Gold Fever Up North

Canadian mint looking into accounting vs. holding contrast:

"The largest reported theft at the mint was in 1996, when a machinist at the Sussex Drive plant pocketed 85 ounces or eight bars of almost-pure gold called "anodes," the final step in the refining process before 24-karat ingots are made in an acid bath. He sold it for $8,000 to another man, who sold it to a company for $22,000. It was resold once more for $40,000.

A charge of theft against the man was later dropped for unexplained reasons and the mint was spared the humiliation of a trial that would have explained how the man snuck the precious metal past metal detectors, surveillance cameras and electronic sensors.

Prior to that, there were only two reported incidents of gold theft in the mint's 101-year history.

In 1988, a 23-year veteran janitor at the plant stole at least $30,000 in gold. The man worked in an area of the mint where objects that come into contact with liquid gold, such as tools, are crushed and recycled so the gold can be recovered. Police found he had more than $150,000 in unexplained income between 1985 and 1988."

A worker at the Royal Canadian Mint inspects a freshly stamped loonie.

A significant quantity of gold, silver and other precious metals is unaccounted

for at the Royal Canadian Mint, but police have not yet been called to investigate,

officials said.

Photograph by: Fred Greenslade, Reuters