uld be selling 54 percent of its holdings (which was followed by a price drop to $308 per ounce). Canada itself sold most of its gold reserves by the mid-1990s; it eventually slowed sales in late 1994.
Canada's gold mining industry is composed of many small organizations rather than a few large companies. Often, these smaller groups have international connections and joint ventures in other major gold producing countries, such as Australia and South Africa. In recent years, the declining prices of gold have forced a number of mergers and acquisitions in this industry, with the result that companies are increasing in size and also in their geographic reach. In 1995, for example, a Washington-based company (Royal Oak) purchased a Canadian gold property from a Canadian company in which it held a 27 percent share. Such intertwined organizational arrangements are common in the global gold industry.
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