Toronto is the provincial capital of Ontario and the most populous city in Canada, with a population of 2,731,571 in 2016. Current to 2016, the Toronto census metropolitan area, of which the majority is within the Greater Toronto Area, held a population of 5,928,040, making it Canada's most populous CMA. Toronto is the anchor of an urban agglomeration, known as the Golden Horseshoe in Southern Ontario, located on the northwestern shore of Lake Ontario. A global city, Toronto is a centre of business, finance and culture, is recognized as one of the most multicultural and cosmopolitan cities in the world. People have travelled through and inhabited the Toronto area, situated on a broad sloping plateau interspersed with rivers, deep ravines, urban forest, for more than 10,000 years. After the broadly disputed Toronto Purchase, when the Mississauga surrendered the area to the British Crown, the British established the town of York in 1793 and designated it as the capital of Upper Canada. During the War of 1812, the town was the site of the Battle of York and suffered heavy damage by United States troops.
York was incorporated in 1834 as the city of Toronto. It was designated as the capital of the province of Ontario in 1867 during Canadian Confederation; the city proper has since expanded past its original borders through both annexation and amalgamation to its current area of 630.2 km2. The diverse population of Toronto reflects its current and historical role as an important destination for immigrants to Canada. More than 50 percent of residents belong to a visible minority population group, over 200 distinct ethnic origins are represented among its inhabitants. While the majority of Torontonians speak English as their primary language, over 160 languages are spoken in the city. Toronto is a prominent centre for music, motion picture production, television production, is home to the headquarters of Canada's major national broadcast networks and media outlets, its varied cultural institutions, which include numerous museums and galleries and public events, entertainment districts, national historic sites, sports activities, attract over 25 million tourists each year.
Toronto is known for its many skyscrapers and high-rise buildings, in particular the tallest free-standing structure in the Western Hemisphere, the CN Tower. The city is home to the Toronto Stock Exchange, the headquarters of Canada's five largest banks, the headquarters of many large Canadian and multinational corporations, its economy is diversified with strengths in technology, financial services, life sciences, arts, business services, environmental innovation, food services, tourism. When Europeans first arrived at the site of present-day Toronto, the vicinity was inhabited by the Iroquois, who had displaced the Wyandot people, occupants of the region for centuries before c. 1500. The name Toronto is derived from the Iroquoian word tkaronto, meaning "place where trees stand in the water"; this refers to the northern end of what is now Lake Simcoe, where the Huron had planted tree saplings to corral fish. However, the word "Toronto", meaning "plenty" appears in a 1632 French lexicon of the Huron language, an Iroquoian language.
It appears on French maps referring to various locations, including Georgian Bay, Lake Simcoe, several rivers. A portage route from Lake Ontario to Lake Huron running through this point, known as the Toronto Carrying-Place Trail, led to widespread use of the name. In the 1660s, the Iroquois established two villages within what is today Toronto, Ganatsekwyagon on the banks of the Rouge River and Teiaiagon on the banks of the Humber River. By 1701, the Mississauga had displaced the Iroquois, who abandoned the Toronto area at the end of the Beaver Wars, with most returning to their base in present-day New York. French traders abandoned it in 1759 during the Seven Years' War; the British defeated the French and their indigenous allies in the war, the area became part of the British colony of Quebec in 1763. During the American Revolutionary War, an influx of British settlers came here as United Empire Loyalists fled for the British-controlled lands north of Lake Ontario; the Crown granted them land to compensate for their losses in the Thirteen Colonies.
The new province of Upper Canada was being needed a capital. In 1787, the British Lord Dorchester arranged for the Toronto Purchase with the Mississauga of the New Credit First Nation, thereby securing more than a quarter of a million acres of land in the Toronto area. Dorchester intended the location to be named Toronto. In 1793, Governor John Graves Simcoe established the town of York on the Toronto Purchase lands, naming it after Prince Frederick, Duke of York and Albany. Simcoe decided to move the Upper Canada capital from Newark to York, believing that the new site would be less vulnerable to attack by the United States; the York garrison was constructed at the entrance of the town's natural harbour, sheltered by a long sand-bar peninsula. The town's settlement formed at the eastern end of the harbour behind the peninsula, near the present-day intersection of Parliament Street and Front Street. In 1813, as part of the War of 1812, the Battle of York ended in the town's capture and plunder by United States forces.
The surrender of the town was negotiated by John Strachan. American soldiers destroyed much of the garrison and set fire to the parliament buildings during their five-day occupation; because of the sacking of York, British troops retaliated in the war with the Burning of Wa
Canada is a country in the northern part of North America. Its ten provinces and three territories extend from the Atlantic to the Pacific and northward into the Arctic Ocean, covering 9.98 million square kilometres, making it the world's second-largest country by total area. Canada's southern border with the United States is the world's longest bi-national land border, its capital is Ottawa, its three largest metropolitan areas are Toronto and Vancouver. As a whole, Canada is sparsely populated, the majority of its land area being dominated by forest and tundra, its population is urbanized, with over 80 percent of its inhabitants concentrated in large and medium-sized cities, many near the southern border. Canada's climate varies across its vast area, ranging from arctic weather in the north, to hot summers in the southern regions, with four distinct seasons. Various indigenous peoples have inhabited what is now Canada for thousands of years prior to European colonization. Beginning in the 16th century and French expeditions explored, settled, along the Atlantic coast.
As a consequence of various armed conflicts, France ceded nearly all of its colonies in North America in 1763. In 1867, with the union of three British North American colonies through Confederation, Canada was formed as a federal dominion of four provinces; this began an accretion of provinces and territories and a process of increasing autonomy from the United Kingdom. This widening autonomy was highlighted by the Statute of Westminster of 1931 and culminated in the Canada Act of 1982, which severed the vestiges of legal dependence on the British parliament. Canada is a parliamentary democracy and a constitutional monarchy in the Westminster tradition, with Elizabeth II as its queen and a prime minister who serves as the chair of the federal cabinet and head of government; the country is a realm within the Commonwealth of Nations, a member of the Francophonie and bilingual at the federal level. It ranks among the highest in international measurements of government transparency, civil liberties, quality of life, economic freedom, education.
It is one of the world's most ethnically diverse and multicultural nations, the product of large-scale immigration from many other countries. Canada's long and complex relationship with the United States has had a significant impact on its economy and culture. A developed country, Canada has the sixteenth-highest nominal per capita income globally as well as the twelfth-highest ranking in the Human Development Index, its advanced economy is the tenth-largest in the world, relying chiefly upon its abundant natural resources and well-developed international trade networks. Canada is part of several major international and intergovernmental institutions or groupings including the United Nations, the North Atlantic Treaty Organization, the G7, the Group of Ten, the G20, the North American Free Trade Agreement and the Asia-Pacific Economic Cooperation forum. While a variety of theories have been postulated for the etymological origins of Canada, the name is now accepted as coming from the St. Lawrence Iroquoian word kanata, meaning "village" or "settlement".
In 1535, indigenous inhabitants of the present-day Quebec City region used the word to direct French explorer Jacques Cartier to the village of Stadacona. Cartier used the word Canada to refer not only to that particular village but to the entire area subject to Donnacona. From the 16th to the early 18th century "Canada" referred to the part of New France that lay along the Saint Lawrence River. In 1791, the area became two British colonies called Upper Canada and Lower Canada collectively named the Canadas. Upon Confederation in 1867, Canada was adopted as the legal name for the new country at the London Conference, the word Dominion was conferred as the country's title. By the 1950s, the term Dominion of Canada was no longer used by the United Kingdom, which considered Canada a "Realm of the Commonwealth"; the government of Louis St. Laurent ended the practice of using'Dominion' in the Statutes of Canada in 1951. In 1982, the passage of the Canada Act, bringing the Constitution of Canada under Canadian control, referred only to Canada, that year the name of the national holiday was changed from Dominion Day to Canada Day.
The term Dominion was used to distinguish the federal government from the provinces, though after the Second World War the term federal had replaced dominion. Indigenous peoples in present-day Canada include the First Nations, Métis, the last being a mixed-blood people who originated in the mid-17th century when First Nations and Inuit people married European settlers; the term "Aboriginal" as a collective noun is a specific term of art used in some legal documents, including the Constitution Act 1982. The first inhabitants of North America are hypothesized to have migrated from Siberia by way of the Bering land bridge and arrived at least 14,000 years ago; the Paleo-Indian archeological sites at Old Crow Flats and Bluefish Caves are two of the oldest sites of human habitation in Canada. The characteristics of Canadian indigenous societies included permanent settlements, complex societal hierarchies, trading networks; some of these cultures had collapsed by the time European explorers arrived in the late 15th and early 16th centuries and have only been discovered through archeological investigations.
The indigenous population at the time of the first European settlements is estimated to have been between 200,000
Gold mining is the resource extraction of gold by mining. It is impossible to know the exact date that humans first began to mine gold, but some of the oldest known gold artifacts were found in the Varna Necropolis in Bulgaria; the graves of the necropolis were built between 4700 and 4200 BC, indicating that gold mining could be at least 7000 years old. A group of German and Georgian archaeologists claims the Sakdrisi site in southern Georgia, dating to the 3rd or 4th millennium BC, may be the world's oldest known gold mine. Bronze age gold objects are plentiful in Ireland and Spain, there are several well known possible sources. Romans used hydraulic mining methods, such as hushing and ground sluicing on a large scale to extract gold from extensive alluvial deposits, such as those at Las Medulas. Mining was under the control of the state but the mines may have been leased to civilian contractors some time later; the gold served as the primary medium of exchange within the empire, was an important motive in the Roman invasion of Britain by Claudius in the first century AD, although there is only one known Roman gold mine at Dolaucothi in west Wales.
Gold was a prime motivation for the campaign in Dacia when the Romans invaded Transylvania in what is now modern Romania in the second century AD. The legions were led by the emperor Trajan, their exploits are shown on Trajan's Column in Rome and the several reproductions of the column elsewhere. Under the Eastern Roman Empire Emperor Justinian's rule, gold was mined in the Balkans, Armenia and Nubia. In the area of the Kolar Gold Fields in Bangarpet Taluk, Kolar District of Karnataka state, gold was first mined prior to the 2nd and 3rd century AD by digging small pits; the Champion reef at the Kolar gold fields was mined to a depth of 50 metres during the Gupta period in the fifth century AD. During the Chola period in the 9th and 10th century AD, the scale of the operation grew; the metal continued to be mined by the eleventh century kings of South India, the Vijayanagara Empire from 1336 to 1560, by Tipu Sultan, the king of Mysore state and the British. It is estimated; the mining of the Hungarian deposit around Kremnica was the largest of the Medieval period in Europe.
During the 19th century, numerous gold rushes in remote regions around the globe caused large migrations of miners, such as the California Gold Rush of 1849, the Victorian Gold Rush, the Klondike Gold Rush. The discovery of gold in the Witwatersrand led to the Second Boer War and the founding of South Africa; the Carlin Trend of Nevada, U. S. was discovered in 1961. Official estimates indicate that total world gold production since the beginning of civilization has been around 6,109,928,000 troy ounces and total gold production in Nevada is 2.5% of that, ranking Nevada as one of the Earth's primary gold producing regions. As of 2017, the world's largest gold producer by far was China with 429.4 tonnes in that year. The second-largest producer, mined 289.0 tonnes in the same year, followed by Russia with 273 tonnes. Despite the decreasing gold content of ores, the production is increasing; this can be achieved with industrial installations, new process, like hydrometallurgy. Placer mining is the technique.
Placer deposits are composed of loose material that makes tunneling difficult, so most means of extracting it involve the use of water or dredging. Gold panning is a manual technique of separating gold from other materials. Wide, shallow pans are filled with gravel that may contain gold; the pan is shaken, sorting the gold from the gravel and other material. As gold is much denser than rock, it settles to the bottom of the pan; the panning material is removed from stream beds at the inside turn in the stream, or from the bedrock shelf of the stream, where the density of gold allows it to concentrate, a type called placer deposits. Gold panning is the easiest and quickest technique for searching for gold, but is not commercially viable for extracting gold from large deposits, except where labor costs are low or gold traces are substantial. Panning is marketed as a tourist attraction on former gold fields. Before large production methods are used, a new source must be identified and panning is useful to identify placer gold deposits to be evaluated for commercial viability.
Using a sluice box to extract gold from placer deposits has long been a common practice in prospecting and small-scale mining. A sluice box is a man made channel with riffles set in the bottom; the riffles are designed to create dead zones in the current to allow gold to drop out of suspension. The box is placed in the stream to channel water flow. Gold-bearing material is placed at the top of the box; the material is carried by the current through the volt where gold and other dense material settles out behind the riffles. Less dense material flows out of the box as tailings. Larger commercial placer mining operations employ screening plants, or trommels, to remove the larger alluvial materials such as boulders and gravel, before concentrating the remainder in a sluice box or jig plant; these operations include diesel powered, earth moving equipment, including excavators, wheel loaders, rock trucks. Although this method has been replaced by modern m
Cerro de San Pedro
Cerro de San Pedro is a town and seat of the Municipality of Cerro de San Pedro, located in the state of San Luis Potosí in central Mexico. It is located in hills, 5 kilometres northeast of the city of San Luis Potosí; as of 2005, the population was 95. The townsite is now threatened by the adjacent open pit gold mining operations; the village is located at 2,040 metres above sea level. The city borders Soledad de Graciano Sánchez on the north and west, Armadillo de los Infante on the east, San Luis Potosí city on the southwest, Villa de Zaragoza on the south; the coordinates of the city center are 22 ° 13' north latitude. The hills were in the homelands of the indigenous Chichimeca people and Guachichil people during the Pre-Columbian era; the town started as a Spanish colonial mining settlement for gold and silver, was formally established in 1592. It was the founding town of the state, a symbol of its mineral rich hill is prominent in the state's coat of arms; the hill has disappeared in the 2010s, due to the new open pit mine consuming its mass and site.
In 1592 padre Diego de la Magdalena met with some of the Guachichil peoples in the pueblo of Mesquitique. Among them was one man named Cualiname or Gualiname, who brought attention the golden outlines in their face paintings; the missionary asked him where he had obtained this pigment, was told there was much of the powder to the east of Mesquitique. Magdalena told padre Francisco Franco about this discovery, who told Captain Miguel Caldera, who took possession of the place from the indigenous peoples for the Viceroyalty of New Spain. Captain Caldera sent Gregorio de León, Juan de la Torre, Pedro de Anda to verify the existence of the minerals; the latter named the locale San Pedro del Potosí, to honor his namesake saint and in memory of the famous mines of the Potosí in Alto Perú of the Viceroyalty of Peru, in present-day Bolivia. Gold and silver were found in and around the hills of San Pedro, but there was not enough local water to support mining operations; the nearest water source was to the north in the homelands of the Chichimeca people.
Hindrances were overcome by 1624, the mines were rich producers of gold and silver for centuries. The Mesoamerican historian Primo Feliciano Velázquez y Basalenque included extensive descriptions of the Cerro de San Pedro area in his accounts. Historic gold and silver mines in the Cerro de San Pedro District include: San Pedro shaft Juarez shaft Begonia shaft In the 20th century the mines were operated by several companies, including the Metalúrgica Mexicana subsidiary of American Smelting and Refining Company beginning in 1928. A miners' strike occurred in 1948 for improved conditions and pay. ASARCO decided to leave, but not before destructively collapsing the main shafts and tunnels, though the mines were never declared exhausted. Canadian mining company Metallica Resources acquired the mines in the latter 20th century; the mines were acquired by Canadian New Gold Inc. through the Mexican subsidiary Minera San Xavier, from Metallica Resources in 1997. In 1999, after notable local and national opposition and assassinated opponents, the Cerro de San Pedro Mine was restarted for gold mining by New Gold/MSX, though as an open pit mine instead of using underground methods.
There was/is significant opposition because the open pit would be/is in an area, declared an area of colonial monuments in 1972 as well as a wildlife preservation zone in 1993. In 1997, MSX had received an authorization from local authorities to start the mining project. In 1999, the Mexican Ministry of Environment and Natural Resources granted MSX an environmental permit to conduct mining operations. After MSX was granted the mining permits, an ongoing legal struggle between MSX and diverse groups opposing the project started. In March 2004, the Unitary Agrarian Tribunal rejected the lease MSX had been using since 1999 to operate in ejidal lands because they had used falsified signatures. In 2004, the National Defense Secretariat gave MSX authorization to use of explosives, which violated a previous decree issued by the Second District Court. In 2004, the National Institute of Anthropology and History presented a lawsuit against MSX, stating that historical monuments had been damaged by the new use of explosives.
The nearby central historic district of the city of San Luis de Potosí is part of a UNESCO World Heritage Site. In 2004, the Supreme Tribunal of Fiscal and Administrative Justice cancelled the environmental permit granted to MSX by the SEMARNAT in 1999, ruling that a permit never should have been granted. MSX continued to operate. In 2005 the appeal was rejected and the Supreme Tribunal ratified the cancellation of the environmental permit; the mine was closed. In 2006, after president Vicente Fox publicly announced his support for MSX, the Mexican government granted them a new environmental permit. In 2010 the Supreme Tribunal nullified the permit granted to MSX in 2006 and the Environment Federal Agency closed the mine for the second time. In September 2009 the Mexican Federal Tribunal of Administrative and Fiscal Justice unequivocally declared the 2006 environmental Change of Land Use permit necessary to operate the mine “null and void.". In a November 2009 press release, [ MSX−New Gold Inc: 2 November press release MSX misinformed the shareholders and public it had filed an appeal.
In late 2010 the SEMARNAT issued MSX a new permit, despite strong local opposition, the mine began operating again. 25 tons of explosives are detonated daily, the namesake hill, Cerro de San Pedro, no longer exists. The towns and colonias in the Cerro de San Pedro Mu
Metallica is an American heavy metal band. The band was formed in 1981 in Los Angeles, California by drummer Lars Ulrich and vocalist/guitarist James Hetfield, has been based in San Francisco, California for most of its career; the group's fast tempos and aggressive musicianship made them one of the founding "big four" bands of thrash metal, alongside Megadeth and Slayer. Metallica's current lineup comprises founding members Hetfield and Ulrich, longtime lead guitarist Kirk Hammett and bassist Robert Trujillo. Guitarist Dave Mustaine and bassists Ron McGovney, Cliff Burton and Jason Newsted are former members of the band. Metallica earned a growing fan base in the underground music community and won critical acclaim with its first five albums; the band's third album, Master of Puppets, was described as one of the heaviest and most influential thrash metal albums. After experimenting with different genres and directions in subsequent releases, the band returned to its thrash metal roots with the release of its ninth album, Death Magnetic, which drew similar praise to that of the band's earlier albums.
In 2000, Metallica led the case against the peer-to-peer file sharing service Napster, in which the band and several other artists filed lawsuits against the service for sharing their copyright-protected material without consent. Metallica was the subject of the acclaimed 2004 documentary film Some Kind of Monster, which documented the troubled production of the band's eighth album, St. Anger, the internal struggles within the band at the time. In 2009, Metallica was inducted into the Roll Hall of Fame; the band wrote the screenplay for and starred in the 2013 IMAX concert film Metallica: Through the Never, in which the band performed live against a fictional thriller storyline. Metallica has released ten studio albums, four live albums, a cover album, five extended plays, 37 singles and 39 music videos; the band has won nine Grammy Awards from 23 nominations, its last six studio albums have consecutively debuted at number one on the Billboard 200. Metallica ranks as one of the most commercially successful bands of all time, having sold over 125 million albums worldwide as of 2018.
Metallica has been listed as one of the greatest artists of all time by magazines such as Rolling Stone, which ranked them at no. 61 on its 100 Greatest Artists of All Time list. As of 2017, Metallica is the third best-selling music artist since Nielsen SoundScan began tracking sales in 1991, selling a total of 58 million albums in the United States. Metallica was formed in Los Angeles, California, in late 1981 when Danish-born drummer Lars Ulrich placed an advertisement in a Los Angeles newspaper, The Recycler, which read, "Drummer looking for other metal musicians to jam with Tygers of Pan Tang, Diamond Head and Iron Maiden." Guitarists James Hetfield and Hugh Tanner of Leather Charm answered the advertisement. Although he had not formed a band, Ulrich asked Metal Blade Records founder Brian Slagel if he could record a song for the label's upcoming compilation album, Metal Massacre. Slagel accepted, Ulrich recruited Hetfield to sing and play rhythm guitar; the band was formed on October 28, 1981, five months after Ulrich and Hetfield first met.
The bandname came from Ulrich's friend Ron Quintana, brainstorming names for a fanzine and was considering MetalMania or Metallica. Dave Mustaine replied to an advert for a lead guitarist. In early 1982, Metallica recorded its first original song, "Hit the Lights", for the Metal Massacre I compilation. Hetfield played bass,rhythm guitar and sang while Lloyd Grant was credited with a guitar solo and Lars Ulrich played drums. Metal Massacre I was released on June 14, 1982; the song generated word of mouth and the band played its first live performance on March 14, 1982, at Radio City in Anaheim, with newly recruited bassist Ron McGovney. Their first live success came early; this was Metallica's second gig. Metallica recorded its first demo, Power Metal, whose name was inspired by Quintana's early business cards in early 1982; the term "thrash metal" was coined in February 1984 by Kerrang! journalist Malcolm Dome in reference to Anthrax's song "Metal Thrashing Mad". Prior to this, Hetfield referred to Metallica's sound as "power metal".
In late 1982, Ulrich and Hetfield attended a show at the West Hollywood nightclub Whisky a Go Go, which featured bassist Cliff Burton in the band Trauma. The two were "asked him to join Metallica. Hetfield and Mustaine wanted McGovney to leave because they thought he "didn't contribute anything, he just followed". Although Burton declined the offer, by the end of the year, he had accepted on the condition the band move to El Cerrito in the San Francisco Bay Area. Metallica's first live performance with Burton was at the nightclub The Stone in March 1983, the first recording to feature Burton was the Megaforce demo. Metallica was ready to record their debut album, but when Metal Blade was unable to cover the cost, they began looking for other options. Concert promoter Johny "Z" Zazula, who had heard the
Toronto Stock Exchange
The Toronto Stock Exchange is a stock exchange in Toronto, Canada. It is the 9th largest exchange in the world by market capitalization. Based in the Exchange Tower in Toronto's Financial District, the TSX is a wholly owned subsidiary of the TMX Group for the trading of senior equities. A broad range of businesses from Canada and abroad are represented on the exchange. In addition to conventional securities, the exchange lists various exchange-traded funds, split share corporations, income trusts and investment funds. More mining and oil and gas companies are listed on Toronto Stock Exchange than any other stock exchange; the Toronto Stock Exchange descended from the Association of Brokers, a group formed by Toronto businessmen on July 26, 1852. No records of the group's transactions have survived, it is however known that on October 25 1861, twenty-four brokers gathered at the Masonic Hall to create and participate in the Toronto Stock Exchange. Between 1852 and 1870, two others distinct, commodity-orientated, exchanges were founded: the Toronto Exchange in 1854 and the Toronto Stock and Mining Exchange in 1868.
The TSE had 13 listings but it grew to 18 in 1868. Many banks of Upper Canada failed during 1869, which halted any sort of trading in the city as the market was just too small. A bull market in 1870 boosted investor's confidence and eight of the original 24 brokers joined again to re-establish the TSE; the exchange was incorporated by an act of the Legislative Assembly of Ontario in 1878.. The TSE grew continuously in size and in shares traded, save for a three-month period in 1914 when the exchange was shut down for fear of financial panic due to World War I; the day of the Wall Street Crash of 1929, Toronto's exchange was better connected to New-York's and received the bad news before Montreal's. By the afternoon, its three most popular stocks were down by at least 8%: International Nickel, Hiram Walker & Sons and Brazilian Light & Power); the following day, a record number of 331,000 shares changed hands on the TSE, with an overall loss of value of 20% Meanwhile, a British Columbia gold rush in the 1890s stimulated the demand for start-up capital but Montreal and Toronto's exchanges deemed the ventures too risky.
The boom was handled with the Toronto Stock and Mining Exchange, founded in 1896 and which merged with its rival Standard Stock and Mining Exchange in 1899. The SSME, after years of ups and downs, was amalgamated into the Toronto Stock Exchange in 1934. While a durable surge in mining trading was recorded in Toronto, in Montreal the volume of the equity-centric market was going down. Toronto found itself a reputation as a financial centre for mining and from 1934, the total trading volume on the TSE surpassed that of Montreal's; the TSE moved on Bay Street in 1913 and in 1937 opened a new trading floor and headquarters in an Art Deco building, still on Bay. By 1936, the Toronto Stock Exchange grew to become the third largest in North America. In 1977, it launched the TSE 300 index and introduced the CATS, an automated trading system, began to use it for the quotation of less liquid equities. In 1983, the TSE moved into the Exchange Tower; the old TSE building became the Design Exchange, a museum and education centre.
On April 23, 1997, the TSE's trading floor closed, making it the second-largest stock exchange in North America to choose a floorless, electronic environment. In 1999, through a major realignment plan, Toronto Stock Exchange became Canada's sole exchange for the trading of senior equities; the Bourse de Montréal/Montreal Exchange assumed responsibility for the trading of derivatives and the Vancouver Stock Exchange and Alberta Stock Exchange merged to form the Canadian Venture Exchange handling trading in junior equities. The Canadian Dealing Network, Winnipeg Stock Exchange, equities portion of the Montreal Exchange merged with CDNX. In 2000, the Toronto Stock Exchange became a for-profit company. In 2002 its acronym was rebranded to TSX and it became a public company. · In 2001, the Toronto Stock Exchange acquired the Canadian Venture Exchange, renamed the TSX Venture Exchange in 2002. This ended 123 years of the usage of TSE as a Canadian stock exchange. On May 11, 2007, the S&P/TSX Composite, the main index of the Toronto Stock Exchange, traded above the 14,000 point level for the first time ever.
On December 17, 2008, for the first time in TSX history, the exchange was closed for an entire trading day due to a technical glitch. On February 9, 2011, the London Stock Exchange announced that it had agreed to merge with the TMX Group, Toronto Stock Exchange's parent, hoping to create a combined entity with a market capitalization of $5.9 trillion. Xavier Rolet, CEO of the LSE Group, would head the new enlarged company, while TMX Chief Executive Thomas Kloet would become the new firm president. Based on data from December 30, 2010 the new stock exchange would have been the second largest in the world with a market cap 48% greater than the Nasdaq. 8 of the 15 board members of the combined entity will be appointed by LSE, 7/15 by TMX. The provisional name for the combined group would be LTMX Group plc. About two weeks after Maple Group launched a competing bid the LSEG-TMX deal was terminated after failing to receive the minimum 67% voter approval from shareholders of TMX Group; the rejection came amidst new concerns raised b
Gold as an investment
Of all the precious metals, gold is the most popular as an investment. Investors buy gold as a way of diversifying risk through the use of futures contracts and derivatives; the gold market is subject to volatility as are other markets. Compared to other precious metals used for investment, gold has the most effective safe haven and hedging properties across a number of countries. Gold has been used throughout history as money and has been a relative standard for currency equivalents specific to economic regions or countries, until recent times. Many European countries implemented gold standards in the latter part of the 19th century until these were temporarily suspended in the financial crises involving World War I. After World War II, the Bretton Woods system pegged the United States dollar to gold at a rate of US$35 per troy ounce; the system existed until the 1971 Nixon Shock, when the US unilaterally suspended the direct convertibility of the United States dollar to gold and made the transition to a fiat currency system.
The last major currency to be divorced from gold was the Swiss Franc in 2000. Since 1919 the most common benchmark for the price of gold has been the London gold fixing, a twice-daily telephone meeting of representatives from five bullion-trading firms of the London bullion market. Furthermore, gold is traded continuously throughout the world based on the intra-day spot price, derived from over-the-counter gold-trading markets around the world; the following table sets out the gold price versus various assets and key statistics at five-year intervals. Like most commodities, the price of gold is driven by supply and demand, including speculative demand. However, unlike most other commodities and disposal play larger roles in affecting its price than its consumption. Most of the gold mined still exists in accessible form, such as bullion and mass-produced jewelry, with little value over its fine weight — so it is nearly as liquid as bullion, can come back onto the gold market. At the end of 2006, it was estimated that all the gold mined totalled 158,000 tonnes.
The investor Warren Buffett has said that the total amount of gold in the world, above ground could fit into a cube with sides of just 20 metres. However, estimates for the amount of gold that exists today vary and some have suggested the cube could be a lot smaller or larger. Given the huge quantity of gold stored above ground compared to the annual production, the price of gold is affected by changes in sentiment, which affects market supply and demand rather than on changes in annual production. According to the World Gold Council, annual mine production of gold over the last few years has been close to 2,500 tonnes. About 2,000 tonnes goes into jewelry and dental production, around 500 tonnes goes to retail investors and exchange-traded gold funds. Central banks and the International Monetary Fund play an important role in the gold price. At the end of 2004, central banks and official organizations held 19% of all above-ground gold as official gold reserves; the ten-year Washington Agreement on Gold, which dates from September 1999, limited gold sales by its members to less than 500 tonnes a year.
In 2009, this agreement was extended for a further five years, but with a smaller annual sales limit of 400 tonnes. European central banks, such as the Bank of England and the Swiss National Bank, have been key sellers of gold over this period. Although central banks do not announce gold purchases in advance, such as Russia, have expressed interest in growing their gold reserves again as of late 2005. In early 2006, which only holds 1.3% of its reserves in gold, announced that it was looking for ways to improve the returns on its official reserves. Some bulls hope that this signals that China might reposition more of its holdings into gold, in line with other central banks. Chinese investors began pursuing investment in gold as an alternative to investment in the Euro after the beginning of the Eurozone crisis in 2011. China has since become the world's top gold consumer as of 2013, it is accepted that the price of gold is related to interest rates. As interest rates rise, the general tendency is for the gold price, which earns no interest, to fall, vice versa.
As a result, the gold price can be correlated to central banks via their monetary policy decisions on interest rates. For example, if market signals indicate the possibility of prolonged inflation, central banks may decide to raise interest rates, which could reduce the price of gold, but this does not always happen: after the European Central Bank raised its interest rate on April 7, 2011, for the first time since 2008, the price of gold drove higher, hit a new high one day later. In August 2011 when interest rates in India were at their highest in two years, the gold prices peaked as well; the price of gold can be influenced by a number of macroeconomic variables. Such variables include the price of oil, the use of quantitative easing, currency exchange rate movements and returns on equity markets. Gold, like all precious metals, may be used as a hedge against inflation, deflation or currency devaluation, though its efficacy as such has been questioned. A unique feature of gold is; as Joe Foster, portfolio manager of the New York-based Van Eck International Gold Fund, explained in September 2010: The curren