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$2 million in Gold Bars Unearthed
The Post Star ^ | April 11, 2012 | Don Lehman

Posted on 04/12/2012 9:54:49 AM PDT by GJ15

Police and prosecutors hit gold, literally, in the recent case of a local man who pleaded guilty to participating in a large-scale marijuana distribution ring.

Authorities last fall unearthed an estimated $2 million in gold bars that Eric R. Canori had buried on property on Blackberry Lane in Queensbury, New York.

Canori, a Wilton, NY resident who used to live in Queensbury, divulged the location of the gold cache as part of his forfeiture of $5.25 million in cash, real estate and other personal property that was part of his plea deal last year to a federal marijuana distribution conspiracy charge.

The Warren County, NY Sheriff’s Office and Warren County District Attorney’s Office stand to gain several hundred thousand dollars, and possibly as much as $750,000, when all of Canori’s assets are liquidated by the U.S. Marshals Service.

(Excerpt) Read more at poststar.com ...


TOPICS: Business/Economy; Crime/Corruption; Culture/Society; Government
KEYWORDS: gold; marijuana

1 posted on 04/12/2012 9:55:02 AM PDT by GJ15
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To: GJ15

They better check that gold for tungsten.


2 posted on 04/12/2012 10:11:42 AM PDT by Jack Hydrazine (It's the end of the world as we know it and I feel fine!)
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To: GJ15

So how many gold bars would that be?


3 posted on 04/12/2012 10:29:20 AM PDT by ResponseAbility (Islam...Imperialism in a turban.)
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To: GJ15
marijuana distribution ring. ...estimated $2 million in gold bars ...

O_O

maybe I'll get into farming...

4 posted on 04/12/2012 10:32:27 AM PDT by NativeSon ( Grease the floor with Crisco when I dance the Disco)
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To: ResponseAbility

regular size 60-70 pounds= 1 million each-
economy size 1 oz, 5 oz. etc- varies
bite size = S400


5 posted on 04/12/2012 10:41:28 AM PDT by bunkerhill7 (gold???? Who knew?)
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To: ResponseAbility
So how many gold bars would that be?

I don't know, but today, 2 million dollars worth of gold only weighs about 75 pounds.

.

6 posted on 04/12/2012 10:42:23 AM PDT by repentant_pundit (Sammy's your uncle, but he behaves like a spoiled rotten kid.)
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To: ResponseAbility

about 75 pounds worth.


7 posted on 04/12/2012 10:42:39 AM PDT by wordsofearnest (Proper aim of giving is to put the recipient in a state where he no longer needs it. C.S. Lewis)
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To: wordsofearnest

Maybe 3 bars.


8 posted on 04/12/2012 10:43:35 AM PDT by wordsofearnest (Proper aim of giving is to put the recipient in a state where he no longer needs it. C.S. Lewis)
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To: bunkerhill7

From Wiki,

“The standard gold bar held and traded internationally by central banks and bullion dealers is the Good Delivery bar with a 400 oz. nominal weight. However, its precise gold content is permitted to vary between 350 oz and 430 oz. The minimum purity required is 99.5% gold.”

These would be Troy ounces, about 25 pounds. In todays dollars around $700,000 per bar. Nice to have a few on hand for paperweights.


9 posted on 04/12/2012 11:02:30 AM PDT by ResponseAbility (Islam...Imperialism in a turban.)
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To: wordsofearnest

Yep, about three bars.


10 posted on 04/12/2012 11:03:51 AM PDT by ResponseAbility (Islam...Imperialism in a turban.)
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To: GJ15

He divulged the location of the gold. This guy was sloppy and must have told someone that he had it, or maybe a surviellance picked up a conversation or saw him at a gold show. You can exchange buy gold with cash at a gold show, and with multiple dealers, you can buy quite a bit at one time.


11 posted on 04/12/2012 11:05:15 AM PDT by grumpygresh (Democrats delenda est; zero sera dans l'enfer bientot.)
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12 posted on 04/12/2012 12:39:56 PM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
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To: ResponseAbility

Sorry- but the gold bars from my refinery I deal with are 60-70 pounds at the pour worth about 800k - 1.3 million each at minimum 60 lb x 16oz x 1600$ = $1.536,000 on the Swiss roll discounted.
``About three times a week, when 2, 000 ounces to 4, 000 ounces have accumulated, workers melt the buttons into 55-pound to 60-pound bars. The bars, between 60 percent and 95 percent gold, are known as “dore,” a French word meaning “gilded” or “golden.”

The gold heads toward the world of jewelry and high finance, via a refinery, where the dore bars become almost pure gold. There’s an independent refinery nearby, in Utah, but Newmont sends its Nevada dore by commercial airliner (no one will say from what airports ) to Valcambi SA, the Swiss plant where Morcombe is chairman, because the mining company has a major stake in that refinery.``

http://afgen.com/gold_supply.html

Wiki is no source for gold.
My brother has 2 - I have 8.

Hong Kong bars are smaller for easy international pouch carry.


13 posted on 04/12/2012 3:46:12 PM PDT by bunkerhill7 (gold bars ???? Who knew?)
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To: bunkerhill7

Thanks for the info. I don’t really understand it all, but I think I get most of it. You don’t have “dore” bars, you have refined bars. I don’t think a drug dealer would have access to these.


14 posted on 04/12/2012 7:00:09 PM PDT by ResponseAbility (Islam...Imperialism in a turban.)
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To: grumpygresh

Yeah, the guy was an idiot. Splitting up the gold and burying it in two or three different locations would have been the way to go. Then you need only give up one location if it comes down to that.


15 posted on 04/12/2012 7:09:30 PM PDT by Lancey Howard
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To: grumpygresh

Ummm...
Of course, maybe that’s what the guy DID....
Hmm.


16 posted on 04/12/2012 7:10:39 PM PDT by Lancey Howard
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To: ResponseAbility

Don`t you know that in Mexico, drug kings have silver and gold mines and hidden refineries? What do you think they do with their money? Sit on it? A $2000/week drug money investment in a Mexican gold mine yields $30,000/week. These guys are not stupid/ They even outsmart both the Mexican [bribes and threats] and US governments. They launder their gold too thru the Middle East in Dubai...


17 posted on 04/12/2012 7:54:33 PM PDT by bunkerhill7 (Drug gold? ???? Who knew?)
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To: bunkerhill7

I did not know that. Thanks for cluing me in. No wonder it is so hard for Mexico to rid themselves of the well entrenched drug lords. With that kind of money they can buy off just about anyone.


18 posted on 04/13/2012 12:46:30 PM PDT by ResponseAbility (Islam...Imperialism in a turban.)
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