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Author Topic: Possible gold theft(s) at the Canadian Royal Mint  (Read 793 times)

Silver

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Possible gold theft(s) at the Canadian Royal Mint
« on: September 15, 2015, 02:17:41 pm »

Sticky gold fingers — RCMP allege inside theft at Royal Canadian Mint

Quote
These accusations of theft laid in July sit uncomfortably with the 2009 news — covered nationally — that the Mint had 17,500 troy ounces of “unreconciled” gold product on its books. In other words, millions in gold was missing and the Mint was not entirely sure whether it was a record-keeping lag or some grand heist.

That's quite a rounding error.

Peace,

Silver
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MamaLiberty

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Re: Possible gold theft(s) at the Canadian Royal Mint
« Reply #1 on: September 15, 2015, 02:23:22 pm »

Seems another good reason to keep physical gold yourself, if you are going to have any.
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Silver

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Re: Possible gold theft(s) at the Canadian Royal Mint
« Reply #2 on: September 16, 2015, 04:23:24 am »

Agreed, but this is the mint.  They don't store gold as a service, but because they are the ones that make gold and silver coins. 
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penguinsscareme

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Re: Possible gold theft(s) at the Canadian Royal Mint
« Reply #3 on: September 17, 2015, 06:26:56 pm »

Somebody was either incredibly clever or incredibly stupid.
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Silver

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Re: Possible gold theft(s) at the Canadian Royal Mint
« Reply #4 on: September 19, 2015, 05:26:10 pm »

Probably both, probably not the same person(s).
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DiabloLoco

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Re: Possible gold theft(s) at the Canadian Royal Mint
« Reply #5 on: September 19, 2015, 06:23:15 pm »

I'm thinking that there would be a system in place to make sure that something like this never happens. There must be some kind of "reconciliation" report that has to be verified by multiple people every shift, and probably in multiple locations/stations of the minting process. If that is the case, the theft would have had to occur within the upper echelons of the mint, or there had to have been multiple people involved, most likely during the last check/reconciliation. Maybe in shipping?
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Silver

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Re: Possible gold theft(s) at the Canadian Royal Mint
« Reply #6 on: September 19, 2015, 06:37:10 pm »

Shipping is a good place to look; handing over responsibility to another party always creates an opportunity.

It's just as likely that small (much less than 0.01 ozt) discrepancies accumulate over months and years.  No theft, just accounting errors and rounding. 

I don't know enough to tell theft from sloppiness.

Peace,

Silver
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