Here is an update from Jim Sinclair’s site about that missing Canadian Gold. How does a national mint lose almost 20,000 ounces of gold? Amazing….someone got rich….I wonder, has anyone done an audit on the US Mint lately?
Dear Jim,
On June 29, 2009, the RCM issued a press release about their missing gold. The report notes that after a three-month audit by Deloitte & Touche there are 17,514 OZs missing that cannot be attributed to any accounting error.
RCM management stopped short of admitting the gold is gone. According to the press release, RCM’s President emphasized, “the Mint will aggressively continue its efforts both internally and with outside experts to determine the sources of the unreconciled difference.”
However, the Mint also noted it had “notified its insurance carriers that it intends to file a claim under its ‘All Risks’ insurance policy which, if successful, will largely offset the amount of any unreconciled difference.”
In this context, “All Risks” means employee dishonesty. Insurance companies don’t pay for sloppy accounting, nor do they like to pay out $16 million plus. At least we know someone will now do a thorough investigation.
The full Press Release can be found here…
Best wishes,
CIGA Richard B.CIGA Richard B,
If a Government Mint can have significant amounts of gold go missing what makes you think that “Honest Abe’s Internet Mint” even exists?
The only totally safe storage is in the vault of you.
I will not even opine on pieces of paper representing gold in storage.
It is amazing how otherwise smart people select the lazy way to protect their life’s work from being decimated by our esteemed financial leadership in and out of government.
Jim
muses of the moment 