NY Fed’s gold hoard worth $350 billion

AFP
August 1, 2011

If there’s one place a James Bond villain — or even some actual governments — would love raiding today, it’s the basement of a somber building in lower Manhattan: the world’s biggest gold vault.

Gold prices hit a record $1,632.8 an ounce Friday, reflecting a nervous rush by private and national investors from stocks, dollars and euros to the safe-haven commodity.

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And the biggest single pile of the stuff on the planet lies deep beneath the New York branch of the US Federal Reserve Bank, a stone’s throw from the Stock Exchange.

On a visit, a guide from the bank revealed the 7,000-ton hoard gleaming softly in a vault carved from Manhattan’s bed rock, five stories under the Big Apple’s teeming streets.

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