Canadian border guards nab man with $800K in gold

[LargoWinch]

I wonder if by $800K in gold they meant "695 coins at market value" or "16,000 coins at $50 legal tender value"? My bet is on the former.

November 11, 2009
A Syrian man is awaiting a detention hearing in Vancouver after he was caught crossing the U.S.-Canada border with nearly $1 million in gold and several items that could link him to a listed terrorist organization.

When Khaled Nawaya, 35, pulled up to a Surrey, British Columbia, border crossing on Oct. 6, he said he was heading to a new job as a flight instructor at a small B.C. airport. He was already approved to be a permanent resident and had been cleared by the U.S. Federal Bureau of Investigation, Interpol and Canadian immigration.

...

Full Article here.

[LorenS]

Re: Canadian border guards nab man with $800K in gold

Rankin said Nawaya likely piqued the department's interest because he is a flight instructor and because he is of Middle Eastern descent.
Nawaya was born in Saudi Arabia but holds Syrian citizenship. Upon moving to the U.S. at the age of 17, he earned two degrees, in professional aeronautics and management.

After 9/11 this doesn't concern the FBI in the least? How come I keep hearing "it's different now", "9/11 changed everything"? What does FBI stand for again?

The border guards also discovered a pro-Palestinian scarf, DVDs of 9/11 conspiracy theories and a ring bearing the insignia of Hezbollah, the Lebanon-based entity that Canada has officially listed as a terrorist organization.

Those items, combined with the undeclared money, were apparently enough for Canada border guards to detain Nawaya on suspicion of being a security threat.

Wow. I feel so much safer now.

[dbarberic]

Re: Canadian border guards nab man with $800K in gold

Hmmm... so having gold now links you to a terrorist organization?

John Loeffler from the Financial Sense Newshour has stated several times that if the government goes after gold, it will be under the guise of fighting terrorism.

[Chris Coles]

Re: Canadian border guards nab man with $800K in gold

I wonder if by $800K in gold they meant "695 coins at market value" or "16,000 coins at $50 legal tender value"? My bet is on the former.

Well, if the latter, the vehicle would have also been down on to its springs with a half ton of Gold in the boot.

[Jim Nickerson]

Re: Canadian border guards nab man with $800K in gold

I am reasonably sure there are some 35-year-olds who have already accumulated assets of 800K or more, but as a percentage of those living in America, I doubt that many. If one really had such ability to gain such wealth as to be able to convert 800K into cash and gold coins, why would one be stupid enough to risk crossing an international border without declaring it?

Odds are the guy is up to no good.

[Fiat Currency]

Re: Canadian border guards nab man with $800K in gold

Well, if the latter, the vehicle would have also been down on to its springs with a half ton of Gold in the boot.

Maybe I'm the one out to lunch ... but last time I checked 2 * 400oz gold bars would weigh about 55 pounds ... not half a ton.

Edit: Ooops - my bad - you were referring to the 16,000 coins - sorry.

[grapejelly]

Re: Canadian border guards nab man with $800K in gold

I am reasonably sure there are some 35-year-olds who have already accumulated assets of 800K or more, but as a percentage of those living in America, I doubt that many. If one really had such ability to gain such wealth as to be able to convert 800K into cash and gold coins, why would one be stupid enough to risk crossing an international border without declaring it?

Odds are the guy is up to no good.

odds are that the story is very inaccurate and full of lies.

[Master Shake]

Re: Canadian border guards nab man with $800K in gold

Hmmm... so having gold now links you to a terrorist organization?

John Loeffler from the Financial Sense Newshour has stated several times that if the government goes after gold, it will be under the guise of fighting terrorism.

The gold was only part of the story.

Rankin said Nawaya likely piqued the department's interest because he is a flight instructor and because he is of Middle Eastern descent.
Nawaya was born in Saudi Arabia but holds Syrian citizenship.

The border guards also discovered a pro-Palestinian scarf, DVDs of 9/11 conspiracy theories and a ring bearing the insignia of Hezbollah, the Lebanon-based entity that Canada has officially listed as a terrorist organization.

Take his gold and send his ass back to Syria.

[Jim Nickerson]

Re: Canadian border guards nab man with $800K in gold

odds are that the story is very inaccurate and full of lies.

I definitely am not informed as to the reliability of CBC News' reportage, perhaps GRG or Winch can comment on it.

[Fiat Currency]

Re: Canadian border guards nab man with $800K in gold

I definitely am not informed as to the reliability of CBC News' reportage, perhaps GRG or Winch can comment on it.

They are Canada's Pravda - State funded news agency. However, other than an obvious Liberal slant - they are usually a very reliable source.

However, I suspect there's more to uncover on this story as time goes on.

[Chris Coles]

Re: Canadian border guards nab man with $800K in gold

Maybe I'm the one out to lunch ... but last time I checked 2 * 400oz gold bars would weigh about 55 pounds ... not half a ton.

Edit: Ooops - my bad - you were referring to the 16,000 coins - sorry.

Nope, you are correct both ways as I assumed 16,000 one ounce coins but they would be worth in the region of $16 million.

[Fiat Currency]

Re: Canadian border guards nab man with $800K in gold

Nope, you are correct both ways as I assumed 16,000 one ounce coins but they would be worth in the region of $16 million.

Yes - but that WAS LargoWinch's original point.

Most 1 ounce gold coins have a FACE VALUE (ie. legal tender value) of $50 ... something I have talked about many times before. In which case you would be correct - at about a half a ton.

Even if one was going to take that approach - you'd still be limited to 200 coins/ounces - to get to the $10,000 (face value) limit that you can cross the border with.

[WDCRob]

Re: Canadian border guards nab man with $800K in gold

I'm with you Jim. If the story details are true I'm glad they nabbed him.

[Fiat Currency]

Re: Canadian border guards nab man with $800K in gold

Sorry - the guy's 35 and has been in the US for 18 years according to the article. There's is no doubt he broke the law - as he didn't declare his financial instruments properly.

I am less inclined to jump to other conclusions. What if this story broke ...

Today the Federal Government entered the premises of (insert iTuliper name) under warrant.

Found on the premises were:

- several semi-automatic handguns
- several semi-automatic rifles
- several semi-automatic shotguns
- hundreds (maybe even thousands) of rounds of ammunition
- large quantities of food and water supplies
- hundreds (maybe even thousands) of ounces of gold and silver
- a large quantity of survival gear

Upon further investigation, officers found on a computer several links to web-sites that are known to be anti-government, pro-conspiracy theories, and included links to sites refuting the events of 9/11.

Additionaly the suspect has been found to be of Muslim descent, and is a member of the Military. More to come ...

Makes for great news. Any laws broken?

[ThePythonicCow]

Re: Canadian border guards nab man with $800K in gold

. What if this story broke ...

Today the Federal Government entered the premises of (insert iTuliper name) under warrant.

Wow -- that dude sounds dangerous. Better lock up him and all those he associates with on that "anti-government" website, and throw away the key. :rolleyes: