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Welcome to the World's Largest Gold Vault

 
mathetes
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User ID: 508693
United States
09/22/2008 10:34 PM

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Welcome to the World's Largest Gold Vault
Just a Few Blocks From the Bustle of Wall Street Sits $200 Billion in Gold

RSS NEW YORK -- Gold. It's one of the oldest and most prized possessions we have. Egyptian pharaohs were buried with it, the Romans traded it and gold is even mentioned as a gift in the Bible.

There are roughly 540,000 gold bars belonging to 48 foreign countries and 12 international organizations in the Federal Reserve's subterranean gold vault.
(Courtesy Federal Reserve)As stocks plummet and many realize they don't understand how their money is invested, some on Wall Street are turning to gold as a haven.

Who can blame them? Gold is something you can see, hold and fully understand. In the last two days, the price of gold shot up $110 to $892.70 an ounce.

Just a few blocks away from all the turmoil and panic of the stock market sits the world's largest stockpile of gold. Deep under the streets of Manhattan sits more gold than "James Bond" villain Goldfinger could ever imagine.

And I recently got a private tour inside the little-known vault.

Nearly $200 billion worth of gold rests on bedrock five stories underground, 30 feet below the city's subway system, inside the Federal Reserve Bank of New York's vault.

Related
Fed Leaves Interest Rate Unchanged Wall Street Woes: Where to Put Your CashAmateurs Cash In on New Gold RushThat's more than can be found in Fort Knox.

Very little of it belongs to the U.S. government.

There are roughly 540,000 gold bars belonging to 48 foreign central banks and 12 international organizations such as The International Monetary Fund or The Bank for International Settlement. The United States has about 5 percent of its gold stored there.


Fed officials were very tight-lipped about who owns what gold. Accounts are just identified by number, not name.

The Fed stores the gold for free but depositors pay $1.75 for each bar that is moved.

This vault contains about 25 percent of the world's gold reserves. That's more gold that the entire annual economy of the United Arab Emirates -- home to Dubai and Abu Dhabi.

The majority of gold came to the Fed after World War II as countries sought a safe place to keep their wealth. New York's rise as one of the world's financial capitals also makes it convenient for countries that want to sell their holdings.


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For I would not, brethren, that ye should be ignorant of this mystery, lest ye should be wise in your own conceits; that blindness in part is happened to Israel, until the fulness of the Gentiles be come in.
Spirit * Man !
User ID: 418811
United States
09/22/2008 10:44 PM
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Re: Welcome to the World's Largest Gold Vault
That gold doesnt belong to any countries or people. It belongs to God. All the gold in the universe belongs to God. God decides who gets it. Not some evil people with their evil ways. People have killed for gold. God will give it to who deserves it. God owns this universe and everything in it.

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Anonymous Coward
User ID: 322321
Mexico
09/22/2008 10:48 PM
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Re: Welcome to the World's Largest Gold Vault
got silver ..lately ??
Michael T.C.O. nli
User ID: 507078
United States
09/22/2008 11:03 PM
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Re: Welcome to the World's Largest Gold Vault
In that day a man shall cast his idols of silver, and his idols of gold, which they made each one for himself to worship, to the moles and to the bats...

...That "DAY" is almost upon us.

Peace
Spirit * Man !
User ID: 418811
United States
09/22/2008 11:09 PM
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Re: Welcome to the World's Largest Gold Vault
In that day a man shall cast his idols of silver, and his idols of gold, which they made each one for himself to worship, to the moles and to the bats...

...That "DAY" is almost upon us.

Peace
 Quoting: Michael T.C.O. nli 507078



Aint that the truth !!

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