1 Jul 2009

Audit fails to find missing gold

10:11 am on 1 July 2009

An external audit of the Royal Canadian Mint has failed to find $C15.3 million worth of "missing" gold.

Auditors Deloitte were asked in May to investigate a discrepancy between the amount of precious metals on the mint's inventory and in its actual stockpile.

Deloitte concluded that the unaccounted for difference "does not appear to be an accounting error" and identified security as an area for consideration.

The Mint said it was not yet clear whether any gold was actually missing.

The Mint provides storage for precious metals, as well as producing coins for Canada and dozens of other countries.

Deloitte found that there was a difference of approximately 17,500 troy ounces of gold, or 0.32% of the mint's production in the 2008 fiscal year, that was unaccounted for. There was also an unaccounted-for difference related to silver.

The RCM said the total amount of unreconciled precious metals was worth about $C15.3 million ($US13.2 million). It intends to file an insurance claim to cover the amount.

The mint has also requested the Royal Canadian Mounted Police to assist with the matter.