Magazine article The New American

Report Claims the Fed Owns the World's Largest Cache of Gold

Magazine article The New American

Report Claims the Fed Owns the World's Largest Cache of Gold

Article excerpt

Gold is valuable because it is rare and has properties that make it desirable. And according to a recently published report, it just got a whole lot rarer thanks to a buying spree by the world's central banks.

In its latest survey of the gold market, published March 11, the World Gold Council reports that central banks bought 336.2 tons of gold in the second half of 2015, up from the 252.1 tons purchased in the first half of last year and the 308.8 tons of gold they bought in the second half of 2014. "Central banks added to their gold reserves with renewed vigor in the second half of 2015, accelerating their purchasing programs as diversification of foreign reserves remained a top priority," the council explains in its summary of the report.

According to the figures published by the World Gold Council, the United States' central bank--known as the Federal Reserve--has 8,133.5 tons of gold stored . …

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