I have noise that only happens when the car is cold. I think it could be the fan hitting the fan shroud. The belts are shedding bits of rubber and I thought it was a pulley seizing but it sounds more like the fan. Once the car has been running for a minute it stops. Have you seen this before?

 

What are you working on?

 

93 929

 

It sounds like motor mounts are starting to collapse. Since they are rubber, they will expand when the engine heats up and contract when cold. If the fan is hitting the shroud on the bottom, this is what I would think.