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Brain -> The story behind $255 billion in gold (7/21/2010 12:12:29 AM)
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Why does the Fed have all the gold? I remember someone telling me once about a job and an employer saying, “They have all the gold so they make all the rules.”
I guess it looks like the Fed has all the gold so they make all the rules for all of us.
Bill
The story behind $255 billion in gold
Road Trip 2010: It may not get as much attention as the famous Kentucky depository, but the Federal Reserve of New York's collection of gold bars is the largest on the planet. Read this blog post by Daniel Terdiman on Geek Gestalt.
Today, there are 36 foreign nations that entrust at least some of their gold deposits to the Fed. According to the Fed, those governments trust it because they believe in the safety it provides, as well as the many services it offers, and its convenient location in the center of New York's financial district.
One bar weighs about 27.4 pounds--and, at $1,181 per ounce, is worth $388,312.
In 2008, there was a total deposit in the vault of 216 million troy ounces of gold--a troy ounce is 1.1 times heavier than a standard ounce. In total, that amounted to 22 percent of the entire gold reserves on Earth, and at Monday's market price of $1,181, is worth about $255 billion.
http://news.cnet.com/8301-13772_3-20010989-52.html
Giant stacks of gold bars at the Fed (photos)
http://news.cnet.com/2300-11386_3-10004180-2.html?tag=mncol
It is estimated that there were 216 million troy ounces of gold in the vault at the New York Fed.
(Credit: Federal Reserve Bank of New York)
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