Daily Truth Pills

Hosea 4:6 My people are destroyed for lack of knowledge…

Your gold is safe with us, mint tells clients

Posted by truthpills on 2009/06/18

Reassurance comes amid fears there will be a ‘run’ on holdings

By Ian MacLeod, The Ottawa CitizenJune 13, 2009Comments (11)

To halt a possible “run” on the gold it safeguards for private businesses, the Royal Canadian Mint is reassuring customers their deposits are fully accounted for and in secure vaults as the investigation continues into as much as $20 million in lost precious metals.

Since the scandal broke last week, some precious metals market advisers have been trying to instigate “some kind of a run” on the custodial accounts of the Ottawa mint and other mints around the world, said Jon Nadler, senior metals market analyst with Montreal-based Kitco, one of the world’s leading precious metals bullion dealers.

Read the full article

Truthpills:
There is no such thing as a run on the mint or vault if the gold is accounted for. If they sold or leased or leveraged the gold without permission and they don’t have enough in the vault as the books say they should, then when all their clients withdraw their gold, there’s a run. There’s a run on the bank because they are leveraged 9 to 1 in the old days but now they are 50 to 100:1; just a few percentage of clients with full withdrawal would put the bank out of business.

run on the

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