Juicy Details on the U.S. Gold Reserves
Source: The Daily Reckoning, Rocky Vega (10/13/09)
"Could U.S. gold reserves 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 U.S. currently has on hand. It's well known that the U.S. 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 U.S. currently holds 261,499,000 fine troy ounces in its reserves. U.S. International Reserve Position, U.S. 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 U.S. Treasury on Line 4.
Because there are 32150.7466 troy ounces in a ton, the U.S. Treasury is holding 8,133.528072 tons of fine gold.