The Brink’s Company is an American company that provides secure logistics and cash management services.headquartered outside Richmond, Virginia.
It’s one of the biggest in the world.
They are so big that they buy other big companies. The latest acquisition was G4S PLC, a British security and cash-management firm.
As part of the transaction, Brink’s acquired businesses in 17 countries, including 14 in which it wasn’t operating at the time.
With countries closing their borders due to the rapid spread of the coronavirus, Chief Financial Officer Ron Domanico quickly realized he couldn’t send his own employees to do the inventory assessment, a crucial part of every merger and acquisition.
Instead, Brink’s worked with a roster of professional services firms, including the Big Four—Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers—and others to count the bank notes, precious metals and other valuables that were stored in G4S’s vaults.
Financial Officer Ron Domanic said that at different points, it appeared precious metals—gold and silver bars—had gone missing.
Luckily, the absent gold bars, worth about $1.7 million and weighing about 70 pounds each, turned out to be an accounting mistake, he said.
On another occasion, an outdated inventory sheet made it look as if silver bars, worth approximately $25,000 each, had been lost. They were finally able to account for that after several months.
Brinks, as big as it is, recognizes the importance of being able to physically account for assets they own, especially precious metals.
It is so valuable to them that they remotely trained the people who did the inventory count and had them wear body cameras to record the process.
The company’s security professionals watched the counting via live stream from an office in London. Mr. Domanico, who prior to the pandemic would have overseen the inventory check together with his team, was forced to follow the procedure from afar.
There are several things we should learn from this story.
One, Brink’s didn’t allow the pandemic to stop them from doing business. Things were going down, including the international economy. Instead of cowering, they saw it as an opportunity to buy.
We should too.
Yes, everything is a risk but we should get discouraged from politics, social distress or even a bad global economy.
Two, precious metals should always be in our roster of investments. If billion-dollar companies recognize its importance, we should too.
We can’t tell you how to allocate your investments. You can consult a financial advisor for that but we can answer your questions about precious metals.
Third, keep tabs of your investments. Brink used technology to make sure they know exactly what they have and where they are.
You should keep tabs of your investments too. There is no need to be in front of your computer every second of the day but you need to monitor and make sure you have access to it.
When it comes to precious metals, you can count on Noble Gold to provide you access to your assets if you decide to add precious metals to your IRA.