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Big error behind missing gold at Royal Canadian Mint
CTV.ca News
Wednesday, Nov 25th, 2009
RCMP have solved a bizarre mystery: How did $15.3 million in gold vanish from the Royal Canadian Mint? And while their report is still two weeks away, CTV News has learned the answer.
“Senior government officials say there was a colossal error at the mint itself,” said CTV Ottawa Bureau Chief Robert Fife on Tuesday night.
Mint officials double-counted some gold bullion they sold, and also underestimated the shrinkage of the gold during processing.
The federal government had withheld bonuses for mint executives until the mystery was solved. It’s unclear whether those bonuses will still be paid out.
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November 25th, 2009 at 5:07 am
Gee, taking inventory is a very simple function. You would think educated folks could get it right. DUH!!!!
Airborne Reply:
November 25th, 2009 at 9:41 am
Duh !!!! is right , it is so simple , 1 gold bar for you Royal mint , one for me , 1 for you , 1 for me !!!!!!!!!!!!!!! LOL !!!!!!!!!!!!!!!!!!!!!!
Colonel X Reply:
November 25th, 2009 at 11:48 am
As my old Company Officer, LT Donahoe, used to say in OCS – THIS (explanation) IS BULLs---!!!!
A Patriot Reply:
November 25th, 2009 at 12:50 pm
Agreed!
Patriotgal Reply:
November 25th, 2009 at 2:38 pm
Mmmmm… “shrinkage during processing of the gold”. Sounds like a VERY lame excuse, to me!
Oh, Monday Morning, on the G.Gordon Liddy Show, MY protest on DC will be discussed. So, if any of you care to drag yourselves away from your computers for just a little while, you MIGHT get to hear how an AMARICAN Patriot behaves!!!
Sic Semper Tyrannis!!!!
Patriotgal Reply:
November 25th, 2009 at 2:40 pm
And, about the missing gold- perhaps someone should look into the bars that APMEX has been selling, with the “RCM” stamp on them. I’m sure APMEX bought them legally. Just who from??
November 25th, 2009 at 5:17 am
Accountant’s – you’ve gotta love ‘em!
http://www.openyoureyesnews.co.....economics/
November 25th, 2009 at 5:52 am
Pathetic..!! How the hell can that kind of mistake even happen..!! Makes ya wonder how many other mistakes within the mint have gone on..blows my mind..!! Also the fact that WE as the payers are the ones paying for their mistake.?? Well since they were willin to with hold bonuses from employees..I think the ones who made the mistake & called for the audit should be held liable for any costs..Not the tax payers..perhaps the ones makin such mistakes should loose their position as well.. Its pretty obvious they can’t handle their current position..
November 25th, 2009 at 6:24 am
The problem is not the “missing” gold. The problem is that this got out and that lower functionaries can’t fall on their swords for the bonuses’ of the executives.
November 25th, 2009 at 7:54 am
The issue is tungsten. I believe the RCM tried to melt down some 400 oz gold bars for coinage and found they were mostly tungsten. Tungsten melts at 8000 degrees, gold at 2200.
The gold-plated tungsten bars were created during the Clinton administration to replace all the gold stolen from Fort Knox.
Larry Reply:
November 25th, 2009 at 8:51 am
Correct you are. The bars were filled with Tungsten, just like the Hong Kong bars, just like bars all over the world. The Canadians found it easier to claim the gold “missing” rather than rile up uncle sam and blow the lid off the whole scam.
Gold is skyrocketing because the Chinese are buying, driving the price up purposely to hurt all the American banks that had short position contracts. Additionally all world central banks are assaying their gold. They will divest of their dollars in retaliation to the US stealing their gold through tungsten laced bars.
This is it. I’m calling it. This is the start of the currency crash. A variable they did not anticipate. Tungsten laced gold causing massive US dollar dumping. The plan just got moved ahead.
Say bye bye to the dollar as a reserve currency. The entire world of banks knows what’s up and they will silently divest of dollars so as not to cause a rush to the exits.
That is why gold is going up and WILL NOT STOP. We will NEVER see <$1000 again.
Matzo Man Reply:
November 25th, 2009 at 4:04 pm
Thanks! I found a link about what you said:
http://news.goldseek.com/Golde.....596000.php
I had no idea about this tungsten scam! To commit fraud like this with government is truly audacious!
November 25th, 2009 at 8:34 am
bulls---
November 25th, 2009 at 9:00 am
These tungsten bars are everywhere, all over the world. Made in the Clinton era.
Will we see Hillary hauled off in chains? Billy Bob Clinton in the slammer?
Who has the Ft. Knox gold?
400 oz bars of gold are MASSIVE. They cannot be “misplaced” and they cannot be carried off in one’s pocket. The RCM did not make an error.
November 25th, 2009 at 9:00 am
I gotta hand it to Ted Anderson. Especially in his ads when they talk about Gold’s portability, that it never devalues.
As for the price of this metal… think not that an ounce costs more, think that the dollar is so devalued that what used to take years ago, say, 300 american dollars to buy an ounce, it now takes 4 times that number to buy the same commodity.
Has your wage increased by that much?
November 25th, 2009 at 11:02 am
I think you will now see a wave of “suicides” of people who can blow the whistle on who the real culprits are. 1.3 millions oz’s of gold is probably tungsten. GLD ETF will go down in flames from this. Expect massive coverups and CTFC and SEC and possibly some sacrificial mid-level people thrown to the wolves.
November 25th, 2009 at 12:05 pm
Yeah right, I believe this story. The dog ate my homework. As for the tungsten-gold plated bars…..I really want to believe. But tungsten???? It has a melting point above 6000. Therefore, it is almost impossible to cast. Lead, I’ll believe. Anyhow, the dollar sure is tanking…rather like a lead balloon.
Quinny Reply:
November 26th, 2009 at 12:37 am
The reason they use Tungsten is because it WEIGHS the same as gold in volume AND
mass. A gold plated 400 oz. bar of Tungsten would have virtually the IDENTICAL
DIMENSIONS of a real 400 oz gold bar. The only way to tell the difference is to have
the gold assayed. But…WTF, right? You don’t trust the American Government?
You must be a terrorist..!! Where’s my waterboard..?!?
November 25th, 2009 at 2:29 pm
In any sort of inventory counting, even cans of soup, three different people count and check the previous person’s figures. In counting gold bars, there was no doubt more than 3 checks involved. Some thieves at the mint are giving out a lame excuse as this and everything is now OK? Definitely a huge crock of s--- has been offered as the problem in miscounting.
November 25th, 2009 at 6:19 pm
Shhh…listen…. I hear crickets in the vault at Ft.Knox…!It sounds very empty…..
November 25th, 2009 at 8:02 pm
the way I was tought to count: One for the mint, one for me. Two for the mint, one, two for me. Three for the mint, one for me, two for me, three for me….
Tungsten story sounds plausable to me. Hey – are you really gonna be in the middle of taking a huge gold delivery and stop and say to the guy. O.K. lets run a few thru the tests, not that I don’t trust you, or your highly respectable ancient institutions, that bank. But as the great commun89cator oft said: “trust, but verify.” And as the father of another dead president said. “No. Count the bag of cash. It never grows when passing from hand to hand, so count it before we leave.”
November 25th, 2009 at 8:23 pm
Sounds like a cover up to me.
November 26th, 2009 at 10:23 pm
wonder if anyone has checked Fort Knox, to see if someone can’t count