I have out of town guests this week so my commentary will be brief. I should be back to my usual schedule by this Thursday.
A warning from Jim Sinclair:
Storage of bullion is a very delicate subject. The first question that I strongly suggest you ask concerning the storage insurance policy is does it insure you against the storage company, any employee, any consultant or associate stealing the gold via any method including accounting fraud. The next question is what member of the big four auditing firms reviews the accountant’s statement and signs off on it as accurate and audited as compliant with International GAPP (International General Accepted Accounting as compared to US or Canadian GAPP Procedures).
–jsmineset.com, June 10, 2013
So how does Miles Franklin’s precious metals storage program in Canada with Brinks stack up to Jim Sinclair’s criteria? Joel set up the program, so I asked him to comment:
We already know this; our program is only fully segregated and includes full coverage by Lloyds of London for theft or loss from any form of fraud, accounting, stealing, etc. We use an independent auditing firm called “Bureau Veritas Inspectorate” and they happen to be also chosen by the RCM for their auditing that spans 40 countries. A very highly regarded independent firm!