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Canada’s economy in weak position for lacking gold reserves: Sprott

Cecilia Jamasmie | March 4, 2013 | 3:16 pm Precious Metals Canada Europe Gold 

Canada’s main gold reserves problem is that it has none, said billionaire Eric Sprott, the chairman of Sprott Asset Management, in an interview with CTV.ca.

The economist discusses the likely consequences for the Canadian economy of not having any gold reserves, especially in times when the price of gold keeps shrinking to the point where it lost 5.5% in value in February this year.

Last month was, in fact, the fifth down in a row for the precious metal, something that hasn’t happened since January 1997.

Meanwhile, central banks around the world keep buying tons of bullion.

What does it all mean? Sprott answers:

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