A shipment of silver, worth $160,000, vanished during transit from London to the Royal Canadian Mint in Ottawa last summer, sparking a police investigation that stretched across Ontario.
Two weeks after the silver – 3,212.5 ounces of bars and collectible coins – disappeared, authorities in Orillia received a tip about suspicious sales of precious metals. The Ontario Provincial Police quickly traced the metals back to the stolen shipment.
Two men from Ottawa, aged 42 and 48, were apprehended near Orillia and charged with possession of stolen property. They recently pleaded guilty, receiving a suspended sentence and 12 months of probation, with a small victim surcharge imposed on the older man.
Despite the arrests, the individuals responsible for the initial theft of the silver remain at large, leaving a crucial part of the case unresolved. The investigation continues, seeking those who first diverted the shipment.
Remarkably, police recovered approximately 90% of the stolen silver, returning it to the original owner, Coin Canada. The owner, Daniel Loewith, expressed his gratitude for the police work that led to the recovery.
However, the story takes an unexpected turn with the dramatic rise in silver prices. Since the theft, the value of silver has more than doubled, soaring from $54 to $110 an ounce. The recovered portion of the shipment is now worth $353,300 – significantly more than its original value.
Loewith found himself in the unusual position of actually benefiting from the crime, selling the recovered silver for a substantial profit. “I actually ended up being pretty good on this one,” he stated, highlighting the unpredictable nature of the precious metals market.
The incident has prompted a significant security overhaul at Coin Canada. Faced with increasing threats to precious metal shipments, Loewith has switched to using armored cars instead of standard couriers, acknowledging a dangerous shift in criminal activity.
This latest incident follows a harrowing experience for Loewith just two years prior. He narrowly escaped death during a violent robbery at his London Gold Buyer business, suffering severe injuries that required months of intensive medical care and numerous surgeries.
The escalating risks associated with handling precious metals have forced a complete reassessment of security protocols, demonstrating the growing vulnerability of the industry to increasingly bold criminal enterprises.
