Canada and Norway Buck Global Trend by Holding Zero Gold Reserves

Despite being major gold-producing countries, Canada and Norway have opted out of holding gold reserves in their central banks. The Bank of Canada reports zero tonnes of gold as part of its official international reserves, having sold all its bullion holdings over the past two decades. In contrast, most central banks are increasing their gold holdings amid geopolitical tensions, inflation concerns, and economic uncertainty.

Canada's decision not to hold gold reserves is unusual given its significant mining industry. According to former Bank of Canada Deputy Governor Timothy Lane, gold no longer fits the country's 'asset-matching framework,' which prioritizes highly liquid assets such as U.S. Treasury securities and government bonds over bullion.

Norway also has a history of disposing of its gold reserves, having sold nearly all of them in 2004. Today, it retains only seven gold bars and a small collection of coins for historical purposes.