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0 pointsreactordev9mo ago0 comments

Considering the US only has 8,000 tonnes of gold total, this is going to be interesting. I don’t think their gold is just sitting in a closet in manhattan.

0 comments

ceejayoz9mo ago

https://www.newyorkfed.org/aboutthefed/goldvault.html

> As of 2024, the vault housed approximately 507,000 gold bars, with a combined weight of 6,331 metric tons. The vault is able to support this weight because it rests on the bedrock of Manhattan Island, 80 feet below street level and 50 feet below sea level.

> Following the verification process, the gold is moved to one of the vault’s 122 compartments, where each compartment contains gold held by a single account holder (meaning that gold is not commingled between account holders).

It’s a very fancy closet.

pglevy9mo ago

Thanks for the link! I wonder how this works. Is there just no practical impact of the "book value" being so far off the market price? Surely any exchange is done at the prevailing rates.

> The market value of a gold bar depends on its weight, purity level, and the prevailing market price for gold. Rather than market pricing which fluctuates daily, the New York Fed uses the United States official book value of $42.2222 per troy ounce for gold holdings.

ceejayoz9mo ago

> Surely any exchange is done at the prevailing rates.

Nothing prevents Germany from just gifting Poland a few bars in exchange for resolution of some minor border dispute.

tomw18089mo ago

actually the closet isn't fancy, its just the content.

Like HN, I don't visit the site for the great design, I come for the golden content.

...

Sry, I had to...

kasey_junk9mo ago

That 8000 tonnes number is how much gold the US owns themselves. Not gold held for foreign governments.

reactordevOP9mo ago

Yeah I realized this about an hour after posting. My mind is blown that we just horde gold for other nations because because.

j / k navigate · click thread line to collapse

0 comments

ceejayoz9mo ago

https://www.newyorkfed.org/aboutthefed/goldvault.html

It’s a very fancy closet.

pglevy9mo ago

Thanks for the link! I wonder how this works. Is there just no practical impact of the "book value" being so far off the market price? Surely any exchange is done at the prevailing rates.

ceejayoz9mo ago

> Surely any exchange is done at the prevailing rates.

Nothing prevents Germany from just gifting Poland a few bars in exchange for resolution of some minor border dispute.

tomw18089mo ago

actually the closet isn't fancy, its just the content.

Like HN, I don't visit the site for the great design, I come for the golden content.

...

Sry, I had to...

kasey_junk9mo ago

That 8000 tonnes number is how much gold the US owns themselves. Not gold held for foreign governments.

reactordevOP9mo ago

Yeah I realized this about an hour after posting. My mind is blown that we just horde gold for other nations because because.

j / k navigate · click thread line to collapse