Juicy Details on the US Gold Reserves
With the spot price of gold hovering around another all-time record high today, at $1,068 an ounce, one starts to wonder if the US gold reserves could in fact help provide for the nation as its financial reckoning day gets underway.
It’s doubtful but, without knowing exactly where gold is headed, it’s impossible to know. Either way, a good place to start is by examining exactly how much gold the US currently has on hand. It’s well known that US has the biggest gold reserves of any individual country, but beyond the main figures it’s not necessarily easy to track down a more detailed assessment.
Tackling the task head on, Jesse’s Café Américain examines the issue and finds several key points:
“The US currently holds 261,499,000 fine troy ounces in its reserves. US International Reserve Position, US Treasury
“The gold is valued on the books at $42.2222 per fine troy ounce.
“This represents a total value of $11,041,063,078.
“This value appears on the Treasury’s International Reserve Position US Treasury on Line 4.
“Since there are 32150.7466 troy ounces in a tonne, the US Treasury is holding 8,133.528072 tonnes of fine gold.”
The complete information provided by Jesse’s Café Américain is an insightful start for considering the present value of the reserves, and it also includes details on the Federal Reserve Gold Certificates.