Wednesday, April 28, 2010

Inside the Federal Reserve Bank in New York.

The gold you see in the vault of the Federal Reserve Bank of New York attracts more than 25,000 visitors a year. It is the world’s largest accumulation of gold and belongs to 36 foreign governments, central banks and official international organizations. Only a very small portion of this gold belongs to the U.S. government. The Federal Reserve Bank does not own the precious metal but serves as guardian for the nations and international organizations that choose to leave their monetary gold reserves in the Bank’s custody. It is estimated that the gold in the vault represents a significant portion of all the monetary gold that has ever been mined.

The gold stored at the Federal Reserve Bank of New York is secured in a most unusual vault. It rests on the bedrock of Manhattan Island—one of the few foundations considered adequate to support the weight of the vault, its door, and the gold inside—80 feet below street level and 50 feet below sea level.

Lots more here.

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