Posts Tagged ‘comex’

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WTC Coin Population

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The coins that were recovered out of the COMEX vaults in the sub-basement of World Trade Center were certified by PCGS and a chain of custody was followed from the time the coins left the vaults at World Trade Center until they arrived at PCGS for authentication. PCGS has never publicly released or have any population reports generated for these historical coins and it is our understanding that they have absolutely no interest in ever doing so anytime in the near future. Collectors are left to wonder, why would a reputable coin grading service such as PCGS take all of the extra measures to ensure that the coins never leave the sight of security officials so that they could properly authenticate the coins if they never had any intentions of keeping accurate records of how many coins were actually recovered?

We believe that PCGS, the number one coin grading service, owes it to the American Numismatist as well as the victims of September 11, 2001 the courtesy of a population report so that we can at least have some kind of reference as to what the prices for some of these historical pieces should be according to their rarity. These coins are so unique and mean so much to so many collectors worldwide that not only is it time for some kind of accountability, it is time to properly give these coins the respectful place and recognition that they deserve and have now earned in numismatic history. These PCGS certified coins will forever serve as reminders of the events of September 11, 2001 so that we may never forget our Brothers and Sisters that were lost on that fateful day.

Whether collectors refer to them as “Historic Coins” or “Blood Coins” it is now of no consequence as they have now earned their rightful place in world history. The coins are what they are, important pieces of world history no matter who profited from their sale or whether or not PCGS thought it were right! It is true that quite a few dealers and or collectors made or are making money through the sale of these coins but how else can they be passed down from generation to generation? As gifts? Come on people, let’s be real.

If an individual collector and PCGS authorized dealer Mitchell Spivac known as www.wondercoin.com on eBay can account for 100 New York State Quarters that raised over $40,000 dollars for the Uniformed Firefighters Association (UFA) Widows’ and Children’s Fund. How come PCGS and or the “Originators” of these the World trade Center Recovered coins cannot account for every coin certified given the fact that an official statement given by PCGS on November 14, 2002 says;

“This was one of the toughest and touchiest decisions we ever made. In the months following Sept 11, we were approached on numerous occasions to do coin-related projects. We rejected all the projects except one PCGS project from one source. After considerable thought, we decided to do the one PCGS project because we knew the people handling the deal very well, they assured us that everything would be handled in the best possible way, and they assured us a hefty donation would be made to the victims. It is our understanding that there are 4 direct retailers of these coins, that the two largest have committed to donating between 6% and 12% of the gross sales price to the fireman/victims funds, and that the largest retailer has raised close to $400,000 for the funds. It was certainly not our intention to participate in anything that is disrespectful to our country or the victims of our National tragedy. I hope this is explains what we did and why we did it. Like I said, it was a touchy decision.”

If more than $400,000 thousand dollars for the Fireman’s/Victims September 11 fund was raised through the sale of these coins? Why not keep records of how many coins were actually certified? If for nothing else, they should do it out of respect for the victims of September 11, 2001.

The collector base for these historical pieces has grown considerably since their early release back in 2001-2002 and we further believe that it leaves the individual collector of this hobby at a great disadvantage not knowing the true population of each individual coin. We sure hope that PCGS wakes up soon and releases accurate population numbers for each WTC coin authenticated. We believe that it is the right thing to do considering that their reputation and integrity is currently on the line. Why hide the population numbers for the World Trade Center Recovered coins? It is also our opinion that PCGS should be honored that they were given the chance to be the only authorized grading service to authenticate and sonically seal these historic coins no matter what anyone else thinks.   

With that in mind the population numbers that are found on this website are to the best of our research. If anyone visiting this website has any pertinent information on the subject, please let us know so that we can update our information.

The total population number we do know comes from the

Ground Zero Sets that are numbered series

The different Sets are put together like this. 

Coin Set Coins in Set Type
1 of 34
Total 34
1 Gem BU Mexico Gold Pesos
1 of 150
Total 300
2 Gem BU 2001 $25,$50 Gold
1 of 190
Total 1,140
6 Gem BU 2001 $1,$5,$10,$25, $50,$100 Silver, Gold,Platinum
1 of 269
Total 1,345
5 Gem BU 2001 $5,$10,$25,$50 Gold coins
1 of 426
Total 852
2 Gem BU 2001 $1 silver and 1 gold bar Swiss
1 of 531
Total 2,655
5 Gem BU 2001 $5,$10,$25,$50 Gold coins
1 of 900
Total 900
1 1998 $50 Gold
1 of 1000
Total 2000
2 MS69 2001 $1 Silver, 1999 $5 Gold
1 of 1100    
1 of 1440
Total 2,880
2 2001 $1 silver, 2001 $5 Gold

 

With this information we know that at least 13,206 coins in the number series from Ground Zero was recovered. If I am missing any number series please let me know. I do not have any information on the 1 of 1100 series yet but it will come and I will update.

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Buried WTC gold returns to futures trade

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A fortune in gold trapped for seven weeks in the ruins of the World Trade Center officially returned to the global bullion trade Friday, but dealers had already closed the book on the tale of tragedy and buried treasure.

"You could in theory say that if things had gone much worse since September 11 and there had been rampant demand or something like that, that it might have been a story that affected the price. But at this point, I don't think it really was," said a metals specialist at a large commodity brokerage.

The $230 million in precious metals has been moved from the basement vaults of ScotiaMocatta Depository at 4 WTC, where it was stored on behalf of the New York Mercantile Exchange when the September 11 attacks brought down the twin towers. All warehouse staff got out safely.

In a joint statement Friday, NYBOT and ScotiaMocatta, the metals trading division of Canada's Bank of Nova Scotia, said the metals had been relocated and were again available to guaranty delivery of futures contracts exchange traded at the COMEX metals division of the NYMEX.

"All of the silver, gold, platinum, and palladium stored in its vaults at 4 World Trade Center have been successfully relocated by an Exchange-approved carrier to a newly Exchange-licensed Brink's Inc depository in Brooklyn," they said.

Spurred by authorities who wanted to demolish the building, by the potential for crime, and by whatever has always driven men to hunt for gold, emergency crews dug through the rubble and got a first glimpse of the gleaming booty on Oct 30.

Guarded by a small army of heavily armed federal agents, city policemen and firefighters began the massive task of moving about 12 tonnes of gold and 30 million ounces of silver. The hoard was estimated to be worth at least $230 million.

There were about 3,800 100-Troy-ounce registered gold bars in the underground COMEX warehouse. While gold is very dense, the task of loading the indestructible yellow metal onto armoured Brinks trucks was not nearly as cumbersome as moving the silver.

Experts said it would take some 50 tractor trailers to transport 30,000 1,000-ounce silver bars.

On top of that, it is believed that other treasures were kept in the vaults, including additional precious metals, jewels and securities. But there has been no information on whether these valuables were there or recovered.

ScotiaMocatta has applied to establish a new exchange-licensed depository in New York for silver, gold, platinum and palladium. Upon approval, the metal being held in ScotiaMocatta's custodial account at Brinks will be relocated to this facility, they said.

The NYMEX has another warehouse in Manhattan, operated by HSBC Bank USA.

Despite initial concern among precious metals dealers, the temporary lack of access to the metal hardly caused a ripple in the markets. The buried gold amounted to about 2 per cent of the 600-tonne-a-day global bullion market.

The metal was insured and supply was available from facilities at refiners elsewhere in the United States, though some may have been remelted into the 100-ounce bars of 99.5 per cent pure gold to meet COMEX delivery specifications.

The exchange said it plans to rescind its emergency rules which allowed an individual or firm taking delivery of metal under the terms of a futures contract to reject a warrant -- a document giving title -- for metal on deposit at the buried ScotiaMocatta vault.

http://www.rediff.com/money/2001/nov/17wtc.htm

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Gold and silver buried in WTC

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By Simon English

Last Updated: 9:22pm BST 18/09/2001

GOLD and silver worth $240m (£170m) is buried under the debris that is all that remains of the World Trade Centre in Manhattan.

Rescue workers searching through the rubble will at some point come across 30m ounces of silver and almost 380,000 ounces of gold, though in what condition is not clear. The silver, worth around $128m, represents a third of the stockpile of Comex, the futures exchange.

The treasure was stored by the Scotia Mocatta Depository Corporation on behalf of investors that trade futures contracts in precious metals on the New York Mercantile Exchange (NYME). The value of each metal, seen as "safe havens" in times of crisis, has risen since the terrorist attack.

Gold jumped almost 7pc on Monday to an 18-month high of $290.90 an ounce but fell back yesterday to $287.50. Silver closed in London yesterday at $4.31 an ounce, up from $4.27. The metal had been stored in the WTC for years and almost never changed hands.

Investors buying and selling gold and silver usually just exchange the warrants that indicate ownership. Only 1pc of gold trades involves a physical transfer, said the NYME. Analysts say that the amount under the building is not significant enough to cause a shortage in either gold or silver.

Graham Birch, head of mining at Merrill Lynch Investment Managers, said investors have been moving into his £82m gold equity unit trust. "Gold is also something of a dollar hedge and the lower interest rates are the more attractive, it seems," he said.

Trading in the fund was closed last week, however. The NYME is based at the World Financial Centre, near the ruins of the towers.

It re-opened for business on Monday after working from temporary headquarters last week. An internet trading system was devised to allow at least some dealing. The exchange was the subject of a bomb threat yesterday and evacuated the building as a "precautionary measure", halting trading briefly.

It is an old-style open outcry trading floor that was left intact by the attacks.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2001/09/19/cngold19.xml

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Times Article Nov. 1 2001

 

 

TIMESHeadBGLogo_1


November 01, 2001
Crushed towers give up cache of gold ingots
From Nicholas Wapshott in New York

RECOVERY workers at Ground Zero have discovered hundreds of gold ingots, part of a billion dollar cache which was lost when the twin towers fell.

Workers clearing rubble in a service tunnel underneath one of the collapsed World Trade Centre buildings found themselves surrounded by more than 100 armed FBI and secret service personnel, who had been tipped off by the owners where the gold was buried.

The collapsed buildings contained a number of vaults and strongrooms, but the police were not saying who owned the gold.

The Comex metals trading division of the New York Mercantile Exchange kept 3,800 gold bars — weighing 12 tonnes and worth more than $100 million (£70 million) — in vaults in the building’s basement. Comex also held almost 800,000 ounces of gold there on behalf of others with a value of about $220 million. It also held more than 102 million ounces of silver, worth $430 million.

The Bank of Nova Scotia, which kept gold in the Comex vault, reported $200 million of gold lost in the wreckage. Comex also held precious metals for Chase Manhattan Bank, the Bank of New York and Hong Kong and Shanghai Banking.

The vaults higher up the towers became burial chambers on September 11 as some workers tried in vain to protect themselves from the fire and smoke by taking refuge inside them.

The gold, which was discovered on Tuesday, was being transported through the basement of the building on the morning of September 11. Recovery workers reached a service tunnel and discovered a ten-wheel lorry and a number of cars which had been crushed by falling steel.

A temporary ramp was built to gain access to the tunnel and a small bulldozer was used to break through a wall. Then a team of police and firefighters arrived to put the gold into an armoured bullion lorry. Other workers were told to make themselves scarce. “If I tried to go down there they would have shot me,” one said.

Eight years ago, when the World Trade Centre was bombed by terrorists, more than $1 billion in gold was being kept in the basement vaults, the property of the Kuwaiti Government. The vaults withstood the blast.

At first police believed the terrorist attack was an attempted gold robbery. Since then the amount of gold kept under the World Trade Centre has been a carefully guarded secret.

http://911research.wtc7.net/cache/wtc/evidence/timesonline_gold.html

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Article Clips Of WTC Vault


Gold Heist Story Heist

The basement of 4 World Trade Center housed vaults used to store gold and silver bullion. Published articles about precious metals recovered from the World Trade Center ruins in the aftermath of the attack mention less than $300 million worth of gold. All such reports appear to refer to a removal operation conducted in late October of 2001. On Nov. 1, Mayor Rudolph Giuliani announced that "more than $230 million" worth of gold and silver bars that had been stored in a bomb-proof vault had been recovered. A New York Times article contained: 2

Two Brinks trucks were at ground zero on Wednesday to start hauling away the $200 million in gold and silver that the Bank of Nova Scotia had stored in a vault under the trade center ... A team of 30 firefighters and police officers are helping to move the metals, a task that can be measured practically down to the flake but that has been rounded off at 379,036 ounces of gold and 29,942,619 ounces of silver ..

Another article gave a figure of $650 million to the value of gold in the 4 WTC vault.

An article in the TimesOnline gives the following rundown of precious metals that were being stored in WTC vaults belonging to Comex.

  • Comex metals trading - 3,800 gold bars weighing 12 tonnes and worth more than $100 million
  • Comex clients - 800,000 ounces of gold with a value of about $220 million
  • Comex clients - 102 million ounces of silver, worth $430 million
  • Bank of Nova Scotia - $200 million of gold

The TimesOnline article is not clear as to whether the $200 million in gold reported by the Bank of Nova Scotia was part of the $220 million in gold held by Comex for clients. If so, the total is $750 million; otherwise $950 million.

There appear to be no reports of precious metals discovered between November of 2001 and the completion of excavation several months later. It would seem that at least the better part of a billion dollars worth of precious metals went missing. It is not plausible that whatever destroyed the towers vaporized gold and silver, which are heavy malleable metals that are extremely unlikely to participate in chemical reactions with other materials.

The authors of the book 9/11 Revealed were apparently so impressed with the story that they paid 9-11 Research the ultimate compliment -- they plagiarized the story. The following passage from the 9-11 Research critique of the book explains how the report was lifted by 9/11 Revealed without credit:

One of the more egregious examples of the book's appropriation without credit of 911Research's reporting is its paragraph covering the discrepancy between the value of precious metals reportedly stored under the World Trade Center and the value reported recovered after the attack.

9/11 Revealed copies this image, along with the gist of 911Research's original reporting, without crediting 911Research.

Some $230 million worth of gold was discovered in a lorry in a tunnel under the Center in November 2001. 21 We have seen no reports of other caches being found. However, Comex was reported to have at least $950 million worth of gold stored in its vault under the Center, and the fate of that haul remains unknown. 22
[page 107]
21 "Below Ground Zero, Silver and Gold", New York Times, 1 November 2001
22 National Real Estate Investor, 19 November 2001
[page 240]

Compare this excerpt to the [ archived excerpt], which has existed in its current form on 911Research since late 2003. The two references cited by 9/11 Revealed for this story are References 1 and 4 from our page. The $950 million figure comes from 911Research, not from reference 22.

Unknown to most people at the time, $650 million in gold and silver was being kept in a special vault four floors beneath Four World Trade Center. The gold and silver were recently recovered.

More at this link.

http://911research.wtc7.net/wtc/evidence/gold.html

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