Mr. Speaker, with respect to (a), the daily turnover in the international gold market is approximately six to seven million ounces per day.
With respect to (b), Canada has had a clear and transparent policy since 1980 to sell gold at a gradual and controlled pace to reduce the proportion of gold held in our official international reserves in order to benefit Canadian taxpayers. Because gold is less liquid than many other assets and earns a low rate of return, this policy has increased the return on Canada’s reserve assets and increased their liquidity.
With respect to (c), yes, the gold sales program has been very profitable for the Government of Canada. Estimates show that, since the beginning of the gold sales program, the income on reserve assets has been more than U.S.$13 billion higher than if the gold stocks had been maintained.
With respect to (d), proceeds from Canada’s gold sales are used to purchase other foreign currency assets that yield higher returns. These higher returns benefit Canadian taxpayers.