View Single Post
Old 01-06-2017, 10:29 AM
Lumpy Lumpy is offline
Charter Member
Join Date: Aug 1999
Location: Minneapolis, Minnesota US
Posts: 15,795
Originally Posted by DesertDog View Post
That's why, as Dewey Finn asserted, the FRB vault in New York has a bigger stash than Ft. Knox -- most of it belongs to foreign governments. If China buys $10-million worth of wheat from Canada, the wheat might cross the Pacific, but the gold is simply pulled from the China niche and loaded onto a heavy-duty truck, which is trundled over to the Canada niche and unloaded there. I read as a kid that all that heavy trundling wears out the oak floor in about five years, whereupon it is torn up and burned to recover enough gold to pay for its replacement.
Do they really physically move the gold instead of just keeping track of who owns how many ingots?