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This Is Where The Gold Is(n't) - The New York Fed Guide To The Most Valuable Vault In The World
Much has been said about the secretive vault situated 80 feet below ground level at 33 Liberty street, which contains over 20% of the world's gold (allegedly*), currently estimated at over $350 billion. Some have even robbed it: with the barrier between fantasy and reality a blur, courtesy of the total farce we live in which has rendered the IPO of TheOnion impossible, there is nothing wrong with actually believing Die Hard With A Vengeance did in fact happen. But if your knowledge of the vault is limited to the perspective of one John McClane, you are missing our on a lot. Which is why the new York Fed, in those rare occasions when it is not monetizing debt, and/or telling Citadel which securities to buy, has been courteous enough to put together "The Key To The Gold Vault" - the official brochure of the warehouse where more gold is stored than at any other place in the world.
Some excerpts:
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.
As of early 2008, the Fed’s vault contained roughly 216 million troy ounces of gold (1 troy oz. is 1.1 times as heavy as the avoirdupois ounce, with which we are more familiar), representing about 22 percent of the world’s official monetary gold reserves. At the time, the vault’s gold value was about $9.1 billion at the official U.S. government price of $42.2222 per troy ounce, or about $194 billion at the market price of $900 an ounce. At the current official U.S. government price, one of the vault’s gold bars (approximately 27.4 pounds) is valued at about $17,000. At a $900 market price, the same bar is worth about $360,000.
Foreign governments and official international organizations store their gold at the Federal Reserve Bank of New York because of their confidence in its safety, the convenient services the Bank offers, and its location in one of the world’s leading financial capitals.
The Bank stores gold in the form of bars that resemble construction bricks and stacks them on wooden pallets like those used in warehouses. To reach the vault, the bullion-laden pallets must be loaded into one of the Bank’s elevators and sent down five floors below street level to the vault floor. The elevator’s movements are controlled by an operator who is in a distant room and communicates by intercom with the armed guards accompanying the shipment.
Once inside the vault, the gold bars become the responsibility of a control group consisting of representatives of three Bank divisions: Auditing, Vault Services, and Custody. A member of each division must be present whenever gold is moved or whenever anyone enters the vault.
If everything is in order, the gold is either moved to one or more of the vault’s 122 compartments assigned to depositing countries and official international organizations or placed on shelves in one of the “library” compartments shared by several countries. The bars are stacked one at a time in an overlapping pattern similar to that used to stabilize a brick wall. Each compartment is secured by a padlock, two combination locks, and an auditor’s seal.
And here is why we used a * footnote above:
Confidence results from the Bank’s being part of the Federal Reserve System—the nation’s central bank and an independent governmental entity. The political stability and economic strength of the United States, as well as the physical security provided by the Bank’s vault, also are important factors.
Good luck finding it then. And for those who want to pull a Simon Peter Gruber and have already rented out the dump trucks:
Storing almost $194 billion [ZH: at very old prices] of gold makes extensive security measures mandatory at the New York Fed. An important measure is the background investigation required of all Bank employees. Continuous supervision by the vault control group also prevents problems from arising by ensuring that proper security procedures are followed.
The Bank and its vaults are secured by the Bank’s own uniformed protection force. Twice a year, each federal officer must qualify with a handgun, shotgun and rifle at the Bank’s firing range. Although the minimum requirement is a marksman’s score, most qualify as experts.
Security is also enhanced by a closed-circuit television system and by an electronic surveillance system that alerts Central Watch when a vault door is opened or closed. The alarm system signals the officers to seal all security areas and Bank exits. This can be accomplished in less than twenty-five seconds.
The gold also is secured by the vault’s design, which is a masterpiece of protective engineering. The vault is actually the bottom floor of a three-story bunker of vaults arranged like strongboxes stacked on top of one another. The massive walls surrounding the vault are made of a steel-reinforced structural concrete.
There are no doors into the gold vault. Entry is through a narrow 10-foot passageway cut in a delicately balanced, nine-feet-tall, 90-ton steel cylinder that revolves vertically in a 140-ton, steel-and-concrete frame. The vault is opened and closed by rotating the cylinder 90 degrees. An airtight and watertight seal is achieved by lowering the slightly tapered cylinder three-eighths of an inch into the frame, which is similar to pushing a cork down into a bottle. The cylinder is secured in place when two levers insert large bolts, four recessed in each side of the frame, into the cylinder. By unlocking a series of time and combination locks, Bank personnel can open the vault the next business day. The locks are under “multiple control”—no one individual has all the combinations necessary to open the vault.
The weight of the gold—just over 27 pounds per bar—makes it difficult to lift or carry and obviates the need to search vault employees and visitors before they leave the vault. Nor do they have to be checked for specks of gold. Gold is relatively soft, but not so soft that particles will stick to clothing or shoes, or can be scraped from the bars. The Bank’s security arrangements are so trusted by depositors that few have ever asked to examine their gold.
To think: so much trouble for a little tungsten...
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Chuck Norris can beat Kurt Russell with his hands tied behind his back.
No need for either of those posers when you have THE BLACK KNIGHT
http://www.youtube.com/watch?v=2eMkth8FWno
Chuck has a Jack Bauer tattoo.
Let's be clear. Chuck Norris with "his own" hands tied behind his back could beat Kurt Russell. But remember Kurt has only one good eye!
Then the useless antiquated metal is even safer than it was before.
Then pleasure diving takes on a whole new meaning.
pods
AIG got them covered.No worries.
Then you will "'two" police states instead of "one"!
I can stack better...
The "Tyler" who wrote the first paragraph of this introduction--with that lovely hypotaxis worthy of the young Hoelderling after he had binged on Proust--is "classic Tyler" "Intelligent Tyler" "super snarky Tyler" "difficult Tyler" all in one, and should be given a bonus for the mind he brings here.
what just happened? is that a good thing? is it bad? WTF.
Nothing. 'slaughterer' revealed himself as a buttsnorkeler.
http://www.urbandictionary.com/define.php?term=buttsnorkeler
See that is what I love about Zero Hedge. I learn something new and meaningful to life every day. Today I learned what a buttsnorkeler is. Now to integrate it into everyday use.
I learned what a buttsnorkeler is. Now to integrate it into everyday use.
Just re-locate to inside the Capital Beltway... You'll get to practice the skill every day...
Maybe I should have been more specific. The term the term. Not the practice :)
It sounds like the foxes ae guarding the chickenhouse.
I wonder how many people think they own each of those gold (plated) bars? Five? Ten?
The only gold that you really own is the gold that you have safely in your possession.
"If it's written on paper, it's worth the paper it's written on." Globalist insider to Pastor Lindsey Williams
"The money of the elite is gold and silver." Globalist insider to Pastor Lindsey Williams
why would they name the gold weight measure after a bad brad pitt movie about greeks fighting turks with swords,...c'mon,...why didn't they just use guns? it could have been over in a day. i just don't get it. do they call it a bejamin button ounce of silver?
Holy Jesus man, that's an impressive amount of drugs you ingested as a child. I like it.
+ 1
Hey knukles, if you get any of that stuff would you consider sharing?
all that for GLD certificates???????
And children loveeeee Harry Potter and Magic...
The Galleon is the largest and most valuable coin in the British wizard currency. It is gold, round and larger than the other coins are.
Around the rim of the Galleon is inscribed at least one serial number, which identifies the goblin who was responsible for minting the coin. In Harry Potter and the Order of the Phoenix, Hermione enchants fake Galleons to show the time and date of the next Dumbledore's Army meeting instead of the serial number.
As explained in Harry Potter and the Philosopher's Stone
there are 17 silver Sickles to a gold Galleon, and 29 bronze Knuts to a Sickle.
1 Gold Galleon = 17 silver sickles
1 silver sickle = 29 bronze knuts...
HMmmmmm, ill keep that in mind
Reality is their illusion...
...........Their fiction is the reality
Are you going off the deep end or just having fun?
Vic, i know im stretching it a bit, but, Harry Potter franchise as you know is MASSIVE.
Hundreds of millions of children have watched the movies or read the books...and some both.
That series on its own - demonstrates a lot of 'they're' occult ways... Whether that ratio ever comes to fruitation - will remain to be seen...
Its just through all my years of reaserch I keep reading that the Au/Ag ratio should be, historically 1:17 deemed by the 'experts'
And since im a preacher of the 'Reality is their illusion - Their fiction is the reality' - than what better movie franchise than Harry Potter to show us neatly everything they do...
Symbols, owls, dates, spells...secreeeetttsss...sorcery, occult (but never mentions the word 'occult'), ancient philosophy, paganism, gold, silver, dragons, magic, revenge, death, creatures, monsters, etc...
Its all fun and games until we get hijacked boys and girls - already too late...
Modern Western civilization has no moral legitimacy (and no future) because it is based on a rebellion against God, who represents the path of our spiritual development.
Humanity had been hijacked by psychopaths intent on destroying the "old order" (Reality) and building a bizarre, solipsistic, violent, depraved dystopia in its place.
These psychopaths control our government's credit and the mass media. Thus, they are able to purchase our leaders and dupe society into embracing its own downfall
Now...lets go and vote - who should we vote for gang? The satanists or the luciferians?
After all, he is Blotto.
Half a dozen amyl nitrate ampules should take care of that.
Seems like a lot of security to protect "tradition"
? ? ? Painted Tungston Vault ? ? ?
&
Was that Mic-HELL-e Obama ?
"an independent governmental entity."
Hahahahhaahaha.
I guess that means that Federal Express is also an "independent govermental entity."
Naturally. If the name has 'Federal' in it, then it must be a government agency.
Like the goldfillings in your teeth...
so what you're saying is we have a few hundred billion in gold?
who cares? we could cover the deficit for what? 4-6 months, max?. let me know when we have a few trillion and I might start caring.
No worries, if they keep printing like they have, it will be trillions in no time at all.
pods
Who cares about gold or cold! If you listen to this guy then you are already sleeping on the money: http://bit.ly/ywzqNI
Everyone has had a turn at the Gold.
Just like my ex-wife!
Americans, here is my message to you: you are all pretty much fu_ked with your current government. Congrats. Carry on!
As an American, I don't know whether to vote you down for poking fun at me, or to vote you up because you are right.
Thanks for rubbing it in, Money. Salt into a wound....
Americans, here is my message to you: you are all pretty much fu_ked with your current government. Congrats. Carry on!
---
I suppose we could revert back to whale oil if things really get bad...
Gave you a vote up because it is true. Don't be mistaken that any other place is safe. If the USA goes down everyone is going down also. There is no safety from the current regime in control of the WORLD. Just fight back is all you can do.
Yes, this is a very good point. People often surmize that the U. S. will be like Argentina in 2001 when they collapsed. No, no no! When Argentina went down the U. S. and the rest of the world remained healthy. When we go down there will be no fall back. Argentina X 10!
Money never sleeps
message to you: "WE" are all pretty much fu_ked with "Our" current "governments".
I am sure what ever counrty you live is Fucked too.. unless its all ready fucked then it will be dubble Fucked!
Congrats. Carry on
What ever happened to that CNBC special were the number on the bar wasn't on the register list?
Same thing that happened to the Special Report footage during the Flight 800 coverage where the first helicopter to fly over the wreckage spotted life rafts, later reported that they were dropped by a passing Navel Observation Plane. These things just go away.
Yes, like in April, 1995 when local OKC news reported that mulitple bombs had been removed from the Murrah building following the initial two explosions both recorded on seismograph in Norman, OK.
The evil at the heart of the empire would frighten Darth Vader.
Somebody here mentioned that the bar in question was allegedly on a competitor ETF list.
Bricks of gold found gutted and filled with tungsten - http://news.goldseek.com/GoldSeek/1258049769.php
Roughly 15 years ago – during the Clinton Administration [think Robert Rubin, Sir Alan Greenspan and Lawrence Summers] – between 1.3 and 1.5 million 400 oz tungsten blanks were allegedly manufactured by a very high-end, sophisticated refiner in the USA [more than 16 Thousand metric tonnes]. Subsequently, 640,000 of these tungsten blanks received their gold plating and WERE shipped to Ft. Knox and remain there to this day. I know folks who have copies of the original shipping docs with dates and exact weights of “tungsten” bars shipped to Ft. Knox.
The balance of this 1.3 million – 1.5 million 400 oz tungsten cache was also plated and then allegedly “sold” into the international market.
Apparently, the global market is literally “stuffed full of 400 oz salted bars”.
“LONDON, April 14, 2004 (Reuters) - NM Rothschild & Sons Ltd., the London-based unit of investment bank Rothschild [ROT.UL], will withdraw from trading commodities, including gold, in London as it reviews its operations, it said on Wednesday.”
Interestingly, GATA’s Bill Murphy speculated about this back in 2004;
“Why is Rothschild leaving the gold business at this time my colleagues and I conjectured today? Just a guess on my part, but suspect:”
*SOMETHING IS AMISS. THEY KNOW A BIG GOLD SCANDAL IS COMING AND THEY WANT NO PART OF IT. …”
Coincidentally [or perhaps, not?], GLD Began Trading 11/12/2004
In light of what has occurred – regarding the Gold ETF, GLD – after reviewing their prospectus yet again, it becomes pretty clear that GLD was established to purposefully deflect investment dollars away from legitimate gold pursuits and to create a stealth, cesspool / catch-all, slush-fund and a likely destination for many of these “salted tungsten bars” where they would never see the light of day – hidden behind the following legalese “shield” from the law:
The Fed Has Already Been Caught Lying
?
Liberty Coin’s Patrick Heller recently wrote,
Earlier this year, the Gold Anti-Trust Action Committee (GATA), filed a second Freedom of Information Act (FOIA) request with the Federal Reserve System for documents from 1990 to date having to do with gold swaps, gold swapped, or proposed gold swaps.
On Aug. 5, The Federal Reserve responded to this FOIA request by adding two more documents to those disclosed to GATA in April 2008 from the earlier FOIA request. These documents totaled 173 pages, many parts of which were redacted (covered up to omit sections of text). The Fed's response also noted that there were 137 pages of documents not disclosed that were alleged to be exempt from disclosure.
GATA appealed this determination on Aug. 20. The appeal asked for more information to substantiate the legitimacy of the claimed exemptions from disclosure and an explanation on why some documents, such as one posted on the Federal Reserve Web site that discusses gold swaps, were not included in the Aug. 5 document release.
In a Sept. 17, 2009, letter on Federal Reserve System letterhead, Federal Reserve governor Kevin M. Warsh completely denied GATA's appeal. The entire text of this letter can be examined at http://www.gata.org/files/GATAFedResponse-09-17....
The first paragraph on the third page is the most revealing. Warsh wrote, "In connection with your appeal, I have confirmed that the information withheld under exemption 4 consists of confidential commercial or financial information relating to the operations of the Federal Reserve Banks that was obtained within the meaning of exemption 4. This includes information relating to swap arrangements with foreign banks on behalf of the Federal Reserve System and is not the type of information that is customarily disclosed to the public. This information was properly withheld from you."
This paragraph will likely be one of the most important news stories of the year.
Though not stated in plain English, this paragraph is an admission that the Fed has in the past and may now be engaged in trading gold swaps. Warsh's letter contradicts previous Fed statements to GATA denying that it ever engaged in gold swaps during the time period between Jan. 1, 1990 and the present.
[Perhaps most importantly], this was GATA's second FOIA request to the Federal Reserve on the issue of gold swaps. The 173 pages of documents received for the 2009 FOIA request all pre-dated the 2007 FOIA request, which means they should have been released in the response to the earlier FOIA request. This establishes a likelihood that the Federal Reserve has failed to adequately search or disclose relevant documents. Further, the Fed response admitted that it had copies of relevant records that originally appeared on the Treasury Department Web site, but failed to include them in its response.
Now that Federal Reserve governor Warsh has admitted that the Fed has lied in the past about the Fed’s involvement with gold. It should now be very clear to everyone why the Fed is lying and the true nature of what they are hiding / withholding.
http://www.gata.org/node/7819
http://www.reuters.com/article/2009/09/15/us-investmentmanager-death-idUSTRE58E5RT20090915
http://select.nytimes.com/gst/abstract.html?res=F40D16FA3E5E1A7493C6A9178CD85F408785F9
This could not have happened during the Clinton administration! Next your gonna tell me that the Clinton administration sold military secrets to the Chinese through Loral for 1996 campaign cash. Get real!
They only shoot twice a year and they are experts? The kids down the block pop off a few caps every night at their fellow youth "clubs" and they're not even experts.
Wow, these guys are good.
Is the bank's firing range in the basement too? Based on Bloomberg's hoplophobia, I can't see NYC allowing private bank guards loose in the city with firearms.
To be fair, in the military we only had a PT test twice a year, but we still did PT several times a week.
My interpretation is that they are tested twice per year.
Keyword being "interpretation"...
All this is hearsay to the nth degree. Who here has firsthand knowledge of the protocol? How about second? Third maybe???
My wife tests me at least 4 times a day.
In fact, the other day she started bitching; "You never talk to me anymore." To which I replied, "Then why are you always telling me to shut the fuck up?"
Oh, I see your wife knows Mrs. Bearing!
LOL
Serious belly laugh...
Thanks
:)
So I'm writing this new movie... Schindler List 2 : Let's get this party started...
Whoever can tell me who wrote this joke gets a 1000 internets.
I am writing a screenplay also. "busang".............just as soon as I find all those files I copied on the Bre-X scandal.
$350 Billion?
That's only one third of one fifteenth of the current national debt.
If you can float trillion upon trillion of dollars in a 1's and 0's in the ether of electromagnetic storage devices, what do you need gold for?
If you can wire hundreds of billions of taxpayer money (debt) to the ECB, IMF, and European banks in a flash using "Ctrl $" with no oversight or concerns over rule-of-law or morality or ethics, of what value is this "barbarous relic"?
(Don't get me wrong, I love GOLD, but...)
Which is why, as Dylan Grice suggested about a year ago, gold has to be repriced on an absolute basis to at least $7,500 (a topic since stolen and presented as "original" by recent book authors)
Another way to value gold to get that +/- $7500 / oz:
China would probably be HAPPY to trade its $2 trillion in debt to buy the US national holdings of gold (worth approx. $420 billion), even with taking the $1.5 tn paper loss...
(($2 tn / $420 bn) * $1600) = $7600 / oz implied value of gold.
But, would our .gov trade its gold to retire $2 tn in debt? The answer is NO WAY.
H/T to FOFOA and his reader "Hill C"
See my blog article on "Thought Experiment on Valuation of Gold".
The US Govt will do well to retire it.
After all the Lithium will be the new metal.
Did Dylan invent the Internet too?
Come on Ty, you can't possibly be saying that on the late date of 3/25/2011, Dylan Grice spawned the idea that gold prices would have to rise to tremendous levels if gold were to replace all the paper in circulation. That's common knowledge around the net, and has been for years.
Alternatively, maybe you are saying he came up with the $7500 level? I'm ok with that, but that figure was derived from our monetary base. Doesn't that target change as we expand our monetary base? Does anyone here believe our monetary base isn't going to the moon? That $7500 figure was way under the mark, and there are dozens of people here on ZH that could have told you so back in March.
There's no way I'm selling my PMs for $7.5k, not going to happen.
Tyler - thank you, you read my mind.
Favorite paragraph from the article you referenced by Dylan Grice:
"Shorting Mankind's ingenuity isn’t a smart thing to do. But ingenuity isn’t wisdom. And shorting mankind’s ability to absorb wisdom … well, aren’t you silly if you don’t? With less of the technological risk you’re taking when you buy any other part of the commodities complex, gold is the oldest, purest and simplest way."
And my favorite sentence from the same:
"Hubris plays the lead role in all great financial tragedies."
Hold on, let's read that back again:
"Storing almost $194 billion [ZH: at very old prices] of gold makes....
Are we missing a trick? Perhaps they are hiding the theft -- sorry, surplus gold disposal project -- right out in the open. $194 billion is either very old prices... OR...that's all there is left: today's prices. If they've got surplus bars that are worth billions more than the official accounts are holding them responsible for, why then, that's more bars they can clear out at discount rates. After all, you're going to need to make room somewhere to put those new printing presses...
The only believable part is the orange second-to-last-page.
I have been in the gold vault at the New York Fed, and there really is A LOT OF GOLD there. If you handle the gold, you are required to don titanium booties over your shoes. Gold ingots are surprisingly heavy, and difficult for inexperienced fingers to retain. Drop one on your toes, however, and you will retain the imprint - and a limp - for life. Unless you wear the titanium booties.
Fond memories!
For those that doubt that there is all that gold there, I can offer a bit of historical context. With the Nazis marching across Europe, many nations felt it safet to deposit their gold in New York than to tempt invading Nazis by keeping it lodged at home. The Nazis were very fond of gold - after that hyperinflation thing - and were keen to get as much of it as quickly as they could find it.
After the war, settlements in gold were a practice under the Bretton Woods system of currency balancing. It was more convenient to keep all the gold in one depository, and just move it about every now and then from one cage to another, than to take the security risks of shipping it by road and sea between capitals. So the central banks just left it in New York.
That was gold plated tungsten.
I don't doubt they keep some gold there (0,02%?). It comes in handy when making propaganda brochures
Or nipple rings, clit clamps and tounge balls.
"So the central banks just left it in New York." Well, as far as they know, they left it in New York. LOL.
I'm sure there was a lot of stuff in that vault that LOOKED like gold. Pure gold? Gold-plated Tungsten? Tungsten sprayed with good 'ol Krylon #1000?
I suppose you inspected every single bar? Scraped your finger over them? Weighed them? Ultrasounded them to detect tungsten?
Ooops!
What! No mention of the nerve gas stored at Ft. Knox?
Pussy Galore and her Flying Circus used it all up (so you can tell Anna Kournikova to stop searching for it in her bikini bottoms)...
The Nazis are long gone and gold is (temporarily) out of favor as a medium of international exchange.
It boggles my mind why anyone would trust the US government to safeguard their gold for them in the present day. The only explanation that I can come up with is that these governments all know that their gold is long gone and that requesting it would only expose the US government as a thief and their own central bankers as fools. So they just play along with the fiction.
Just by lifting it is impossible to tell whether a bar is pure gold or tungsten with a thin gold coat.
The Nazis are done since '45, gold settlement ended in the seventies and since 1989 the Russians are no threat to Europe any more. Your arguments do not seem valid today.
If I would be responsible for gold stored there I would test my bars for quality and weight. If a non-destructive test yields inconclusive results drill and/or melt the bar.
Testing equipment is available for a few thousand bucks what is nothing compared to the value of the gold.
Well this does raise the question of whether the gold that is there has been lent on paper, then the paper has been sold, so while the gold is still there it doesn't belong to who it used to belong to.
The Nazis were very fond of gold - after that hyperinflation thing - and were keen to get as much of it as quickly as they could find it.
There's no accounting for oddballs.
Ha ha. "... steel-reinforced structural concrete." So rebar in concrete. That's security.
a little kerosene and a match oughta make quick work of that, no wait...
Come on...at $650K+ per bar, you're telling me no one is going to at least try to carry a few of those things out between the cheeks?
It would not be worth it, don't forget Roubini said gold would never rise above $1,600 again, oh wait....
Roubini isn't worth the tungsten of a single gold brick.
"To think: so much trouble for a little tungsten..."
What a cynical thing to say! Just because a couple of gold coated tungsten bars turned up in Honkers allegedly from this vault........I'm sure it was all an innocent mistake.
For people who say that gold isn't money, they sure have alot of the yellow stuff.
It's tradition
Oh yeah, the song from "Fiddler in the Third Sub-basement Vault."
Benjibobalouie prancing about waving his hands in the air singing "Tradition", being followed by Timmah trying to be noticed by the rest in the Cabinet meeting.
Tradition!
Now that's a Banzai7 image, right there.
How many days could 22% of the world's supply of gold fund the U.S. government for? A month? So if we decide to default on our $15.2 trillion debt we would be able to function for about 1 month before going full Thunderdome? No wonder they are doing everything they can to keep this ponzi going.
if it gets leveraged 50x or whatever is required, then it could go a long way. I'm sure some ZH'ers went into this a few months ago, debated this and concluded as such whatever they need the value to be it will be done.
That's a near perfect illustration of how ridiculous the so called "price" of gold is -- about 1.5 orders of magnitude off.
Transitory gold, bitchez!
Long dumptrucks
my guess is that this discussion is about foreign gold since the usa no longer has any gold except that which is used to wrap tungsten....
antony sutton documents the the great gold robbery.
Lately I've been melting all the scrap jewelery I have gathered at home into cute little bars. It's amazing how much I've got now, loads of small tradeable ~10g bars. Need a clean up but hey, at least I know what's in mine.
I recommend giving this a go, just watch your eyebrows though!!
Gold at Ft. Knox and West Point??? Sounds to me as though the military owns it...I say..
I am sooo reassured. But this gold should mean nothing, for we are assured by none other than the Fed Head that it is just a relic, like so much soybean meal or hamburger. The real wealth of the United States lies in its ability to dilute the ocean of electronic dollars with yet more electronic dollars. (a lesson for people so hot for Bitcoins, perhaps?)
When coupled with a tax on incomes (however derived), the Fed Head is the facilitator of the grandest scheme of theft in all human history. And it looks like the Europeans, and other countries are copying the scheme.
Last time I checked Bitcoins couldn't be created arbitrarily. The physical vs. electronic currency debate really avoids the main issue. The main issue is whether a currency can be created arbitrarily whenever it is convenient (political or otherwise).
Is it me or does that brochure have a very late 70's feel to it ??
So, since they built the vault BENEATH sea level... what happens if someone starts to tunnel in and blows the seal on the vault, flooding it? That would be interesting...
The amount of water flowing in will be absolutely equal to the size of the vault minus the volume of the shelfes, because ...
Because "gold" seeks its own level?
Why would we use a $900/ounce market price? That makes just barely more sense than valuing gold at $42.22
Jesus man, think!
It's close enough for government work.
I"ll bet they don't store any fiat dollars in anything so deep and complicated. I wonder why.
Seems like alot of trouble and expense for a barbarous relic.
Please be built on, or near, a faultline.
Don't worry there is a Fault system within range of NYC.
The Granite will make sure of it.
I already had several 4.0's which rolled under the house like a wave. (And a bump)
- George Zoroz / billionaire extraordinaire
"Spot gold on Tuesday hit a record $1,274.75 an ounce, and traded about $10 lower on Wednesday."
Ah... the good 'ole days of 2010...
What those cretinous bankers and politicians fail to understand is that one man's gold is good as another man's gold. It doesn't require daily valuation nor does it require thousands of computer cowboys betting trillions to make millions and in the process blowing up their firms and bringing the world to the edge of oblivion.
Or maybe they do understand and that is why an audit would have them hung for treason.
As I've said before, Obama sold the last of America's gold to India on his last trip. That is why he took 34 ships and an aircraft carrier (to secure the delivery) and built a bomb-proof tunnel (to conceal the trucks loading off the gold) all the way from the port to the museum, which of course houses India's strongest vault.
/Mike
Compare gold and silver dealer prices
Why would I need to see it, the Fed told me it was there!
I like the part about:
Did anyone think of checking the background of Bernanke, Geithner, Summers and others who we entrust with our currency?
c'mon, they're gods chosen people
'20% of the world's gold, currently estimated at over $350 billion'
X5 = 1 3/4 trillion. You mean to tell me that someone has derivated and re-hypothecated that to over 600 trillion and stuck the difference to the taxpayers of the world.
Time to audit the FED and put a face to those with their hands in the cookie jar.
Good job Ben. Reassure those European bankers that their gold is safe and all there. Poor suckers. According to Rickards, the US has the right to confiscate all that gold. Oh Chavez, you crazy yet smart dictator.
"Although the minimum requirement is a marksman’s score, most qualify as experts."
Uh, what has changed over the years? There is qualified (proficient), and there is expert. in the good old days a marksman was someone shooting at "expert."
10 rounds, 10 yards, 10 seconds from draw.
Target? One ten inch dinner plate. Approx size of a upper chest.
Carry on.
Hear that China?
Until the World knows how much gold you have and that it is located under protection within your own borders, NOBODY will take you seriously.
Build a deep blue navy. Shoot taikongren to the Moon. Build more ghost cities.
Gold.
Nothing but Pure Gold.
And not at 33 Liberty.
Move it to Hong Kong
there is no gold in ft knox. i tunnled and took it all. most i spent on women and booze the rest i just pissed away
What happns if the guys with the Combinations to the safe die in an H1N1 Epidemic?
Or what about a Goldfinger? Say the i\Iranians drop a dirty bomb on Wall Street ad allt eh Gold is Radioactive? How does this affect its value?
RE
Can you say "rehypothication?"
Reminds me of when us kids would take the bubble gum out of the wrappers and place marbles in, so when the parents looked, the bowl was still full
Reminds me of when us kids would take the bubble gum out of the wrappers and place marbles in, so when the parents looked, the bowl was still full
I am going to the NY Fed Gold vault with a group of school kids next month. What questions do youwant me to ask?
Whoa! No gold over here on this side. (Shhh! Maybe it's on the other side)
http://www.flickr.com/photos/gravedestruction/6737094709/in/photostream
No gold on this other side either. Dohhh! Wait a minute...
http://www.flickr.com/photos/gravedestruction/6737109085/in/photostream
50 feet below see level?
I wonder if Martin Luther was thinking of the Banksters when he wrote, "The Jews and their Lies."
http://www.amazon.com/Jews-Their-Lies-Martin-Luther/dp/1593640242