Billions in Gold Is Stashed… Under the Streets of New York?

As of 2008, the Federal Reserve Bank of New York housed $200 billion worth of the precious metal, according to ABC News reporter Scott Mayerowitz. In his report, Mayerowitz stated there were roughly 540,000 gold bars in the vault…

More than can be found in Fort Knox.

In fact, this particular vault contains almost 25% of the world’s gold reserves.

Of that amount, very little actually belongs to the United States. The 540,000 gold bars in the vault belong to 48 foreign central banks, as well as 12 international organizations.

Only 5% of the United States’ gold is stored there.

If you live in New York or are familiar with the Fed, this may not come as a surprise: Tours of the vault are open to the public Monday through Friday. Even schools can make special arrangements for students to visit and learn more about monetary policy.

But there is one group that hasn’t been able to schedule a full tour with the vault, even though the NY Fed stores billions of dollars’ worth of its gold…

Germany Wants Its Gold Back

In 2013, the Deutsche Bundesbank (Germany’s central bank) announced it was removing 300 tons of gold from the Federal Reserve Bank of New York. It will also remove 374 tons of gold from Paris.

That’s because the Bundesbank wanted to hold 50% of its gold reserves in Frankfurt, Germany. It would still store the rest in New York and London, according to CNBC.

It makes sense for Germany to want to have its gold reserves brought home.

But what doesn’t make sense is the Fed’s lack of cooperation…

You see, the United States has been very uncooperative with German bank officials in regards to inspecting their own gold. So much so that Bundesbank doesn’t expect to have all of its gold back until 2020.

This has led conspiracy theorists to wonder if the Fed actually has any gold at all…

Full article: Billions in Gold Is Stashed… Under the Streets of New York? (Money Morning)

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