Bank of England Gold Vault 1 1

[RWB]

Something for fun.....from the BBC (Feb 2020)

https://www.bbc.co.uk/reel/playlist/changing-economy?vpid=p082n68y

[Zebo]

That wàs my safe deposit box! 

[kbbpll]

The emphasis on heists is funny, like everyone's first thought is "I wish I could steal some".

[RWB]

Bar and brick shapes were an interesting footnote.

[GoldFinger1969]

Bank of England was THE CENTRAL BANK for virtually the entire 1800's.

[VKurtB]

Funny that their central bank owns gold. While ours (in the New York Federal Reserve Bank basement vaults) HOLDS gold for others, it owns exactly none. The United States Treasury Department owns ours.

[RWB]

The Federal Reserve Banks have gold and other metal assets separate from those in Treasury control, but they are available only for limited special purposes. Earmarking physical gold is much cheaper and efficient than moving it around - and there's no waste.

[VKurtB]

"Does the Federal Reserve own gold?

 

Although the Federal Reserve does not own any gold, the Federal Reserve Bank of New York acts as the custodian of gold owned by account holders such as the U.S. government, foreign governments, other central banks, and official international organizations."

 

I get a mental picture of some old guy in the New York Fed taking little paper flags off of some bricks and putting a different paper flag on them.

Edited July 6, 2020 by VKurtB

[VKurtB]

The U.K. / Bank of England are not even in the Top 10 of gold holders. By one eyeball estimate, the country with the most gold relative to its population may be Taiwan.

[GoldFinger1969]

On 7/2/2020 at 12:57 PM, VKurtB said:

Funny that their central bank owns gold. While ours (in the New York Federal Reserve Bank basement vaults) HOLDS gold for others, it owns exactly none. The United States Treasury Department owns ours.

The gold management was a result of the Fed-Treasury Accord of 1951.  Since gold reserves were key to managing the currency, the Treasury (and Fort Knox) are the custodians.

[GoldFinger1969]

33 minutes ago, VKurtB said:

The U.K. / Bank of England are not even in the Top 10 of gold holders. By one eyeball estimate, the country with the most gold relative to its population may be Taiwan.

Hong Kong may be up there, too, though who knows where they store their gold.  Hopefully with the BOE, far away from the CCP. 

[Conder101]

21 hours ago, GoldFinger1969 said:

Hong Kong may be up there, too, though who knows where they store their gold.  Hopefully with the BOE, far away from the CCP

Wouldn't matter, once China took over Hong Kong from the British in 1997, they took over the gold reserves as well

[GoldFinger1969]

1 hour ago, Conder101 said:

Wouldn't matter, once China took over Hong Kong from the British in 1997, they took over the gold reserves as well

Supposed to be kept "separate" at least for 50 years.

[Conder101]

And how has that worked out?

[VKurtB]

9 hours ago, Conder101 said:

And how has that worked out?

Worse and worse by the day, I'd say.

[Henri Charriere]

On 7/2/2020 at 12:57 PM, VKurtB said:

Funny that their central bank owns gold. While ours (in the New York Federal Reserve Bank basement vaults) HOLDS gold for others, it owns exactly none. The United States Treasury Department owns ours.

[Anyone know the exact whereabouts of the fairly substantial amount of gold the U.S. military removed from Haiti during the start of its occupation there in 1915?]

[VKurtB]

4 hours ago, Quintus Arrius said:

[Anyone know the exact whereabouts of the fairly substantial amount of gold the U.S. military removed from Haiti during the start of its occupation there in 1915?]

Given that the event was 105 years ago and there has been at least one massive melting since then (the one that created the bars in Fort Knox), the answer to your question is "no", and the non-exact answer is "somewhere in those Fort Knox bars".

[Henri Charriere]

21 minutes ago, VKurtB said:

. . . . the answer to your question is "no", and the non-exact answer is "somewhere in those Fort Knox bars".

This is the first I've heard gold bullion seized for "safekeeping," was melted and continues to be "held" in a different form, not by the Citibank's predecessor, the original "holder," or the NY FRB, but possibly in Kentucky.  Now that Haiti is even more unstable than it was back then, I am not going to ask about the prognosis for future repatriation. Thanks!

Edited August 12, 2020 by Quintus Arrius
Word addition

[VKurtB]

3 minutes ago, Quintus Arrius said:

This is the first I've heard gold bullion seized for "safekeeping," was melted and continues to be "held" in a different form, not by the Citibank's predecessor, the original "holder," or the NY FRB, but in Kentucky.  Now that Haiti is even more unstable than it was back then, I am not going to ask about the prognosis for future repatriation. Thanks!

Repatriation? Yeahhhhh, no. I doubt that there ever was any intent to hold that gold merely for "safekeeping". We did return Magna Carta to the Brits though.

Edited August 12, 2020 by VKurtB