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Canada spends all of its gold

Canada spends all of its gold. Canada has no gold
Source: Pravda.Ru photo archive

The Canadian government has sold all gold of the the nation's gold reserves. Thus, Canada has become the first and so far the only country G20 country that has no gold reserves. 

According to Canada's Ministry of Finance, Canadian gold reserves dropped to zero as of March 3, 2016. 

Interestingly, the Bank of Russia was named the world's leader in the procurement of gold among central banks of the world in January 2016. International Monetary Fund experts estimated that the Bank of Russia acquired 688,000 ounces of gold. The Bank of Russia said that "Russia's gold and currency reserves increased by $3.2 billion to $368.3 billion." Gold accounts for $52 billion in Russia's gold reserves.


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