Business

One month ago, when looking at the latest Canadian official international reserves, we noticed something strange: Canada had sold nearly half of its gold reserves in one month. According to the February data, total Canadian gold reserves stood at 1.7 tonnes. That was just 0.1 per cent of the country’s total reserves, which also include foreign currency deposits and bonds. 

As we noted, the decision to sell came from Finance Minister Bill Morneau’s office.

While revised modestly higher from preliminary levels, US non-farm productivity plunged 2.2% in Q4 2015 - the biggest drop since Q1 2014.

Economists are gnashing their teeth to explain this "plunging productivity paradox" - we think it is rather simple...

While only modestly tongue in cheek, here is what is really going on...

Bill Gross takes a turn for the downright apocalyptic (with a +/- 5 billion year error margin) in his latest letter speculating on the future of banking and finance under NIRP in a world where the "credit based economic system appears to be in the process of devolving from a production oriented model to one which recycles finance for the benefit of financiers"; a world in which "the negative interest rates dominating 40% of the Euroland bond market and now migrating to Japan like a Zika like contagion, are an enigma to almost all global investors"; a world where our "finance based economic

by Keith Weiner

Zero Hedge published an article on Canadian Bullion Services (CBS) last week. Other sites ran similar articles. The common thread through these articles, and in the user comments section, is that CBS is committing criminal fraud. Or, if not, then it’s a conspiracy by the Canadian government to confiscate gold. Terms like fractional reserve and re-hypothecation were dusted off for the occasion.

I don’t know anything about this company other than what I read that day. I am writing today to make a different point, not to address or defend CBS.

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