Restore Gold Reserves in Canada
The Issue
Dear Prime Minister Trudeau, Minister of Finance Bill Morneau and Governor Stephen Poloz,
Canada is one of the few countries that has sold all of it's gold holdings without public consultation and/or consent of the Canadian people. This is unfortunate and needs to be corrected in order to avoid a potential currency crisis.
What is Gold? Gold is not a commodity – it is money itself, as it has been for over 3,000 years. It is traded daily on the currency desks of major banks around the world. That puts gold in the same category as the US dollar, the euro, and other currencies.
All western countries have gold reserves and many more are adding to their reserves as a form of financial insurance in the event of economic uncertainty and loss of confidence in the US dollar fiat currency, the world's reserve currency which is increasingly under threat.
NO fiat currency has survived the test of time and has always fallen to a value of zero without the backing of gold. This fact alone should guide the Canadian government to take steps to control, protect and mitigate a currency crisis and loss of confidence in the monetary unit of the nation by having an insurance policy against a currency crisis. Currently it does not. Gold is the only insurance policy available as history proves.
Which countries own gold and held by their central banks?
The US has 8,133 tons of gold, Germany has 3,367 tons, Italy has 2,452 tons, France has 2,436 tons, Russia has 2,219 tons, China has 1,936, Switzerland has 1,040 tons, Japan has 738 tons, India has 618 tons, Netherlands has 612 tons, Euro area has 505 tons, Saudi Arabia has 323 tons, Turkey has 321 tons of gold, with many more countries owning gold, many central banks buying and adding 547 tons of gold in 2019 alone and many repatriating their gold back to their own country. Many are aware that if they don't hold the gold on sovereign soil, they are at risk of losing it, which is why they request repatriation of their gold.
Canada once owned 1,023 tons of gold reserves, but as of today, the government of Canada has sold all of it's gold reserves previously held by the publicly owned Bank of Canada without public consultation and consent. According to statistics from the World Gold Council (WGC), Canada’s current holdings would now rank it dead last out of 100 central banks.
This is unfortunate and must be remedied as soon as possible.
We the undersigned DEMAND that the Canadian government under the direction of the Minister of Finance, Bill Morneau, to immediately begin repurchasing a minimum of 200 tons per year for the next 5 years for a total 1,000 tons of gold, which is to be stored in secure government facilities on Canadian lands only and held by the Bank of Canada.
Sincerely,
The Undersigned.
The Issue
Dear Prime Minister Trudeau, Minister of Finance Bill Morneau and Governor Stephen Poloz,
Canada is one of the few countries that has sold all of it's gold holdings without public consultation and/or consent of the Canadian people. This is unfortunate and needs to be corrected in order to avoid a potential currency crisis.
What is Gold? Gold is not a commodity – it is money itself, as it has been for over 3,000 years. It is traded daily on the currency desks of major banks around the world. That puts gold in the same category as the US dollar, the euro, and other currencies.
All western countries have gold reserves and many more are adding to their reserves as a form of financial insurance in the event of economic uncertainty and loss of confidence in the US dollar fiat currency, the world's reserve currency which is increasingly under threat.
NO fiat currency has survived the test of time and has always fallen to a value of zero without the backing of gold. This fact alone should guide the Canadian government to take steps to control, protect and mitigate a currency crisis and loss of confidence in the monetary unit of the nation by having an insurance policy against a currency crisis. Currently it does not. Gold is the only insurance policy available as history proves.
Which countries own gold and held by their central banks?
The US has 8,133 tons of gold, Germany has 3,367 tons, Italy has 2,452 tons, France has 2,436 tons, Russia has 2,219 tons, China has 1,936, Switzerland has 1,040 tons, Japan has 738 tons, India has 618 tons, Netherlands has 612 tons, Euro area has 505 tons, Saudi Arabia has 323 tons, Turkey has 321 tons of gold, with many more countries owning gold, many central banks buying and adding 547 tons of gold in 2019 alone and many repatriating their gold back to their own country. Many are aware that if they don't hold the gold on sovereign soil, they are at risk of losing it, which is why they request repatriation of their gold.
Canada once owned 1,023 tons of gold reserves, but as of today, the government of Canada has sold all of it's gold reserves previously held by the publicly owned Bank of Canada without public consultation and consent. According to statistics from the World Gold Council (WGC), Canada’s current holdings would now rank it dead last out of 100 central banks.
This is unfortunate and must be remedied as soon as possible.
We the undersigned DEMAND that the Canadian government under the direction of the Minister of Finance, Bill Morneau, to immediately begin repurchasing a minimum of 200 tons per year for the next 5 years for a total 1,000 tons of gold, which is to be stored in secure government facilities on Canadian lands only and held by the Bank of Canada.
Sincerely,
The Undersigned.
The Decision Makers
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Petition created on December 10, 2019