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catoismymotor (< 20)

$13,000,000 in missing gold from the RCM!

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July 01, 2009 – Comments (4)

 BBC News 

 

Audit fails to find missing gold

An external audit of the Royal Canadian Mint (RCM) has failed to find millions of dollars' worth of "missing" gold.

Auditors Deloitte were asked in May to investigate a discrepancy between the amount of precious metals on the mint's inventory and in its actual stockpile.

Deloitte concluded that the unaccounted for difference "does not appear to be an accounting error" and identified security as an area for consideration.

The RCM said it was not yet clear whether any gold was actually missing.

"All customer holdings and metal deposits entrusted with the Royal Canadian Mint are secure and have been fully accounted for," it said in a statement.

The RCM provides storage for RCM-branded precious metals, as well as producing coins for Canada and dozens of other countries.

Criminal activity?

Deloitte found that there was a difference of approximately 17,500 troy ounces of gold, or 0.32% of the mint's production in the 2008 fiscal year, that was unaccounted for.

It said that there was also an unaccounted-for difference related to silver.

The RCM said the total amount of unreconciled precious metals was worth about 15.3m Canadian dollars (US$13.2m; £8m). It intends to file an insurance claim to cover the amount.

The mint has already requested the Royal Canadian Mounted Police to assist them with the matter - a move which has prompted speculation that the mint may have been the victim of a gold heist.

"You don't call in the federal police if you've got an accounting problem," said New Democrat MP Thomas Mulcair.

The auditors recommended that the mint review its security, in addition to reviewing its technical operations and accounting of prior periods.

Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/business/8126671.stm

Published: 2009/06/30 12:31:42 GMT

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4 Comments – Post Your Own

#1) On July 01, 2009 at 9:42 PM, ChrisGraley (29.88) wrote:

I was actually expecting a cover-up from the mint due to market manipulation, but I now believe that they are simply inept.

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#2) On July 02, 2009 at 12:29 AM, checklist34 (99.72) wrote:

thats kind of unbelievable

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#3) On July 02, 2009 at 1:08 AM, MGDG (35.43) wrote:

That's got to be like 1/2 Tonne of Gold. It's not like you can just walk out with that. I'm sure a standard size pick-up truck could handle it though. :)

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#4) On July 02, 2009 at 1:25 AM, kaskoosek (79.63) wrote:

It doesn't have to happen all in one incident.

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