posted on Jan, 18 2013 @ 02:32 AM
Why do people even put their gold in other people's vaults?
"33 Liberty Street: The Federal Reserve Bank of New York maintains a vault that lies 80 feet (24 m) below street level and 50 feet (15 m) below sea
level, resting on Manhattan bedrock. By 1927, the vault contained 10% of the world's official gold reserves. Currently, it is reputedly the
largest gold repository in the world (though this cannot be confirmed as Swiss banks do not report their gold stocks) and holds approximately 7,000
tonnes (7,700 short tons) of gold bullion ($415 billion as of October 2011), more than Fort Knox. Nearly 98% of the gold at the Federal Reserve Bank
of New York is owned by the central banks of foreign nations. The rest is owned by the United States and international organizations such as the
IMF. The Federal Reserve Bank does not own the gold but serves as guardian of the precious metal, which it stores at no charge to the owners, but
charging a $1.75 fee (in 2008) per bar to move the gold."