By Rob Kirby:
Back in 2009, the Royal Canadian Mint [RCM] claimed that it had lost $15 million worth of gold bullion. What ensued from the time the loss was made “public” can best be described as a ‘fumbling exercise’ where – initially – different accounts were put forward as to the reason for the loss. Finally, public catcalls regarding this loss at one of the world’s most renowned Mints led to an official investigation by the Royal Canadian Mounted Police [RCMP].
In the end, we were all told that this loss was due to honest miscalculations and blunders, or in other words – LAX CONTROLS.
Lax Internal Controls at the ISO 9001 accredited Royal Canadian Mint?
Here’s where we deduce why the Royal Canadian Mint circulated a “false, incredulous story” about how they lost $15 million worth of gold bullion:
“In the face of unprecedented demand for gold maple coins and with physical supplies of gold being tight in 2009 – it makes sense that the RCM would have “borrowed” gold bullion from one of their customers whom they store bullion for. I have been told by industry insiders that the RCM does not assay gold bars when they take them in for storage. When the RCM tried to melt these bars, they were revealed to be tungsten – which melts at a much higher temperature than gold. This created a very awkward situation for the RCM – having to tell one of their customers that they had stored salted [tungsten] bricks of gold.