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New York City | The Gold Capital of The World
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New York City | The Gold Capital of The World

Picture of Kristian Kafozov
Updated: 24 April 2017
Gold is a cultural symbol of prosperity, wealth and luxury, used throughout time as a medium of economic exchange. Today, nearly 75% of the world’s gold reserves are located within the USA and almost 27% alone are found underneath NYC’s Financial District in Downtown Manhattan. After exploring the secrets of the Federal Reserve’s Gold Vault, we recommend a visit to the boutique Goldbar.

Gold Vault, Federal Reserve Bank of New York

The Federal Reserve System is America’s central bank, headquartered in Washington DC; however the branch in New York is foremost in importance since it is located close to the World Trade Center and Wall Street, and its underground vault stores a significant concentration of all the gold that has even been mined throughout human history. Here, on the fifth sub-floor (80 feet below street level) a total of around $368.5 billion exists as gold bullion, stored in the form of approximately 530,000 gold bars at the weight of 6,700 tons located inside the world’s largest single gold vault.

 

The vault is safeguarded by a complex security system, which includes a 90-ton steel cylinder protecting its only entry way as well as constant surveillance and armed patrol. This vault rests on the bedrock of Manhattan island; one of the few foundations considered suitable to support the mass of this gold. The gold bars themselves are not 100% pure but are instead mixed with silver or platinum so that they retain their shape as forged rectangular bricks. Their market value is variable depending on each bar’s weight, purity level and the prevailing market price for gold at the official price of $42.22.

 

The Fed acts a guardian for these gold reserves, a lot of which are actually owned by over 60 sovereign nation-states and some international organizations such as the IMF and World Bank. The Fed’s vault only secures international gold reserves and no high net worth individuals or private corporations are allowed to use it; not even the likes of Goldman Sachs.

Every year, tens of thousands visit from around the world for a free public tour, though pre-registration in advance is essential in order to go past the security at the colossal castle which houses the Federal Reserve Bank of New York.

 

Goldbar

If, by any chance, you end up feeling like a ‘Gold Bug’ investor walking down Wall Street after spending some time down in the Gold Vault, we recommend you pay a visit to NYC’s Goldbar, located between the trendy SoHo and festive Little Italy neighborhoods.

 

Golden in its reputation, visitors will notice a spectacular gilded décor and stack of miniature skulls and chains that adorn its halls. The inside conveys a sense of sophistication – ironically more so when there is no one at the dance floor since only then do the lights fully expose the glitter of the gilded interior. Owned by Jamya Cardosa and Jamie Mulholland, Goldbar is marketed as an exclusive night club which has been featured in the series of an NBC TV program and has hosted a number of Hollywood celebrities and popular musicians like Lady Gaga since it opened.

 

<b><a href=”http://www.newyorkfed.org/aboutthefed/goldvault.html#goldcustody”>Gold Vault, Federal Reserve Bank of New York </a>@ Downtown Manhattan NY</b><i><a href=”https://www.google.com/maps/place/Federal+Reserve+Bank+of+New+York/@40.708506,-74.008723,17z/data=!3m1!4b1!4m2!3m1!1s0x89c25a179906015b:0xf852558eb9a54257″>Federal Reserve Bank of New York, 33 Liberty Street, New York NY </a>+1 212 720-5000</i>The <a href=”http://www.federalreserve.gov”>Federal Reserve </a>System is America’s central bank, headquartered in Washington DC; however the branch bank of New York is foremost in importance since it is located close to the World Trade Center and Wall Street and is the site of an underground vault that stores a significant concentration of all the gold that has even been mined throughout human history. Here, on the fifth sub-floor (80 feet below street level) a total of around $368.5 billion exists as gold bullion, stored in the form of approximately 530,000 gold bars at the weight of 6,700 tons located inside the world’s largest single gold vault. This <a href=”http://www.newyorkfed.org/aboutthefed/goldvault.html#goldcustody”>gold vault </a>is safeguarded by a complex security system, which includes a 90 ton steel cylinder protecting its only entry way as well as constant surveillance and armed patrol. This vault rests on the bedrock of Manhattan island; one of the few foundations considered suitable to support the mass of this gold. The <a href=”http://rt.com/op-edge/gold-manhattan-new-york-594″>gold bars</a> themselves are not 100% pure but are instead mixed with silver or platinum so that they retain their shape as forged rectangular bricks. Their market value is variable depending on each bar’s weight, purity level and the prevailing market price for gold at the official price of $42.22.The Federal Reserve, since the end of World War II, has acted as an official guardian for these gold reserves, a lot of which are actually owned by over 60 sovereign nation-states and some international organizations such as the IMF and World Bank. The Fed’s vault only secures international gold reserves and no high net worth individuals or private corporations are allowed to use it; not even the likes of Goldman Sachs.Every year, tens of thousands visit from around the world for a <a href=”http://www.newyorkfed.org/aboutthefed/visiting.html”>free public tour</a>, though <a href=”http://www.newyorkfed.org/aboutthefed/visiting.html”>pre-registration </a>in advance is essential in order to go past the security at the colossal castle which houses the Federal Reserve Bank of New York. <b><a href=”http://www.goldbarnewyork.com/”>Goldbar</a> @ SoHo and <a href=”http://www.littleitalynyc.com/”>Little Italy</a> NY</b><i><a href=”https://www.google.com/maps/place/GoldBar/@40.720379,-73.997113,17z/data=!3m1!4b1!4m2!3m1!1s0x89c25988fa4da483:0x35f708fa4633a9e3″>389 Broome Street, New York NY</a> +1 212-274-1568</i>If, by any chance, you end up feeling like a “<a href=”http://en.wikipedia.org/wiki/Gold_bug”>Gold Bug</a>” investor walking down Wall Street after spending some time down in the Gold Vault, we recommend you pay a visit to NYC’s Gold Bar, located between the trendy SoHo and festive <a href=”http://www.littleitalynyc.com/”>Little Italy</a> neighborhoods, not too far from Downtown Manhattan. Golden in its reputation, visitors will notice a spectacular gilded decor and stack of miniature skulls and chains that adorn its halls. The inside conveys a sense of sophistication, ironically more so when there is no one at the dance floor since only then do the lights fully expose the glitter of the gilded interior. Owned by <a href=”http://ny.eater.com/2007/2/27/6818641/eater-inside-goldbar”>Jamya Cardosa</a> and <a href=”http://ny.eater.com/2007/2/27/6818641/eater-inside-goldbar”>Jamie Mulholland</a>, Gold Bar is marketed as an <a href=”http://gotham-magazine.com/dining/articles/nolitas-new-and-improved-goldbar”>exclusive night club</a> which has been featured in the series of an NBC TV program and has hosted a number of <a href=”http://socialyeti.com/best-nyc-nightlife-hotspots-to-party-with-celebrities/”>Hollywood celebrities </a>and popular musicians like Lady Gaga since it opened. Also, it is located in a nearby multicultural area which is surrounded by a broad range of restaurants from traditional Italian-American to exotic Asian-American and everything in between. You are sure to meet people from all over the world whether they are cosmopolitan New Yorkers or world travelers at Gold Bar. Overall, it’s certainly a <a href=”http://elitedaily.com/envision/10-reasons-go-goldbar-weekend/”>nice night club</a> to go visit for those in town who are in the “<a href=”http://en.wikipedia.org/wiki/Gold_bug”>Gold Bug</a>” or perhaps even “<a href=”http://en.wikipedia.org/wiki/Gold_digger”>Gold Digger</a>” mindset for the day or the night. </p>

Also, it is located in a multicultural area which is surrounded by a broad range of restaurants from traditional Italian-American to exotic Asian-American and everything in between. You are sure to meet people from all over the world, whether they are cosmopolitan New Yorkers or world travelers at Goldbar. Overall, it’s certainly a nice night club to go visit for those in town who are in the ‘Gold Bug’ mindset for the day or the night.

Goldbar, 389 Broome Street, New York, NY, USA, +1 212-274-1568

 

Kristian Kafozov