Found this at Excite....I didn't know this.....pretty interesting.
Gold, Silver Buried in WTC Rubble
Updated: Sat, Sep 15 6:07 PM EDT
NEW YORK (AP) - Some 11.8 metric tons of gold worth an estimated $110 million and 30.2 million ounces of silver valued at $121 million are buried in the rubble below one of the collapsed buildings in the World Trade Center, The New York Times reported Saturday.
The precious metal was stored in vaults below 4 World Trade Center, the paper said. It belongs to people or firms that trade futures contracts on the New York Mercantile Exchange.
Officials at the exchange could not be reached for comment on Saturday. Repeated phone calls were unable to be completed because of continuing telephone problems in the area near the World Trade Center.
A metric ton is equal to about 2,205 pounds.
The Times quoted James Newsome, acting chairman of the Commodities Futures Trading Commission, which oversees futures markets, as saying there was not much concern about the gold and silver "because the metal is secure and because there is ample supply."
Even if for some reason the gold can't be recovered, there's plenty of supply in the world. One company estimated the trade center hoard to be 0.3 percent of the global supply.
The precious metals are used to settle trading in futures contracts. Futures traders generally don't want the actual gold; instead they're buying contracts based on it to hedge or speculate.
Gold, Silver Buried in WTC Rubble
Updated: Sat, Sep 15 6:07 PM EDT
NEW YORK (AP) - Some 11.8 metric tons of gold worth an estimated $110 million and 30.2 million ounces of silver valued at $121 million are buried in the rubble below one of the collapsed buildings in the World Trade Center, The New York Times reported Saturday.
The precious metal was stored in vaults below 4 World Trade Center, the paper said. It belongs to people or firms that trade futures contracts on the New York Mercantile Exchange.
Officials at the exchange could not be reached for comment on Saturday. Repeated phone calls were unable to be completed because of continuing telephone problems in the area near the World Trade Center.
A metric ton is equal to about 2,205 pounds.
The Times quoted James Newsome, acting chairman of the Commodities Futures Trading Commission, which oversees futures markets, as saying there was not much concern about the gold and silver "because the metal is secure and because there is ample supply."
Even if for some reason the gold can't be recovered, there's plenty of supply in the world. One company estimated the trade center hoard to be 0.3 percent of the global supply.
The precious metals are used to settle trading in futures contracts. Futures traders generally don't want the actual gold; instead they're buying contracts based on it to hedge or speculate.
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