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Gold, Silver Buried in WTC Rubble
NEW YORK (AP) ^
| Sat, Sep 15 6:07 PM EDT
| NEW YORK (AP)
Posted on 09/15/2001 3:57:58 PM PDT by Democrats are liars
NEW YORK (AP) - Some 11.8 metric tons of gold worth an estimated $110 million and 30.2 million ounces of silver valued at $121 million are buried in the rubble below one of the collapsed buildings in the World Trade Center, The New York Times reported Saturday.
The precious metal was stored in vaults below 4 World Trade Center, the paper said. It belongs to people or firms that trade futures contracts on the New York Mercantile Exchange.
Officials at the exchange could not be reached for comment on Saturday. Repeated phone calls were unable to be completed because of continuing telephone problems in the area near the World Trade Center.
A metric ton is equal to about 2,205 pounds.
The Times quoted James Newsome, acting chairman of the Commodities Futures Trading Commission, which oversees futures markets, as saying there was not much concern about the gold and silver "because the metal is secure and because there is ample supply."
Even if for some reason the gold can't be recovered, there's plenty of supply in the world. One company estimated the trade center hoard to be 0.3 percent of the global supply.
The precious metals are used to settle trading in futures contracts. Futures traders generally don't want the actual gold; instead they're buying contracts based on it to hedge or speculate.
TOPICS: Extended News; News/Current Events
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To: Democrats are liars
Hmmmmmmmm...
2
posted on
09/15/2001 4:02:02 PM PDT
by
Dog
To: Democrats are liars
Even if for some reason the gold can't be recovered, there's plenty of supply in the world. That is some statement and may not be true if there were a massive effort to unwind derivative positions in gold (which, if I understand correctly, would require physical delivery of gold.)
To: independentmind
To: Dog
because the metal is secure and because there is ample supply
Buried under a zillion tons of steel and concrete.
To: Democrats are liars
re:
"...Some 11.8 metric tons of gold worth an estimated
$110 million and 30.2 million ounces of silver valued
at $121 million are buried in the rubble..."
But a life is only worth $________ ?
6
posted on
09/15/2001 4:16:55 PM PDT
by
Deep_6
To: independentmind
To: Democrats are liars
Aren't there other things that are more important than gold right now?
Inquiring minds want to know!
8
posted on
09/15/2001 4:20:59 PM PDT
by
jacquej
To: Democrats are liars
Corporate art, antiques, diamonds and other stones, just the cash needed on hand to do business...a lot was lost or is in safes buried under that rubble.
9
posted on
09/15/2001 4:21:22 PM PDT
by
LarryLied
To: Dog
"Hmmmmmm..."Sounds like the plot for a movie.
Maybe something starring Sean Connery and Michael Caine.
To: jacquej
I hope your question is not addressed to me.
To: Democrats are liars, Thinkin' Gal, Jeremiah Jr, Hebrew 11:6, TrueBeliever9, RnMomof7, babylonian
Jas 5:1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.
12
posted on
09/15/2001 4:45:31 PM PDT
by
2sheep
To: Democrats are liars
For those who like to talk in the same units, 11.8 metric tons equals 416304 ounces.
13
posted on
09/15/2001 5:25:03 PM PDT
by
ELS
To: ELS
To: independentmind
bump
To: Democrats are liars
Okay I think we've seen enough pictures for one day. If you sell this stuff, you ought to be ashamed of yourself.
To: Democrats are liars -only cowards send obscene messages via private e-mail
Do it again and I will get you banned.
To: independentmind
Do what again?
To: Democrats are liars
Gee, gold? What the fiat money crowd call the "barbarous relic?" Whyever would they keep it in a vault? I thought it was WORTHLESS?
To: Democrats are liars
Some nice photos there, Dal!
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