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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 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 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).
Elon Musk urged U.S. officials to audit how much gold is at the Fort Knox military base in Kentucky, addressing decades-old conspiracies that the U.S. gold reserves are no longer there. The senior ...
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).
The Bank of America analysts note that gold now makes up 10% of central bank reserves, up from 3% a decade ago. Read the original article on Business Insider Show comments
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The University of Texas Investment Management Company (UTIMCO) has gold bullion stored in New York, worth $647 million. [20] According to Lois Kolkhorst, HSBC Bank in New York City charges Texas a fee to store each individual bar of gold. [21] HB 483 does not require UTIMCO to move the $647 million in precious metals back to Texas.