LETTERS TO THE EDITOR — Rude awakening imminent

I would like to thank The Northern Miner for bringing to the public’s attention the fact that Canada’s central bank gold reserves will be zero in another 24 months at the present rate of selling by the Bank of Canada (“Government dumping gold as price creeps higher,” T.N.M., Oct. 25/93).

Reserves have dropped to 7.1 million oz. from 20.1 million oz. in 1985. This is truly the classic example of having to sell the family jewels to stave off disaster.

It would certainly appear that the prediction by the prestigious C.D. Howe Institute several years ago — that “Canada is in for a rude awakening” — is about to come true.

Earl MacDougall

North Bay, Ont.