Friday Quiz: How Much Gold Does the U.S. Government Own? (January 23, 2009)
Q: How much gold does the U.S. Government own?
A: about 8.25 tons, or 264 million ounces.
The United States Bullion Depository holds about 4,603 tons (4,176 metric tonnes) of gold bullion (147.399 million troy ounces). It is second in the United States only to the Federal Reserve Bank of New York's underground vault in Manhattan, which holds about 5,000 metric tons of gold in trust for many foreign nations, central banks and official international organizations.
This works out to about $264 billion at $1,000 an ounce; if gold were valued at $10,000 per ounce the value would rise to $2.64 trillion.
If the dollar were backed by gold valued at $10K/oz., would $2.6 trillion be enough
dollars to facilitate commerce? Given the concurrent use of other gold-backed currencies
regional or national), it seems likely the answer would be yes.
There are a few other twitter novels out there so I reckoned I'd toss my hat in the ring
as well. I hope you enjoy the story.
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