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As first reported by the Toronto Sun, approximately $20 million worth of gold and banknotes were stolen on Monday from Toronto’s Pearson Airport.

A confidential memo sourced by the Sun identified the shipment as part of an intra-bank transaction between TD and an as-of-yet unidentified financial institution. TD has yet to confirm its involvement.

The valuables arrived on an Air Canada plane Monday evening in a single shipping container, which airline employees then transported and secured in a nearby holding cargo facility.

The Greater Toronto Airports Authority noted on Thursday that the “thieves accessed the public side of a warehouse that is leased to a third party, outside of our primary security line. This did not involve access to Toronto Pearson itself and did not pose a threat to passengers or GTAA staff.”

Police were informed of the missing goods a short time after.

The disparity between the goods’ initially reported value of over $100 million and the reassessed value of $20 million suggests a theft of only a portion of the shipment, according to another Sun source.

“We are three days in,” stated Inspector Stephen Duivesteyn, spokesperson for Peel Regional Police, on Thursday, “so our investigators have their eyes open to all avenues.”

It remains to be seen if the heist involved inside help or organized crime, and whether or not the loot has left the country.

Toronto Pearson handles approximately 45 per cent of Canada’s air cargo traffic, which amounts to more than 1 million metric tonnes from 175 countries.

Gold’s decade high amid recessionary fears

The Ocean’s-type heist – involving the stealthy swiping of thousands of pounds of gold – coincides with the metal’s highest prices in a decade, with an ounce surpassing US$2,000 three times since early 2020.

Given central banks’ focus on ramping up interest rates to stifle inflation, itself induced by the world’s emergence from COVID lockdowns, the metal has benefitted from those seeking a safe haven from the economic slowdown said rates are likely already causing.


Elevated gold prices, reaching almost 100-per-cent gains since 2013, have led to renewed interest in explorers, developers and producers following a lengthy dormant period after the Great Financial Crisis.

The metal is favored for its millennia of history as a currency, as well as its limited supply, both of which are widely viewed to offer capital preservation and hedges against both inflation and modern currency devaluation at the hands of central banks.

Readers in search of upside potential in the space, beyond holding the physical metal, can peruse our recent gold-related coverage for candidates meriting deeper due diligence.

Air Canada (AC) closed off the week with a 1.51-per-cent loss, while TD Bank added 0.06 per cent.

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