Has the Mint's gold vanished?
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Was it theft or just sloppy record-keeping? Auditors launch probe
Jun 04, 2009 04:30 AM
Comments on this story (14)
Les Whittington
Ottawa Bureau
OTTAWA–The hunt for the gold is on. The missing gold, that is.
The world-renowned Royal Canadian Mint has called investigators to look into what could be the theft of a significant quantity of gold, silver and other precious metals.
"We're conducting a review. We've asked a third party to assist us with that and we should have the results within the next few weeks and by the end of month we'll be making them public," said mint spokeswoman Christine Aquino.
The mint won't say how much might be missing but the auditors are probing a discrepancy between the value of the precious metals on the mint's books and the stockpile on hand at its Ottawa headquarters.
Aquino said the discrepancy could be the result of anything from a heist to sloppy record-keeping.
"We review our financial statements and we decided to conduct this review," she explained.
She said an unprecedented demand for gold in 2008 put pressure on the mint's internal control systems, which led to the "unreconciled difference" between the gold on hand and the value recorded in the mint's books.
The increase in demand was due to a 352 per cent rise in production of the mint's Gold Maple Leaf coins.
In the Commons, Liberal MP Joe Volpe said the mint's problem, coupled with the Conservative government's fiscal miscalculations, could undermine Canada's reputation.
"Today we learned that gold and other precious metals are unaccounted for at the Canadian mint, and yet the police have not been called in to investigate," Volpe said. He demanded information from the government on how much gold and silver might be missing.
But Rob Merrifield, minister of state for transport, said there's no point in speculating. "The mint is a Crown corporation at arm's length from the government," he said, adding that chief executive Ian Bennett has promised a quick investigation, with results to be made public. The mint reports to Parliament through the transport minister.
There have been only a few reports of theft in its 101-year history.
Abercrombie
I was at the mint last summer. You can see them manufacture stuff down from the windows above. The gold they had laying around below didn't look too organized.
malek
Here's Stephen's car.
Tordan
I think it was Rick Mercer...
smuncky
quote:
Originally posted by Abercrombie
I was at the mint last summer. You can see them manufacture stuff down from the windows above. The gold they had laying around below didn't look too organized.
that bar you can lift is deceivingly heavy.
Abercrombie
quote:
Originally posted by smuncky
that bar you can lift is deceivingly heavy.
ah yes... the chained one they bring out by a security guard at the gift shop after your tour :) I held lead bars from a construction site similar in size, but the gold one seemed twice heavier than that
slingshot
The funny thing is this probably pales in comparison to the gold that is missing from the federal reserves vaults.
DeleteFromUsers
quote:
Originally posted by Abercrombie
ah yes... the chained one they bring out by a security guard at the gift shop after your tour :) I held lead bars from a construction site similar in size, but the gold one seemed twice heavier than that
The density of lead is 11.35 g/cc while the density of gold is 19.30 g/cc.
Abercrombie
quote:
Originally posted by DeleteFromUsers
The density of lead is 11.35 g/cc while the density of gold is 19.30 g/cc.
now who says TA doesn't increase your intelligence?
smuncky
quote:
Originally posted by DeleteFromUsers
The density of lead is 11.35 g/cc while the density of gold is 19.30 g/cc.
science never helped nobody!
The Ear
& stats can be used to prove anything.
37% of all people know that.
Moral Hazard
Where's Jayx on this? Honestly, government losing money... isn't this normally his thing?
Oh, wait... the Conservatives are the government... forgot...
