Jul 15, 2011 12:50 am
Have you ever wondered what it would feel like to be in a room full of gold, as if you were Scrooge Mcduck? Well, I was lucky enough to go on a tour of the Federal Reserve Bank. Part of the tour is their gold vault. Did you know that the Federal Reserve Bank of New York, located in Manhattan, is one of the largest gold vaults in the world? And it's not all U.S. government owned gold either. That means the organizations and foreign investors can later sell gold in NYC they have securely deposited here. The "so-called" guided tour is actually just a glance from behind an extremely strong gate and panel, with several lock doors while your guide rattles off facts.
Those wise enough to understand the value of gold must be happy because now that the U.S. and several other countries have faced economic downturn, these businesses and private owners have something to fall back on should they ever need it. And when they must visit those NYC gold buyers, they can continue to live comfortable lives. In a situation like this, there is only a win-win-win. The Federal Reserve Bank of New York gets the prestige, the domestic and foreign investors get top quality security, and the public gets a glimpse of how the system works.