Canada's gold reserve nearly empty after $35M sale
Some of Germany's gold reserves are shown, in Frankfurt, Germany. (AP / hopd / Deutsche Bundesbank)
The Canadian Press
Published Thursday, March 3, 2016 5:50PM EST
OTTAWA - The Canadian government has nearly completed a gradual sell-off of its gold reserves as its holdings of the precious metal now amount to just a few dozen ounces.
Data from the World Gold Council suggest Canada stands apart from its industrialized peers as the only G7 country without a stockpile of at least hundreds of tonnes of gold.
The federal Finance Department says Ottawa unloaded nearly 22,000 ounces of gold coins in February for about $35 million.
The department says the government now holds just 77 ounces of gold -- valued around $130,000.
A department spokesman says the government has a long-standing policy of diversifying its portfolio by selling physical commodities like gold in order to invest instead in assets that are more easily traded.
Former senior Finance Department bureaucrat Don Drummond says he doesn't think it makes any sense for Canada to hold any gold because it hasn't delivered a good rate of return over time and it costs money to store it.