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Between 2012 and 2013, under the tenure of Bank of Canada Governor Mark Carney, Canada significantly reduced its gold reserves. In February 2012, the country's gold holdings were reported at 0.1 million ounces, valued at approximately US$193 million, based on a gold price of US$1,770 per ounce at that time [Government of Canada](https://www.canada.ca/en/news/archive/2012/03/official-international-reserves.html?utm_source=chatgpt.com). By February 2016, Canada had sold all its official gold holdings, becoming the only G7 nation without any gold in its reserves [Resource World](https://resourceworld.com/none-canada-sells-gold/?utm_source=chatgpt.com).​ As of April 11, 2025, the price of gold has surged to approximately US$3,236.35 per ounce [Macrotrends](https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart?utm_source=chatgpt.com). This means that the 0.1 million ounces of gold sold in 2012, which fetched around US$177 million at the time, would now be worth over US$323 million. The decision to liquidate these gold reserves has been a point of contention, especially given the substantial increase in gold prices over the past decade.​ While the Bank of Canada and the Department of Finance have justified the sale by emphasizing a diversified reserve strategy focusing on liquid foreign currency assets, critics argue that retaining gold could have provided a valuable hedge against economic uncertainties. This episode underscores the complexities and long-term implications of national reserve management decisions.