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Cocaine worth $1bn seized in The Gambia

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Pandoran-March
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08 Jun 2010, 2:01 pm

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At least two tonnes of cocaine with a street value of some $1bn has been seized in The Gambia, bound for Europe.

In addition to the huge haul of drugs, the Gambian authorities have arrested a dozen suspected traffickers, and seized large quantities of cash and arms.

News Article


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Alethes
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08 Jun 2010, 3:50 pm

damn. thats a lot of snow.



xenon13
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08 Jun 2010, 4:19 pm

Pandoran-March wrote:
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At least two tonnes of cocaine with a street value of some $1bn has been seized in The Gambia, bound for Europe.

In addition to the huge haul of drugs, the Gambian authorities have arrested a dozen suspected traffickers, and seized large quantities of cash and arms.

News Article


The Gambian government should sell it, it would do wonders for its balance of payments.



Dox47
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08 Jun 2010, 7:57 pm

Those figures are all wrong, at street prices the value is closer to 35 million US give or take. To ad up to a billion, the coke would have to be selling for $12,500 an oz, and even after it's been stepped on a few times it doesn't get anywhere close to that expensive.

Before anyone even asks, just like Garth Brooks, I've got friends in low places that keep me up to date on these types of things.


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Tim_Tex
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08 Jun 2010, 10:48 pm

Isn't that the country that has the leader that has a cure for HIV?


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Pandoran-March
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08 Jun 2010, 11:29 pm

Dox47 wrote:
Those figures are all wrong, at street prices the value is closer to 35 million US give or take. To ad up to a billion, the coke would have to be selling for $12,500 an oz, and even after it's been stepped on a few times it doesn't get anywhere close to that expensive.

I'm pretty sure they were shipping pure cocaine. Let's assume the pure stuff is $15k an ounce. After cutting, that's $150.00 an ounce for every 1% concentration. If Wikipedia's stated price of $300.00 for an eighth of an ounce is correct, that puts typical concentrations in Europe at about 16%.

Tim_Tex wrote:
Isn't that the country that has the leader that has a cure for HIV?

Do you mean Mr. Shower Head?


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Dox47
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09 Jun 2010, 4:44 am

Pandoran-March wrote:
I'm pretty sure they were shipping pure cocaine. Let's assume the pure stuff is $15k an ounce. After cutting, that's $150.00 an ounce for every 1% concentration. If Wikipedia's stated price of $300.00 for an eighth of an ounce is correct, that puts typical concentrations in Europe at about 16%.


I can make a phone call and get around 70% pure at $550.00 an ounce, but that's a very good price coming from a very good friend. Wholesale, pure coke is closer to $20 million a ton, or $625.00 an ounce, based on some quick and dirty fact checking via google and wiki. Whatever the specifics though, $1,000,000,000 for a measly two tons of coke is at best a gross exaggeration, even heroin doesn't have that much mark up and it gets cut far more heavily than cocaine does.


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xenon13
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09 Jun 2010, 1:07 pm

The Gambian authorities should be pleased that their country is engaging in so much profitable trade. They should boast of this when the IMF pays a visit.



Seanmw
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10 Jun 2010, 2:01 am

Dox47 wrote:
Those figures are all wrong, at street prices the value is closer to 35 million US give or take. To ad up to a billion, the coke would have to be selling for $12,500 an oz, and even after it's been stepped on a few times it doesn't get anywhere close to that expensive.

Before anyone even asks, just like Garth Brooks, I've got friends in low places that keep me up to date on these types of things.
actually, more like $14,174.76 an oz.

there are 2 204.62262 pounds in a metric "tonne"
as opposed to a "ton" which is just 2000 pounds.

& even in terms of 2 "tons," it still divides out to about $15,625.00 an oz.


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10 Jun 2010, 3:48 pm

xenon13 wrote:
Pandoran-March wrote:
Quote:
At least two tonnes of cocaine with a street value of some $1bn has been seized in The Gambia, bound for Europe.

In addition to the huge haul of drugs, the Gambian authorities have arrested a dozen suspected traffickers, and seized large quantities of cash and arms.

News Article


The Gambian government should sell it, it would do wonders for its balance of payments.


That was most likely the intent of the raid. :?


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xenon13
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12 Jun 2010, 1:08 am

Several years ago Prime Minister Jean Chretien of Canada was at a press conference with Bill Clinton.

REPORTER - What about all those drugs crossing the border?
PRIME MINISTER CHRETIEN - It's good for trade!! !! !