UPDATE: Officials say found Iraq gold may be worth half a billion dollars

AP | 5/23/03

[kattracks]

WASHINGTON (AP) -- At a roadblock in Iraq, American troops confiscated what they believe may be gold bars worth up to $500 million, defense officials said Friday.

A truck carrying some 2,000 bars was stopped by soldiers of the 3rd Armored Cavalry Regiment at a military checkpoint near Qaim, a northwestern city near Iraq's border with Syria, said U.S. Central Command.

The bars still must be tested to make sure they are gold, Central command said in a statement.

Two people were taken into custody, but it was unclear who they were, their nationality, and where they got the bars.

"The occupants told the soldiers that they had been paid a total of 350,000 dinars (or $350 U.S.) to pick up the truck in Baghdad and drive it to an unnamed individual in Al Qaim," U.S. Central Command said. "The two had been told that the bars were bronze."

Soldiers conducted a search of their Mercedes truck and discovered approximately 2,000 40-pound, 10-inch-long bars.

The bars may have a total worth of $500 million, depending on karat weight and purity, the statement said.

The truck, bars and two people are currently in the custody of the 3rd Armored Cavalry Regiment.

[Izzy Dunne]

From another thread:

American troops confiscated gold bars valued at $34 million from a truck in northern Iraq, defense officials said Friday.

[Conspiracy Guy]

ping

[dead]

Oh um... that's mine. I left it over there by accident. Thanks for finding it for me, I was worried sick.

[CFW]

"The occupants told the soldiers that they had been paid a total of 350,000 dinars (or $350 U.S.)...

Suckers!!!!!!!

[kattracks]

Oh, ok, but you do realize there's a finder's fee? You can pick up your $1.95 anytime.

[Izzy Dunne]

approximately 2,000 40-pound, 10-inch-long bars.

40 pounds = 40*16 = 640 ounces per bar.
2000 bars = 2000*640 = 1,280,000 ounces.
At $350 per ounce, that's $448,000,000.

FWIW.

[HatSteel]

Gold butter bars.

They captured 2000 2LT's.

Save the nation, Lord. Save the Army.

[Cicero]

Did A.P. go back to their calculators and redo the numbers?

Let's see. 2,000 bars, $500,000,000. That makes each bar worth about $250,000. With gold around $360 an ounce, that makes bars that way around 694 ounces. I don't know what sizes gold bars come in. Is 700 ounces a likely number?

As I recall, there are 14 (not 16) ounces in a pound when you're talking about gold. So this would be around 50 pounds, or in the neighborhood of 22 kilos.

[LibKill]

More evidence of how saddamnable looted his people.

[Cicero]

I see you did the numbers faster than I did.

[Conspiracy Guy]

That's all they got for stealing your stuff?

[tubebender]

Soldiers conducted a search of their Mercedes truck and discovered approximately 2,000 40-pound, 10-inch-long bars.

According to my "Old Math" that's 80,000 pounds ??? That is one heck of a truck...

[Panzerfaust]

The driver of the gold-laden truck was identified only by the name of "Oddball". Upon being captured by the 3rd ACR, his only comment was "Woof Woof, baby......"

[DuncanWaring]

Where's Donald Sutherland when ya need him?

[Izzy Dunne]

I see you did the numbers faster than I did.

Yeah, I was confused by the other thread stating that it was $34 mill. At least this report has some numbers to figure.

[HEY4QDEMS]

2000 * 40# = 80000# = 40 tons

I think there will be a revision of this story.

This seems like an awful lot of weight.

[RonF]

I ran the numbers, based on:

Density of Au = 19,300 Kg/m3 (cubic meter, don't know to do superscripts)
.454 Kg = 1 lb.
16 oz = 1 lb.
Gold price of about $370/oz.

Makes this very roughly about 2 cubic meters of gold, which sounds plausible.

[RonF]

80,000 lbs. is the maximum load that a semi-trailer can carry on an Interstate highway, and often do. Entirely reasonable.

[RonF]

Using the chemical density figure for Au, the various metric/English conversion factors, and a price of $370/lb., I get 84460 pounds of Gold making up $500 million. So this seems right, and a semi-trailer can carry that kind of weight.