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« Randgold Resources Limited Options Trade Up 60.87% | Main | A “New GM”? »

Canadian Mint Lost C$15 Million in Gold

Canadian Mounted Police 02 July 2009.JPG

This story of the Canadian Mint actually losing Gold is distressing in itself however it also has deeper ramifications for those of us who want to own gold. This incident raises the question, that if the mint can lose gold so can others such as banks and gold funds.

Please read this excerpt from an article on Bloomberg:

June 30 (Bloomberg) -- Canada’s mint plans a review of its security and other procedures in a bid to find C$15.3 million ($13.2 million) in lost gold and other metals, a spokeswoman said.
The Royal Canadian Mint can’t account for 17,500 ounces of gold, according to an audit by Deloitte & Touche LLP released yesterday. The audit said the mint should consider reviewing its security and technical procedures.

“It’s still not clear” how to account for the loss, Christine Aquino, a spokeswoman for the Ottawa-based mint, said in a telephone interview today.

The Deloitte & Touche audit found the discrepancy wasn’t an accounting or transaction error. The Royal Canadian Mounted Police are probing the matter to determine whether there’s enough evidence to launch a criminal investigation, Aquino said.
In a statement yesterday, Transport Minister John Baird said the “unexplained loss” of the metals was “inexcusable” and the mint needs to be “held accountable.” Baird is responsible for the mint.

If its not an accounting error what is it?

We also draw your attention to this snippet found on found on Jim Sinclair's Mineset

Jim Sinclair an experienced gold trader has said that some of his contacts have told him that when they request to withdraw their 100oz gold bars from Comex they have received a bar, but not one with the correct serial number or weight – another honest error?

In our humble opinion the only secure way to own gold is to get your hands on it.

Have a good one.

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Reader Comments (2)

Folks owning ETF's and the like need to wake up and smell....the gold storage scams....

And since the 100 oz bars at the comex can vary in weight by as much as +/- 5% I believe it is, my guess folks who do take delivery will receive bars that are on the light end of the weight range...another place owners can take a hit...folks actually need to GET AN ACTUAL WEIGHT on those bars once they take KNOW the comex guys are weighing them before they leave the facility...a different serial number indeed! Just another step in the bank and government manipulation...sjm

July 2, 2009 | Unregistered CommenterSnakeman

ETFs are not for us, too many weak links in the chain.

July 2, 2009 | Unregistered CommenterGold Prices

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