Another Good Reason To Take Physical Delivery of PM's

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SamLinder's picture
SamLinder
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Joined: Jul 10 2008
Posts: 1499
Another Good Reason To Take Physical Delivery of PM's

Mint can't account for missing gold

OTTAWA — A significant quantity of gold, silver and other precious metals is unaccounted for at the Royal Canadian Mint.

External auditors are investigating a discrepancy between the mint's 2008 financial accounting of its precious metals holdings and the physical stockpile at the plant on Sussex Drive in Ottawa.

The mystery raises possibilities from sloppy bookkeeping to a gold heist.

Officials with the commercial Crown corporation are saying little and refuse to confirm the amount and value of the unaccounted for gold, silver and palladium.

"An unprecedented demand in gold in 2008 has led to an unreconciled difference between the mint's financial statements and the physical count of precious metals. There's a difference there that we're looking into," Christine Aquino, mint spokeswoman, said in a prepared statement Tuesday in response to questions from the Ottawa Citizen.

"We're taking this very seriously. We're conducting a thorough review and we're expected to have that completed within the month. (It) includes the analysis of precious metal by-products and financial data. We've allocated all necessary resources to this review."

She stressed police have not been called into what mint officials consider an internal matter. She would not say whether the gold and other metals in question were part of the refinery and bullion operation or one of the mint's three other business lines: producing Canadian circulating coins, designing and producing coinage for foreign countries, and numismatics.

"We're looking at many different angles right now," she said.

<See the rest of the story here...>

idoctor's picture
idoctor
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Joined: Oct 4 2008
Posts: 1731
Re: Another Good Reason To Take Physical Delivery of PM's

oops

pinecarr's picture
pinecarr
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Joined: Apr 13 2008
Posts: 2259
Re: Another Good Reason To Take Physical Delivery of PM's

Good post, Sam!

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