Did I say the Fed? OH, I get it, was from the article.
Ft Knox is the Fed Gold depository.
It looks like the author did not know that.
Well, if Turkey took 19 tons of gold from some US bank I bet the security was super tight.
Fort Knox is the Treasury Gold Depository. The New York Fed stores over 5000 tons of gold belonging to foreign governments, foreign non-governmental organizations, and around 5 percent of the U.S. gold holdings.
It looks like the author did not know that.
I'm sure the author did.
Well, if Turkey took 19 tons of gold from some US bank I bet the security was super tight.
New York commercial banks hold gold for private individuals, commercial businesses, state and local entities but very little for foreign countries. From their standpoint why pay a bank to store gold when the Fed will do it for free?