THE GOLD STANDARD
The gold bullion in the Federal Reserve Bank of
New York’s vault is part of the monetary reserves
of foreign governments, central banks and official
international organizations around the world.......
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.
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.
It is estimated that the gold in the vault represents a
significant portion of all the monetary gold that has ever
been mined. Most of the gold in existence today was
mined during the 20th century, much of it since the
end of World War II. The World Gold Council reported
that world gold reserves totaled about 1.0 billion troy
ounces in 2007. The United States owns approximately
27 percent of the monetary gold.
-t
r
, m
n
-)adj.1. Of or relating to money.
