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Missing gold found at Royal Canadian Mint: It shrank and was double counted!

Executive bonuses were at stake. They double-counted the gold! They underestimated the shrinkage in the gold?

Big error behind missing gold at Royal Canadian Mint
CTV.ca News Staff
Tue. Nov. 24 2009 10:01 PM ET

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.

Junior Transport Minister Rob Merrifield, who's responsible for the mint, called in the RCMP on June 9 after he learned that an audit would not "rectify the problem" of the missing gold. That's about 10 weeks after the government first learned of the missing gold.

The Deloitte and Touche audit cost taxpayers $360,000.

Ottawa now requires the mint to report on inventory levels of metals every three months.

More:

http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20091124...



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Oh goodness! How silly! My bad.... I miscounted!

I believe that as much as I believe the nuclear tipped missiles 'got lost'.

I may not know the truth, but I know when I'm being lied to...

I may not know the truth, but I know when I'm being lied to...

What utter nonsense!

Hold back bonuses!!!!!...They should be firing these guys. Canadian Gold has a renowned reputation for the refining of its gold as well as refining gold for other countries. This explanation about incompetent accounting and ignorance in refining process is admitting incompetence of the highest degree. What is going on here??? I DO NOT BELIEVE THE B!@#$#T they are telling us.

When I saw this I figured...

they'd found some Tungsten/gold and were informed that they couldn't heap more fuel on the flames of the rising price of, or falling value of the dollar against, gold. So, they concocted a wild story of shrinkage and double counting to cover the real story. Maybe this happened or not, just trying to think like my enemy.

Assert Your Authority

Assert Your Authority

Liars

Not buying it.

Hmmmm.

"Mint officials double-counted some gold bullion they sold, and also underestimated the shrinkage of the gold during processing."

Sounds like they were processing it out the back door!!

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Wow, you just know

that kind of stuff is going on in every business and industry. I think there is a term for it called SNAFU. lol

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Gold Shrinkage? Hmmn.

I wonder if it was a purity issue?
 
Freedom, Prosperity and Peace

 
Freedom, Prosperity and Peace

It shrunk when they removed all the tungsten!

Amazing what you're left with when you start with plated tungsten!

I may not know the truth, but I know when I'm being lied to...

I may not know the truth, but I know when I'm being lied to...

Shrinkage

Shrinkage normally occurs when it's exposed to cold water for too long. :)