A country possessing abundant natural resources like oil and gold does not automatically hold strategic reserves; reserves require the ability to refine and process these resources domestically, which Canada lacks as it primarily exports raw materials rather than maintaining domestic refining capabilities.
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Canada Has Oil and Gold — But No Real ReservesAdded:
We don't have any gold. You've probably got more gold and silver in your top desk drawer than our our government has than we as Canada holds. We have no gold reserves and we have no oil reserves.
Now, the first comment people will make is yeah, but we got lots of oil. We got lots of gold. Well, it doesn't work that way. It just doesn't work that way because you have to be able to refine it. You have to be able to take it and turn it into products that you can do.
We don't do that. We export. So, we have no oil reserves, no gold reserves. And by the way, we're I think we're one of the few central banks in the world that have no gold reserves.
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