rstevenson wrote:Beyond wrote:... There is nothing in the Federal Reserve but paper! ...
From the Wikipedia article
The United States Bullion Depository, aka "Fort Knox"...
The United States Bullion Depository holds 4,577 metric tons (5046 tons) of gold bullion (147.2 million oz. troy). This is roughly 2.5% of all the gold ever refined throughout human history. Even so, the depository is second in the United States to the Federal Reserve Bank of New York's underground vault in Manhattan, which holds 7,000 metric tons (7716 tons) of gold bullion (225.1 million oz. troy), some of it in trust for foreign nations, central banks and official international organizations.
Rob
I suppose we can all use a little
![Embarassed :oops:](./images/smilies/icon_redface.gif)
now and then. When i did the post i was thinking of the accounts, which deal in credit only, and thus have only paper-work in them.
http://en.wikipedia.org/wiki/Federal_Re ... c_currency(Scroll down to -Federal Funds-) Many years ago, before i had a computer, i went to the library and looked how the Federal Reserve operates, in an old encyclopedia, with very small print. The Federal Reserve board has either expanded it's operations since it was printed, or because the print was so small, i missed about them having the gold reserves. I had to use a magnifying glass to read about how they operated. When i read how they operated, i discovered that it was, to put it politely, a bunch of gooble-de-gook. Now-a-days it's written somewhat differently, and that's where I'll leave it.