Board Thread:Speculation House/@comment-26869193-20180310192420/@comment-35274492-20180413170956

Ozpin believes that she does not have it and at this moment, Salem does basically own Beacon and Vale, so it may not be in her hands but there is an equal chance that it could be. In the next Volume, they can easily say that she found the relic and has taken it but at this very moment, even if she does not have it physically, she does have it. They aren't retaking Beacon or Vale anytime soon with the massive hoard of Grimm there.