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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 U.S. currently possesses the greatest hoard of gold in the world, at nearly 9,000 metric tons. The value of this gold, according to the World Gold Council is close to $400 billion. Show comments
This list of gold mines in the United States is subsidiary to the list of mines article and lists working, defunct and future mines in the country and is organised by the primary mineral output. For practical purposes stone, marble and other quarries may be included in this list.
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. Advertisement.
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 ...
China says it has discovered the world’s largest known deposit of gold, estimated to be worth over $80bn (£63bn).. The deposit at the Wangu goldfield in central China could yield more than ...