From a billion dollars to zero: Canada stands alone in G7 as it empties its coffers of gold

Canada is among the largest gold producers in the world, but as of last month the government valued its official holdings of the precious metal at zero.

The country sold off 21,851 ounces of gold coins in February, the Finance Department said Thursday in a disclosure of its official international reserves. A footnote in the report said the government still has 77 ounces of the precious metal.

Asset valuations are rounded to the nearest $1 million in the official international reserves, so the value of the remaining gold was set at zero, department spokesman David Barnabe said by e-mail.

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