The global gold price recently surged past US$1900 per ounce, an all-time high. This comes as good news for gold investors looking to capitalize on the market, but not everyone is celebrating.
Brinks Canada recently filed a lawsuit against Air Canada for more than C$23 million. The security company alleges that they were robbed of 600 kilograms of gold, silver and platinum in July 2020 while transporting it from the Toronto Pearson International Airport to a secure facility.
Brinks alleges that Air Canada failed to ensure the security of “high-value” cargo on its flights and, as a result, the cargo was stolen. Representatives for Air Canada deny these allegations and claim that the airline had sufficient security measures in place.
Gold prices have steadily risen since the pandemic began, with the price of an ounce peaking at more than US$1900. The increased demand for gold is being driven by a number of factors, including a weakened US dollar, economic uncertainty and interest from large investors looking for a safe investment.
The gold heist has put a spotlight on the lack of security on cargo flights around the world. Air Canada is facing criticism from many who believe that their security measures are inadequate, and the lawsuit from Brinks highlights the need for better security of valuable goods.
For now, gold prices remain high and investors are looking to capitalize on the market. However, the heist highlights the security risks associated with gold and other precious commodities. It is clear that tighter security measures need to be put in place in order to protect valuable cargo from falling into the wrong hands.