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During the dictatorship (until 1974) Portugal was in the top five countries with the largest gold reserves. Much has been spent since then, and now it's in 11th place with 382 tons. In truth, this is a crumb compared to the debt we have.
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That's unfortunate. Fiat maxis rule the world now.
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Canada sold all their gold, which tells me if they ever need it they will just expropriate it from the Canadian gold miners.
That's my conspiracy theory for the day.