labonte

The price of Gold keeps rising and so called experts such as Don Drummond a former high-ranking bureaucrat at Finance Canada, said it hasn’t made sense for Canada to hold gold for a long time. He said he helped start the policy for Canada to gradually sell off its gold reserves after it was decided there were better ways to store wealth. “It was just a realization that that’s a lot of money tied up in something that was giving a terrible rate of return. And we didn’t need it,” said Drummond. Drummond said that governments with foreign reserves in… Read more »