OT - scotia gold in WTC
home-news.excite.ca
One wonders, if this is what happened to Scotia, how about the other organizations?
Gold (the metal bars) is never very liquid at the best of times, If the 6 months to clean the WTC rubble up estimate is right , then there is probably 4 months before they can retrieve it. I wonder who holds the insurance on it?
..rr
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About $250 million US in gold, silver buried under World
Trade Center says report
Updated: Sat, Sep 22 4:07 PM EDT
NEW YORK (CP) - About $250 million US in gold and
silver held by a division of the Bank of Nova Scotia is
buried somewhere under the rubble of the World Trade
Center, CNN reported Saturday.
On its Web site, the all-news network quoted the New
York Mercantile Exchange as saying that Scotia
Mocatta - the bullion and metals division of the Bank of
Nova Scotia - was storing 379,036 ounces of gold and
29,942,619 ounces of silver in vaults under 4 World
Trade Center.
The building collapsed in the wake of the Sept. 11
terrorist attack on the centre's twin towers.
The buried fortune is owned by people or companies
who bought the metals as investments, CNN reported.
Jeffrey Christian, a precious metals consultant for the CPM Group in New York,
told CNN that the absence of the gold will have no impact on the market.
But because silver supplies are tighter, its absence could have a limited impact, he
said.
When the vaults were locked Sept. 10, the gold was worth $272.30 US per ounce,
or $103,211,503 US.
By Sept. 21, its value rose 7.6 per cent, to $292.90 US per ounce, or $111,019,644
US.
And the silver rose 10.3 per cent in value from $4.19 US per ounce, or
$129,063,811 US, to $4.62 US per ounce, or $142,114,861 US.
Larry Scott, head of Scotia Mocatta in Toronto, said he could not discuss the
location of precious metals held by the company.
"Operations are obviously not normal, but we have no concerns at this time, either
security or financial," CNN quoted Scott as saying. |
