Missing gold

This is a bizarre story. Was someone walking out with an ounce at a time? Were the security checks so lax as to allow it?

The Mint's gold has vanished (or has it?); Was it theft or just sloppy record-keeping? Auditors launch probe
The Toronto Star
Thu Jun 4 2009
Page: A03
Section: News
Byline: Les Whittington
Source: Toronto Star

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.

James Morton
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