Canada’s big gold rush, which saw a record 1,300 tonnes of gold come into Canada in 2016, is over, as the world’s biggest bullion rush in history is now underway.
According to The Globe, gold came into Canada from Angola in 2015 and has been in short supply since then.
In 2016, Canada had 3,400 tonnes of platinum, 1,800 tonnes of palladium and 1,000 tonnes of sapphire.
It was the biggest gold influx to Canada in the history of the country.
However, that is not the whole story.
According a Reuters report, Canada’s gold prices have dropped below $US50 per troy ounce since 2014, and that has helped to keep the country’s precious metals stocks low.
Gold prices in the U.S. have also fallen to a low point, which has helped fuel gold prices in Canada.
Gold miners are also trying to keep their stocks above the current price point of $US40, a level they are unlikely to reach in the future.
The Canadian gold market is now over $US2 trillion, meaning gold prices are set to continue falling in coming years.
Gold futures are currently trading around $US1,300 per trown ounce, which means prices will continue to fall until 2019, when they will likely hit $US900 per taught ounce.