Found this recently, referring to Perth Mint Bars, anyone know anything more yet...... ------------------------------------------------------------------------------------------------------------------------------------- "Traditionally, gold has been a store of value when citizens do not trust their government politically or economically." But... But... can you even TRUST Gold? "Late last week I was dropping off some gold items to a local jeweller and one of the ladies there showed me a fax they had received from the Jeweller's Vigilance Commission. The fax outlined a fraud that had taken place in which 95 gold bars were obtained with a bank draft which was counterfeit. This took place in Montreal on February 14. The amount of the draft was just shy of two million dollars. Many of the bars were 10oz Perth Mint Bars. The fax also included Toronto police contact information. Incredible! A theft of almost two million dollars worth of gold and not one mention in the mainstream media or even in the gold community. An internet search yielded some Australian news items due to the bars having been manufactured by the Perth Mint in Australia. Only in recent days have some local/mainstream media outlets released this story. Why has this story been kept under wraps for over two weeks? Who was the vendor and what bank did the draft originate from? Was there a breach in protocol by the vendor in dealing with a draft of that size? Is the vendor insured for this type of loss? I have some thoughts on this matter and it should be a major concern to everyone in the gold community who has (or think they have) custodial gold. There is only one vendor (whom I will not name) in Montreal that has the wherewithal to sell that volume of gold across the counter. They also offer pool accounts as well as allocated storage and have a program affiliated with the Royal Canadian Mint. Could it be that releasing their name could possibly start a run on pool or allocated storage accounts in North America? If there was a breach of protocol in dealing with a draft of that size, would that further serve to undermine confidence in such programs with other vendors? There is one inescapable conclusion that I have arrived at because of this issue and the attendant opacity. It is foolish to consider ANY allocated, custodial or pool account secure. If you do not have your gold in your possession, you will one day be among many other unsecured creditors dealing in a paper or some form of legal nightmare. ---------------------------------------------------------------------------------------------------------------------
It was posted here last week, but the thread was removed at the original poster's request. It's in the news. Pretty obvious from reading that is that the author is trying to smear Kitco.
Well it's pretty clear that someone got hold of an iffy $2 million bank cheque and bought physical with it, but WTF that has to do with the dealer's pool account I can't really tell. They're two completely different products.
Yes, this did occur. Request for removal was because the thread turned into an argument over the thread title.
