Germany is repatriating its gold reserves from the New York Federal Reserve. This decision has created a frenzy in the gold market. But that is just the tip of the iceberg.
According to the NY Fed, there are (2012) approximately 530,000 gold bars, with a combined weight of circa 6,700 metric tonnes stashed away in the Fed's Lower Manhattan vaults.
These are official figures which are impossible to verify.
The gold is stored in the fifth sub-floor of the New York Fed building on Liberty Street. The vaults on the bedrock of Manhattan Island are located 80 feet below street level.
Each of the 530,000 gold bars weighs 400 troy ounces, or about 12.44kg.
At today's market value of approximately US$1700 dollars a troy ounce, the New York Fed has within its vaults a multi-billion dollar treasure trove.
The 400-ounce gold bar is quoted at $677,640.
A 1kg gold bar is quoted at about $55,000. (purchase price)
Each metric tonne of gold is worth approximately $55 million.
The total value of the New York Federal Reserve's gold bullion trove of 6700 tonnes is a staggering $368.5 billion.
But according to the New York Federal Reserve: "We do not own the gold. We are mere custodians."
According to the NY Fed, there are (2012) approximately 530,000 gold bars, with a combined weight of circa 6,700 metric tonnes stashed away in the Fed's Lower Manhattan vaults.
These are official figures which are impossible to verify.
The gold is stored in the fifth sub-floor of the New York Fed building on Liberty Street. The vaults on the bedrock of Manhattan Island are located 80 feet below street level.
Each of the 530,000 gold bars weighs 400 troy ounces, or about 12.44kg.
At today's market value of approximately US$1700 dollars a troy ounce, the New York Fed has within its vaults a multi-billion dollar treasure trove.
The 400-ounce gold bar is quoted at $677,640.
A 1kg gold bar is quoted at about $55,000. (purchase price)
Each metric tonne of gold is worth approximately $55 million.
The total value of the New York Federal Reserve's gold bullion trove of 6700 tonnes is a staggering $368.5 billion.
But according to the New York Federal Reserve: "We do not own the gold. We are mere custodians."
.
Comment