Trade Center Vaults May Contain $650 Million in Gold, Silver
By Erik Schatzker
New York, Sept. 13 (Bloomberg) -- Vaults that may contain as much as $650 million of gold and silver held by the New York Mercantile Exchange are buried under tons of rubble in the basement of the World Trade Center, the Globe and Mail reported.
The vaults are owned by the Comex division of the exchange, where metals dealers such as Bank of Nova Scotia's ScotiaMocatta and Bank of New York Co. clear trades, the paper said. The World Trade Center was destroyed in terrorist attacks on Tuesday.
Last week, Comex reported that it held 792,170 ounces of gold in inventory with a value of about $220 million and 102 million ounces of silver worth $430 million. Some of the silver may be stored at other locations, the Globe reported, citing unidentified sources.
Among the other dealers to clear trades through Comex are Chase Manhattan Bank NA, a unit of J.P. Morgan Chase & Co.; and HSBC Holdings Plc's Hongkong & Shanghai Banking Corp., the paper said, citing sources.
(Globe and Mail B2 9/13)
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