gold news

 everybody keeps on talking about Fort Knox and Fort Knox is only 54% of America's gold everybody out there needs to start sending messages to Elon Musk to president Trump to your Senator your Congressman start sending messages that all the US Gold must be audited especially the Federal Reserve because if there is gold that has been rehypothecation sold to more than one individual loan out uh if there's any gold missing it's most likely from the Federal Reserve vaults so in today's

video Allan is going to give us a tour of the Federal Reserve vaults Alan yes thanks Mike so I was so uh surprised and pleasantly surprised when I went online to get some information about the Federal Reserve vault in New York and there was actually a PDF available with descriptions and pictures of the inside so today I want to walk our audience through that a lot of people ask me uh if I could make a a video of a vault tour for our Channel and unfortunately vaults don't let you record so that's kind of a non-starter

um but in the PDF that I have available from 1998 there are some great pictures and some great descriptions about what goes on inside the Vault so the PDF I have here is the Federal Reserve Bank of New York the key to the gold vault and they actually released this for the first time possibly in the 70s uh and then they re-released it in 1991 1998 again in the 2000s and possibly even again after that and it seems like with each addition they actually remove information so it gets smaller and smaller um so I'm using one of the older

versions so how is the gold stored at the Federal Reserve Bank of New York well it is secured in a most unusual Vault it rests on the Bedrock of Manhattan Island one of the few foundations considered adequate to support the weight of the Vault its door and the gold inside 80 ft below street level and 50 ft below sea level in the middle of 1997 The fed's Vault contained roughly 269 million troy ounces of gold representing 25 to 30% of the world's official monetary gold reserves okay so a quarter of the world's

official monetary gold reserves the bank stores gold in the form of bars that resemble construction bricks and stacks them on wooden pallets like those used Us in warehouses to reach the Vault the bullion Laden pallets must be loaded into one of the bank's elevators and sent down five floors below street level to the Vault floor the elevator's movements are controlled by an operator who is in a distant room and communicates by intercom with the armed guards accompanying the shipment once

inside the Vault the gold bars become the responsibility of a control group consisting of Representatives of three Bank divisions auditing Vault services and protection a a member of each division must be present whenever gold is moved or whenever anyone enters the Vault all bars brought into the Vault are inspected and weighed these steps are critical because the weight and purity of a bar determine its value and acceptability in international transactions a modern electronic B balance scale weighs each bar to the

nearest 1 1,000th of a troy ounce the Vault control group verifies the weight serial number and Purity measure stamped on each bar against an accompanied manifest if everything is in order the gold is either moved to one or more of the vault's 122 compartments assigned to depositing countries and official International organizations or placed on shelves in one of the library compartments shared by several countries the bars are stacked one at a time in an overlapping pattern similar to that used

to stabilize a brick wall each compartment is secured by a pad lock two combination locks and an auditor seal although working with gold worth billions of dollars is a fascinating job moving gold is arduous work hydraulic lifts and conveyor belts partially relieve the physical strain but lifting swinging and positioning 27 pound bars again and again is a laborious task teams of gold stackers work in shifts that allow them sufficient rest periods the job also has its hazards to protect their feet from dropped bars

the stackers wear strong yet lightweight magnesium shoe covers the FED does not charge foreign countries for holding gold but it does levy a handling fee when gold enters is moved within or is shipped out of the Vault compartments are identified by number rather than by the countries that own the gold within them in order to keep each country's gold Holdings private only a few Bank employees know the identity of the gold owners so does that last bit Mike strike you as a little strange that they sort

of anonymize the compartments with a number instead of the country name because you allegedly all these countries do have official gold figures that are published online does that seem strange or or am I actually it's more standard procedure uh you know Golds silver.com was the first uh online precious metals dealer to offer third-party storage at Brinks and when they first uh started storing gold for us uh you know I went there to tour the Vault and and we tried to film and they wouldn't let us they had

customer names like you know pallets of Silver Eagles with a customer's names spray painted on on pallet wrap and I go we can't have your employees knowing who owns that or or anybody and so yeah everybody has been assigned a number and it's very Anonymous now uh so there's uh bookkeeping ledger so in the bookkeeping department they would be able to associate a customer with their Holdings but out in the warehouse where you've got uh workers you don't want everybody knowing any specific

names yeah that makes sense yeah makes sense now that you explain it like that an indispensable security system this might be the most exciting part storing almost $86 billion of gold makes extensive security measures mandatory at the New York fed an important measure is the background investigation required of all Bank employees continuous supervision by The Vault control group also prevents problems from arising by ensuring that proper security measures are followed the bank and its vaults are

guarded by the bank's own uniformed protection Force periodically each guard must qualify with a revolver on the bank's firing range the gold is also secured by the vault's design which is a masterpiece of protective engineering the vault is actually the bottom floor of a three-story bunker of vaults arranged like strong boxes stacked on top of one another the massive walls surrounding the Vault are made of a steel reinforced structural concrete there are no doors into the gold vault entry is through a narrow

10-ft passageway cut in a delicately balanced 9 ft tall 90 ton steel cylinder that revolves vertically in a 140 ton steeling concrete frame the vault is opened and closed by rotating the cylinder 90° an airtight and watertight seal is achieved by lowering the slightly tapered cylinder 3/8 of an inch into the frame which is similar to pushing a cork down into a bottle the cylinder is secured in place when two levers insert large bolts for recessed in each side of the frame into the cylinder by unlocking

a series of time and combination locks Bank Personnel can open the vault the next business day the locks are under multiple control no one individual has all the combinations necessary to open the vault so it seems like it's pretty safe all that physical gold but like I said earlier they're just creating all this paper gold and that's how they trade it it's a it's a very strange system what do you make of all this Mike well I think uh it's it's uh safe if it's our gold who has title to

These Bars and are all the bars still there because they can uh ship it out so we need to know they need to stop talking about Fort Knox and start talking about Federal Reserve that's much more important the Fort Knox gold is probably there uh who knows uh but anyway you know a a lot of what is going on today was sort of predicted in the book that you and I worked on for four years uh and it's by far the highest rated book on Amazon for precious metals uh and the um yeah with 93% five stars

that was a lot of work but a lot of this was predictable uh it's you just didn't know when it was going to happen but you knew it would happen one day and we are there today so yeah thanks for that tour Allan it was great yes thank you Mike and thank you for uh this wonderful opportunity and thanks to everyone for watching