In a world increasingly rocked by inflation, currency debasement, and geopolitical shocks, one asset has stood the test of time: gold. But not for Canada. While every other G7 nation maintains a strategic reserve of gold bullion, Canada holds none. Zero. Zilch. Nada. And that may go down in history as the worst financial blunder ever committed by a G7 country.
The architect of this economic embarrassment? None other than Mark Carney, the former Governor of the Bank of Canada.
The Great Gold Liquidation
Between 2014 and 2016, Canada quietly dumped its remaining gold bullion holdings—at the time, worth approximately $63 billion CAD based on an average price of $1,500 per ounce. Today, with gold trading at nearly $4,600 CAD per ounce, that same bullion would be worth over $193 billion CAD. That’s more than enough to wipe out Canada’s federal deficit and provide an enduring buffer against global economic chaos.
Instead, the vaults are empty, and the country is exposed.
Follow the Gold… to the Bank of England
Where did all that gold go? Much of it ended up in the United Kingdom. Conveniently, shortly after this fire sale of national wealth, Mark Carney accepted the role of Governor of the Bank of England—the first non-Briton ever to hold the post in its 300+ year history.
Coincidence? Perhaps. But in the world of high finance and central banking, coincidences often deserve scrutiny.
The optics are undeniably shady: Canada sells its crown jewels at the bottom of the market. The UK, flush with discounted bullion, welcomes Carney with open arms. What exactly was traded here? Gold for influence? A national reserve for a personal promotion?
The Quid Pro Quo That Wasn’t Called That
While there is no legal smoking gun, the timeline reeks of a quid pro quo. Carney makes Canada the only G7 nation without gold, sells to the UK, then ascends to govern the UK’s central bank. That’s not merely poor judgment—that’s economic sabotage masquerading as policy.
And Canadians are left holding the bag. The nation’s fiat currency is increasingly volatile. The cost of living has soared. Inflation is biting harder than any other G7 peer. Meanwhile, Canada, a country that produces 150 metric tonnes of gold annually, cannot even claim a gram in reserves.
The Legacy of the Goldless Nation
Mark Carney’s decisions have stripped Canada of its financial insurance at the very moment the world is turning back to gold. China, Russia, India—emerging and developed nations alike—are bolstering their gold reserves. Even Germany has repatriated its gold, recognizing that in a time of financial warfare, physical bullion is sovereignty.
But Canada? It has nothing. No hedge against inflation. No buffer against the U.S. dollar’s decline. No strategic asset to weather global storms.
It’s a stunning betrayal of economic common sense.
A Call for Accountability
The decision to sell off gold was not just bad timing—it was a failure of fiduciary duty. Canadians deserve answers. Why was the gold sold? Who benefited? And how did it serve the public interest?
At Invest Offshore, we believe real assets matter. We believe gold is not a relic but a foundation. And we believe Canada’s absence of gold reserves is not just a mistake—it’s a cautionary tale.
This is not just a blog post. It’s a wake-up call.
Canada sold its future for pennies on the ounce. And Mark Carney walked off with a crown.
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