In April, multiple social media users claimed Liberal Leader Mark Carney sold all of Canada's gold reserves during his tenure as governor of the Bank of Canada, or that he sold a majority of those reserves to the United Kingdom in 2011 or 2016. These claims are false. Canada started selling its monetary gold reserves as early as the 1980s, and there was no significant fluctuation in those reserves under Carney. While Canada did sell gold to the United Kingdom in 2011, it was as an export commodity unrelated to the monetary gold reserves held by the Bank of Canada. The government sold the majority of Canada's monetary gold reserves in 2016, years after Carney left his position at the Bank of Canada.Ìý
THE CLAIM
In April, several social media users claimed Liberal Leader Mark Carney sold all or part of Canada's gold reserves to the United Kingdom when he was governor of the Bank of Canada.Ìý
"While EVERY central bank, including the US, bought gold for their reserves, Mark Carney sold ALL of Canada’s gold reserves at $1200 per ounce," wrote ºÚÁϳԹÏÍø politics influencer Mario Zelaya , formerly Twitter.
In a , Zelaya referenced a that said Canada sold 63 per cent of its non-monetary, unwrought gold to the United Kingdom in 2011 as evidence for the claim.
He also pointed to a chart that he claimed shows Canada's falling gold reserves under Mark Carney starting in 2012, though he clarified that Canada sold the remainder of its gold after Carney's tenure.Ìý
The claim , where a user said Carney sold all of Canada's gold reserves in 2016, and on with the claim he "sold all of Canada's gold to England."Â
RATING: False/Misleading
Canada started selling off its gold reserves in the 1980s. The decision to sell monetary gold reserves typically lies with the Department of Finance, not the Bank of Canada, which acts as the fiscal agent of the government.Ìý
The bank does have the power to to protect the ºÚÁϳԹÏÍø dollar, although there is no evidence they did this with regard to gold.Ìý
"Proceeds from gold sales over the last 20 years have been invested in interest-bearing assets, raising the return for the EFA (Exchange Fund Account) by US$13 billion more than would have been the case had the Government maintained its gold holdings," the Department of Finance .Ìý
Canada sold its last gold bullion by December 2003, but kept gold coins in reserve.Ìý
Carney acted as from February 2008 to June 2013.
Department of Finance records on the management of Canada's official reserves (which list values in U.S. dollars) don't show any significant fluctuations in gold reserves during this period and at no point during Carney's term did Canada's gold reserves amount to zero.Ìý
In , one month after Carney's appointment, Canada held $106 million in gold reserves, with no gold sales during his first month in the role.Ìý
By the time Carney left the bank in , Canada held $142 million in gold reserves, or around 101,000 ounces.Ìý
There is no evidence Carney approved the sale of all of Canada's remaining gold reserves in 2012.
While there were no gold sales in 2012, in November 2012, during Carney's term, the Royal ºÚÁϳԹÏÍø Mint it would sell First World War-era gold coins stored at the Bank of Canada as part of Canada's Exchange Fund Account.Ìý
"The highest quality of these $5 and $10 gold coins are now being offered for sale to convert the proceeds into quality fixed-income securities, while less visually appealing examples will be refined into 99.99% pure gold to liquidate the balance of the coin holdings," the mint said, noting the coins are controlled by the Minister of Finance.Ìý
After that announcement, between January 2013 and January 2015 the government sold around 13,000 ounces of gold coins, representing a relatively small portion of overall reserves.Ìý
Gold reserves amounted to 95,895 ounces in January 2015 and the government sold the bulk of its gold holdings in late 2015 and early 2016.Ìý
CANADA SOLD MOST OF ITS GOLD IN 2016
By , Canada sold off the remainder of its gold. With only 77 ounces remaining, asset valuation put the value of Canada's gold reserves at essentially zero.
"The decision to sell the gold was not tied to a specific gold price, and sales are being conducted over a long period and in a controlled manner," Finance Department spokesman David Barnabe in 2016.
"The government has a long-standing policy of diversifying its portfolio by selling physical commodities (such as gold) and instead investing in financial assets that are easily tradable and that have deep markets of buyers and sellers," he said.
During the sale, the government at market prices.Ìý
They sold 36 "historically important" coins to the Royal ºÚÁϳԹÏÍø Mint and Bank of Canada museum.Ìý
Notably, the 2016 gold sales took place years after Carney left his role at the Bank of Canada.
DID CANADA SELL 63 PER CENT OF ITS GOLD RESERVES TO THE UNITED KINGDOM?
Some of the claims focused on a 2012 Maclean's article that said Canada sold 63 per cent of its non-monetary, unwrought gold to the United Kingdom in 2011.Ìý
However, this reflects gold as an export commodity, which is not the same as monetary gold reserves held by the government of Canada through the Bank of Canada.
The exact dollar amount in gold that Canada sold to the U.K. in 2011 isn't clear, but data from shows $18.3 billion in gold exports that year.Ìý
World Bank data in unwrought, non-monetary forms of gold exports in 2011.Ìý
The United Kingdom of the gold Canada produces through mining; in 2023 Canada exported 100 tonnes of gold there, accounting for about 28 per cent of total gold exports.Ìý
Even if Canada exported 63 per cent of its gold to the United Kingdom in 2011, it did not sell 63 per cent of its monetary gold reserves.Ìý
Data shows Canada's monetary gold reserves remained stable throughout 2011 and increased from to .Ìý
Those numbers did not reflect gold reserve sales, as there were no sales in 2011. Instead, they reflected the London fix price, or valuation of gold in U.S. dollars.
SOURCES
Claim on April 12, 2025 (), on April 13, 2025 (, ) and April 15, 2025 (, ) and April 13, 2025 ()
Alex Ballingall. The British are coming — for our gold. Maclean's . April 26, 2012 ()
Foreign exchange intervention. Bank of Canada . Accessed April 17, 2025 ()
Report on the management of Canada's official international reserves, 2003. Department of Finance via Government of Canada . Dated 2004, Accessed April 17, 2025 ()
Mark Carney bio. Bank of Canada . Accessed April 17, 2025 ()
Archived - Official International Reserves. Government of Canada . March 5, 2008.Ìý
Archived - Official International Reserves. Government of Canada . June 5, 2013.Ìý
Archived - Official International Reserves: 2016-03. Department of Finance via Government of Canada . March 3, 2016.
A national treasure resurfaces as the Royal ºÚÁϳԹÏÍø Mint offers rare opportunity to own Canada's first gold coins, crafted with pride from 1912-1914. Royal ºÚÁϳԹÏÍø Mint via Newswire . Nov. 28, 2012 ()
Pete Evans. Ottawa sells off almost all its gold reserves, leaving just 77 ounces — or less. CBC News . March 4, 2016 ()
Archived - Report on the Management of Canada's Official International Reserves April 1, 2015 - March 31, 2016: Table of contents. Department of Finance via Government of Canada . Accessed April 17, 2025.Ìý
Mining Sector Performance Report 2011-20, p. 30, table four. Natural Resources Canada . July 2022, accessed April 17, 2025 ()
Trade Summary For Canada 2011. World Integrated Trade Solution via World Bank . Accessed April 17, 2025 ()
Gold facts. Natural Resources Canada via Government of Canada . Accessed April 17, 2025 ()
Archived - Official International Reserves. Government of Canada . Jan. 6, 2011.Ìý
Archived - Official International Reserves. Government of Canada . Dec. 5, 2011.Ìý
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