Canada is pretty much out of gold

At an increasingly distant point in history, a government’s currency was backed by gold reserves. But slowly, governments abandoned “the gold standard,” most notably occurring in 1971 when then U.S. President Richard Nixon abandoned the gold standard, and moved to “fiat” currencies where the value was based on faith in the government. This Today another milestone, if slightly less monumental, occurred when the government of Canada confirmed that it had sold most its gold reserves.







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