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TexAsh
25th November 2009, 06:17
Now seems like a good time to open a thread to collect stories of PM misappropriation.

Amidst rumors of tons of gold plated tungsten, here's an unassuming little story about $15 million in missing Canadian gold and silver which the Mounties now say was not stolen...

The Canadian Press (http://www.google.com/hostednews/canadianpress/article/ALeqM5izU1l0To1Y5CW0IErHGS0GriDvxQ)

Excerpt:

So what happened to the gold?

The mystery could be cleared up in mid-December, when the mint plans to release its own reports once the auditor general finishes reviewing its 2008 financial statements.

The mint's chairman, James Love, said last spring that a computer programming glitch could explain the missing stockpiles.

Nevertheless, the mint notified its insurers it intended to file a claim to offset the amount of any unreconciled differences.

ryshay
25th November 2009, 08:14
Now seems like a good time to open a thread to collect stories of PM misappropriation.

Amidst rumors of tons of gold plated tungsten, here's an unassuming little story about $15 million in missing Canadian gold and silver which the Mounties now say was not stolen...

The Canadian Press (http://www.google.com/hostednews/canadianpress/article/ALeqM5izU1l0To1Y5CW0IErHGS0GriDvxQ)

Excerpt:

So what happened to the gold?

The mystery could be cleared up in mid-December, when the mint plans to release its own reports once the auditor general finishes reviewing its 2008 financial statements.

The mint's chairman, James Love, said last spring that a computer programming glitch could explain the missing stockpiles.

Nevertheless, the mint notified its insurers it intended to file a claim to offset the amount of any unreconciled differences.

It's such a joke. The investigators say that they have ruled out theft as the cause of the missing gold. They are saying it is an accounting issue--that they double counted some gold earlier.

How convenient--we just counted the same gold twice. Sure. :rolleyes:

http://www.gata.org/node/8085

Colonel Clink
25th November 2009, 13:07
Bo-o-o-o-o-o-o-o-gus! Darn those "glitchy" computers; how come mine never does that? Jeeeesch! ;)

ryshay
25th November 2009, 14:06
What do you guys think of this?? From the GoldenJackass



"The Canadian Mint has released information that admits to 17.5 thousand troy ounces of gold and other precious metals missing, whose estimated value is $15.3 million. No credible explanation has been offered for the missing inventory. These are not lamps, boxes of paper, crates of machine tools, floor tile, stereo sets, or power tools sitting in inventory. These are gold bars. Or were they tungsten bars? Permit the Jackass to surmise that the Canadian Mint were interrupted in their coin production process. They poured what they thought were gold bars into a cauldron, but since tungsten melts at 8000 degrees, and gold melts at 2200 degrees, the cauldron soup was lumpy with tungsten cheese. Instead of admitting they held and discovered 17.5 thousand ounces of tungsten, sure to rile the Wall Street boys, sure to turn the gold market upside down more than already, sure to invite severe scrutiny to many bankers who already face criticism (but not prosecution) over mortgage bond fraud, THEY JUST SAY IT IS MISSING !!! Just where did it go, Ottawa? Did some high level bankers (surely not Goldman Sachs) borrow it or steal it? Maybe it went to an industrial supplier that specializes in zinc, tin, copper, lead, and tungsten!!! See the National Post article (CLICK HERE). It seems the B.S. story of lost gold invites the least criticism, scrutiny, and follow through, amazingly. Theft and fraud is rampant, and the name of the game. Of course, incompetence, and clumsiness are more acceptable than corruption and collusion."

That is oddly more believable than "Oh, we accidently double-counted the gold. Duh, we are sure stupid. Yup, the entire staff of the RCM had a doobie-party in the vault during our audit, and we double-counted everything--that is what happens when you are seeing double!"

However, I don't understand why no one has come forward with any proof. Secrets like "tungsten-gold" are hard to contain.

I believe it, but someone has got to come forward with proof. Otherwise, it is just a rumor, for all intents and purposes.

Zoltan
25th November 2009, 19:54
I am down to two probable explanations:

1. Gold delivered was actually tungsten coated bars
2. Bars were real and were used to fill comex delivery

Official explanation is pathetic BS. Double counting? Not much MSM coverage up here in Canada though.

Wheels seem to be coming off the supression scam. Just one more lost cog from the wheel.

Z

fansubs_ca
27th November 2009, 00:08
Gold delivered was actually tungsten coated bars


I go with that theory, if there are other Tungsten bars floating around out
there it's quite possible the RCM got stuck with some. Since they make
products they label as .9999 any .995 to .999 bars they get in have to be
refined. So these Tungsten filled bars get thrown in with the rest going
into their refinery and much less gold than expected comes out the other
end. But it takes several months before the discrepancy gets noticed by
which time there is no evidence. Even if this was the case there at this
point is no way to know which of the original bars were Tungsten filled so
no way to figure out who stuck them with them.

The only way to prove this after the fact is if they could locate the
slag from those months to check if it's got a lot of Tungsten in it.

Going forward they would have to take any incoming bars and chop them
into pieces to see what's in the core while they still know where they
came from before melting. If the innards aren't the right color they would
know right away who owes them for the short amount of gold.

Argyria
27th November 2009, 01:46
I have been following the gilded tungsten story as I'm very interested to see how widespread this actually is. Not to mention I'd love to find out who is at the bottom of this, or if its multiple offenders.