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Its purpose was to house gold then stored in New York City and Philadelphia, in keeping with a strategy to move gold reserves away from coastal cities to areas less vulnerable to foreign military attack. The first set of gold shipments to the depository occurred during the first half of 1937. A second set was completed in 1941.
The West Point Mint is a U.S. Mint production and depository facility erected in 1937 near the U.S. Military Academy in West Point, New York, United States.As of 2019 the mint holds 22% of the United States' gold reserves, or approximately 54,000,000 troy ounces (1,700,000 kg) [2] (over $100 billion USD as of 2021).
The West Point facility is still used for storage of part of the United States' gold bullion reserves, and West Point is now the United States' production facility for gold, silver, platinum, and palladium American Eagle coins. [22] In 2019, West Point produced limited quantities of circulating quarters bearing the "W" mint mark for the first time.
The quest for gold has long spurred humankind's bold exploration of new frontiers. From the Age of Discovery, to the American westward migration that followed, the promise of untold treasures over ...
At least 15 countries and organizations hold gold reserves valued at more than $20 billion. The U.S. currently possesses the greatest hoard of gold in the world, at nearly 9,000 metric tons.
The primary risks for physical gold — at least gold stored at home — are theft and natural disasters, says Brett Elliott, marketing director at the American Precious Metals Exchange (APMEX ...
Official U.S. gold reserve since 1900 Changes in Central Bank Gold Reserves by Country 1993–2014 Central 2005 and 2014. A gold reserve is the gold held by a national central bank, intended mainly as a guarantee to redeem promises to pay depositors, note holders (e.g. paper money), or trading peers, during the eras of the gold standard, and also as a store of value, or to support the value of ...
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