Toronto's Gold Heist
Richard Minuk - Apr 29, 2023
Did you hear about the gold heist at Pearson Airport in Toronto?
On April 17th, a flight landed at Pearson with a container holding > $20 Million worth of gold and other valuables. After offloading, the container disappeared into thin air. Police don’t yet have a good sense of what happened and this is starting to look like the type of heist you’d expect only in the movies.
It got me thinking about why gold is so valuable in the first place. It all has to do with its rarity.
Nevada Mining Resources puts it well. All the gold ever mined in human history would fit within the confines of only 3.5 Olympic-sized swimming pools. Pretty shocking.
So, I thought that this week I would look at how the yellow metal has faired as an investment of late. While 2022 looks good, longer term you’d have been better off in stocks.