For the full analysis into the gold and silver markets, presented in illuminating detail, have a watch of Talking Gold in Episode 15 of Kinesis’ ‘Live from the Vault’.
In this week’s discussion of all things gold and silver, Andrew Maguire takes a look at the markets with world-class precious metals blogger, Harvey Organ. The life-long precious metals enthusiast shares an account of his physical gold disappearing in the Scotiabank vault, Toronto.
Renowned gold blogger, Harvey Organ, reports that an audit of his family’s gold bullion holdings at Scotiabank’s Toronto vault, located none of their physical gold.
The auditors were initially denied entrance to view their client’s gold bullion, according to Harvey Organ. Harvey went on to explain, Scotiabank labelled the auditor’s duties a risk to security.
Harvey continued, only after the family consulting a lawyer were the auditors granted access to the vaults. An inspection of the Scotiabank vaulting facility revealed no sign of the family’s gold bullion holdings.
Where was the physical gold bullion?
Although Harvey’s family were paying Scotiabank insurance and storage fees to hold their physical gold bullion, Scotiabank stated the gold was currently being stored in Hong Kong, China.
Precious metal industry implications
According to Harvey Organ, reputable gold specialist, a major bullion bank charged clients storage fees, while that bullion served their interests on the other side of the world.
Fortunately, bullion banks are no longer the sole option for investors. Gold investors can now access independently audited, allocated precious metals, with instant access to their holdings. Kinesis is changing the gold industry to bypass byzantine institutions, providing gold investors with access, security and value never before seen in the precious metals space.
Andrew Maguire’s parting thoughts:
“What this tells us, whether you’re an institution or a private investor, you have to be sure that the bullion you own is securely held in your name.”
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Next Episode: Andrew Maguire sits down talks all things gold and silver with another special guest from the precious metals industry.