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Indeed, there can be no other criterion, no
other standard than gold. Yes, gold, which
never changes, which can be shaped into
ingots, bars, coins, which has no nationality
and which is eternally and universally
accepted as the unalterable fiduciary
value par excellence.
-Charles de Gaulle
In mid – 2004, the Fed’s vault contained roughly 266 million troy ounces of gold (1 troy oz. is 1.1 times as heavy as the avoirdupois ounce, with which we are more familiar), representing 25 to 30 percent of the world’s official monetary gold reserves. At the time, the vault gold’s value was $9.5 billion at the official U.S. Government price of $42.2222 per troy ounce, or about $90 billion at the market price of $400 an ounce.
At the current official U.S. Government price, one of the vault’s gold bars (approximately 27.4 pounds) is valued at about $17,000. At a $400 market price, the same bar is worth about $160,000.