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Gold/Mining/Energy : Gold Price Monitor

GDXJ 92.99

+2.9%

4:00 PM EST

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To: long-gone who wrote (76489)	9/14/2001 4:40:51 PM
From: John Graybill	Read Replies (2) of 116753

A couple of things I don't like about the reporting: If it was 550 pounds of gold and not gold ore, that would be 1.1M ounces of gold, not 1.1M British pounds' worth of gold. That's the one thing that almost certainly would have been easy to get right. Only very trusted, knowledgeable employees would have been involved in the shipping process at Air France -- a clueless Walkman-wearing minimum-wager wouldn't have been involved. If the gold had been replaced with "wood carvings and other scrap", wouldn't the obvious weight difference have been an immediate eye-opener? A refinery in Utah? Who has a refinery in Utah, and one that does business for other customers to boot? I'm not saying I don't believe it; I'm saying that a little more detail would have been useful here. Why ship 550 pounds of stuff by jet to Utah when South Africa does roughly 40% of the world's gold refining. I would guess security because it's a quicker trip than trucking it thousands of miles down the African coast. But note that the date on that article is 10/28/2000. That's quite a long time for it to have been resolved one way or the other by now.

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