A large portion of the world's reserves of gold located in the vault of the Federal reserve Bank of new York, built in 1920. The vault is located underground at a depth of 24 meters. In total in the vault is about 6,700 tons of gold bars totaling 368,5 billion. 98% of this gold belongs to Central banks of other countries. The remaining two percent — the United States. The remaining small portion of gold is kept on Deposit at the reserve banks of England and France.
Thus, the Federal reserve Bank of new York is the authorized custodian and caretaker of the wealth of their clients, including the U.S. government, foreign governments, Central banks of other countries and international organizations. The Bank is one of 12 reserve banks within the Federal reserve system of the United States and, like other banks is a private Bank, but with special powers.
In February 2013, Germany, gold which is stored at the Federal reserve Bank in new York, stunned the world gold markets by stating that it plans to withdraw a portion of its gold from vaults in new York and France with the aim to return it to Germany.
The volume of gold reserves of Germany — 3 thousand tons of gold bullion. Most of this gold Germany has been able to accumulate during the period after the Second world war. During the Cold war, a significant part of Germany transported to the USA, England and France, to protect it from possible attacks from the Soviet Union.
Given the volume of German gold, its removal can significantly undermine the well-being of the US Federal reserve. Because the new York Bank uses the gold entrusted to him as security for various financial transactions, and therefore interest in maintaining its status as the custodian of gold reserves.
Whatever guided Germany, the fact that such action on her part indicates a lack of confidence in the Federal reserve system of the USA.
And still, why Germany wants to bring his gold out of control the fed? Many believe that if there were a need, the fed will not be able to return to the countries of their gold, because holding gold without organized distribution by country. In other words, it is impossible to accurately determine the gold belongs to who. This means that in the event of bankruptcy of the Bank where gold is stored, a foreign government will act in the role of the creditors of the second line, i.e. will not have rights to the assets of the Bank as a matter of priority and, therefore, will not be able to regain their gold in full.
Including, and therefore the accounting chamber of Germany has recently initiated a formal review in relation to the gold reserves stored in new York, explaining his actions by saying that no one has ever conducted a full physical inspection of the gold reserves of the country.
In the case of a financial crisis and devaluation of national currencies, gold is the last and only asset remaining at the disposal of the country, and the only means of payment at calculations with foreign creditors. Therefore, most likely, the actions Germany should fear of a possible financial crisis. At least at the moment the trend is that the dollar, which is today the main reserve currency will weaken, and he will be replaced by gold.
Tags: USA , resources , Germany , gold