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Friday, 23rd July 2010 (1029 views)

One journalist who recently visited the Federal Reserve Bank of New York notes the international importance of the facility as a repository for the gold of 36 different nations including the US.

Daniel Terdiman was lucky enough to visit the bank, but unlucky enough to discover that photographers, members of the press and the general public are not permitted to see the entire store of gold inside, he writes for CNET News.

Some $255 billion (£167 billion) in gold reserves are held on the site, 80 feet beneath New York City and built on an unusually strong patch of foundation; however, much of it does not belong to the US and none of it belongs directly to the bank.

"The Federal Reserve Bank does not own the precious metal but serves as guardian for the nations and international organisations that choose to leave their monetary gold reserves in the bank's custody," the financial institution explains.

 

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