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Gold prices jumped 6%, Canada sold 43.3% of its reserves

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Staff writer ▼ | February 8, 2016
Gold prices have jumped six percent this year to $1,127 an ounce. That makes gold the best performing commodity and one of the only major assets to post a sizable gain in 2016.
Gold mine
Commodities   Gold Reserves in South Africa remained unchanged
Gold prices remain well below their 2011 record highs of nearly $1,900 an ounce. In fact, just six weeks ago gold tumbled to a six-year low of $1,049 an ounce.

Gold fell out of favor last year due to the Federal Reserve's decision to raise rates for the first time in nearly a decade.

Gold Reserves in South Africa remained unchanged at 125.19 tonnes in the third quarter of 2015 from 125.19 tonnes in Q2 2015.

Gold Reserves in South Africa averaged 133.89 tonnes from 2000 until 2015, reaching an all time high of 183.51 tonnes in the fourth quarter of 2000 and a record low of 123.48 Tonnes in the third quarter of 2003, according to the World Gold Council.

Canada sold 1.3 tonnes of gold reserves (43.3% of its gold reserves) in January 2016. As of January 2016 Canada had 3.0 tonnes of Gold reserves and as of February 2016 only 1.7 tonnes.

Canada sold most of its gold in the 1990s with UK at the lowest price possible. Canada had 1,023 tonnes of gold reserves in 1965 the highest level recorded in its history.

Canada sold off half of its central bank gold holdings by 1985 down to 500 tonnes and then was a major participant in the western central bank collusion scheme to suppress the price of gold and sold gold at fire sale prices all through the 1990s up to 2002.


 

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