"Refined" by degree, and it varies significantly. A lot of what is in Ft. Knox is said not to meet modern standards.
There was talk about that on here, a while back. A lot of US stored gold reserves are in the form of bars melted from US Gold coins, when FDR made owning most gold by private citizens illegal. Those bars are 90% pure like the coins were. Not 24 karat and nearly 100% pure. I guess world markets deal mainly in pure gold and ours would require refining to meet it or be discounted accordingly. I would like to know the results of an oipen, honest inventory of all our gold. Even though there are no plans (that I know of) to start trading it, are there?
Why is China supposedly buying so much for their reserves? Thoughts?