Friday, September 19, 2008

$200 billion in gold sits under NYC subway.

I had no idea about this, and I can sniff out gold pretty well. 1/4 of the world's gold sits under a urine-soaked, rat-infested subway. From ABC News:

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.

That'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.

[...] This vault contains about 25 percent of the world's gold reserves.

1 comment:

Adam Coozer said...

So what happens when the Big Earthquake hits NYC?