I’ll take this bit by bit so there’s no confusion.
“The New York Fed gold vault does not contain 25% of the world’s gold reserves, only 13,376,987.724 fine troy ounces.”
Actually it does, and the number you quote here is the amount of US gold held in the New York Fed gold vault. This is not the total amount of gold held in this vault by foreign central banks and other organizations as well as the US. From the article, “about 5% of the gold is the property of the U.S., the rest belongs to a host of other nations’ central banks. Forty-eight foreign banks and 12 international organizations use the vault to store their gold reserves.” The number you quote is about 5% of the total gold in the vault. Your link is what the Federal Reserve holds in gold bullion in the NY vault and that source is from the US Treasury Dept.
“It is a smaller vault than Fort Knox, the Bank of England, and the Bank for International Settlements.”
No it isn’t. Fort Knox holds more US gold than the NY vault but not total gold, and the Bank of England is second in the world. They even state on their website that they are “the second largest keeper of gold in the world (the New York Federal Reserve tops the list).”
“This gold does NOT belong to the Fed banks or US government, it is owned by depositing foreign governments and banks.”
The article never said it did. From the article again, “Forty-eight foreign banks and 12 international organizations use the vault to store their gold reserves.” But some of the gold does belong to the US government. Your link states the same.
“The author is confused with the Fort Knox gold which is owned by the Federal Reserve which holds the gold certificates. Again, the gold in New York is foreign owned and the gold in Fort Knox is owned domestically.”
There is no confusion. The Federal Reserve might hold the gold certificates with gold backed by what is in Fort Knox, but the gold there is not owned by the Federal Reserve. Fort Knox is run by the US Treasury Dept and the two are completely separate entities. The Federal Reserve holds no gold deposits (and it can’t redeem gold certificates for gold, only the statutory price for gold at the time the certificates are issued). I’ve already addressed the question of the amount of foreign gold at the NY vault and that Fort Knox is a holder of gold by the US Treasury and not the Federal Reserve.
“Unfamiliarity with finance is why the media is not well respected.”
Everything in this article was sourced and vigorously researched. I do not claim to be an expert in financial matters nor a member of the media. I just write about things I find interesting and that I think my readers would find interesting.
