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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Canuck Dave who wrote (79184)	11/9/2001 8:27:41 AM
From: long-gone	Read Replies (1) \| Respond to of 116759

Today's spot price would value it at $265344. were it "good delivery" - rh. Despite the lie claimed by many shorts, I can't see this one hitting the melt pots! The lie, "Every single ounce of gold ever mined in the history of man is for sale today at spot price". And I'll bet it was no where near "good delivery" quality demanded today: Friday November 9 4:57 AM ET Gold Bar From Calif. Sells for $8M By CHELSEA J. CARTER, Associated Press Writer NEWPORT BEACH, Calif. (AP)- A massive gold bar that spent more than a century on the ocean floor has been sold for $8 million - nearly twice the previous record for collectible money. The ingot, known as Eureka, is the largest known gold bar to come out of the California Gold Rush. It is the size of a loaf of bread. Eureka was purchased last week by a collector described only as a ``Forbes 400 business executive,'' said Michael Carabini, president of Monaco Financial, the coin company that handled the sale. The previous sale record for collectible money had been set in 1999, when a silver dollar sold for more than $4 million, Donn Pearlman of the Professional Numismatists Guild said Thursday. Donald H. Kagin, author of ``Private Gold Coins and Patterns of the United States,'' said the gold bar's value was accentuated by its story. ``It's important not only because of its size but because of its links with one of the most romantic eras in American history,'' he said. Eureka - ``I have found it'' in Greek - was handmade in 1857 by California assayers John Kellogg and Augustus Humbert. Weighing nearly 80 pounds troy, the bar was stamped with its 1857 value - $17,433.57. ``That much gold probably would have taken a half dozen miners more than a year to find,'' said Adam Crum of Monaco Financial. Eureka had been taken by ship from San Francisco to Panama City in 1857. Later that year, it was loaded onto the S.S. Central America in the Gulf of Mexico to be transported to New York. On Sept. 11, 1857, a hurricane damaged the ship, which sank the next day about 160 miles east of Cape Hatteras, N.C., in 8,000 feet of water. More than 400 people died. The gold was being shipped to New York banks, which were suffering a run on their assets following the collapse of a life insurance company. The Panic of 1857 occurred after the ship went down. The treasure sat on the ocean floor until 1986, when Thomas G. Thompson founded the Columbus-America Discovery (news - web sites) Group to research and locate the shipwreck. The treasure was recovered, but a court fight with insurance companies kept the gold locked up for years. The treasure was later sold to the California Gold Marketing Group, the group of private investors that sold the ingot last week. dailynews.yahoo.com - On the Net: shipofgoldinfo.com sscentralamerica.com