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Gold/Mining/Energy : Silver prices -- Ignore unavailable to you. Want to Upgrade?

To: Bruce Robbins who wrote (3826)	9/19/2001 4:53:54 PM
From: Bruce Robbins	Read Replies (1) \| Respond to of 8010

Or this (my bold again): COMEX gold, silver buried under WTC could tighten market New York (Platts)--17Sep2001 A substantial amount of gold and silver bullion, stored in vaults beneath the collapsed World Trade complex, might not be recovered soon and this could affect the market, according to trade sources. Based on exchange-reported positions, a total of 379,036oz of gold and 30.18-mil oz of silver might be entombed in the vaults, owned by the Scotia Mocatta unit of the Bank of Nova Scotia. These figures represent precious metals held against COMEX reported positions. Of the total amount of gold, 300,806oz is registered as COMEX warehouse stocks and is deliverable against COMEX positions, according to Jeffrey Christian, managing director of the CPM Group. The remaining 78,230oz is eligible COMEX gold stocks but were not registered. "That could be investors' long-term gold holdings, and there is probably more investor gold in the form of coins," said Christian. The bank moved the gold to the WTC complex about a year ago from 26 Broadway, sources said. The silver stashed beneath the collapsed World Trade Center complex could cause tightness in the market, according to Christian. He said that while there are ample supplies of above-ground gold to meet industrial needs, this is not so for silver. About 19-mil oz of the buried silver was destined for industrial users; the metal was deposited as COMEX warehouse stocks to facilitate hedging. "Silver users are really going from hand-to-mouth and the market is already tight," so the unavailability of the silver could cause tightness, Christian explained. "It may cause some short-term tightness in the silver market," Christian said. He added, however, that the gold and silver could be recoverable, but it might take some time. Another analyst said the metals are buried deep in the ground and it is unlikely that they are damaged by the WTC fire and subsequent collapse. platts.com