This warehouse containing more than 6,000 tons of gold is so safe that it is open for everyone to see for free

Gold storage is one of the financial services that the Federal Reserve Bank of New York (New York Fed) provides to central banks and international organizations on behalf of the US Federal Reserve System. globally. The New York Fed's gold warehouse is located in the basement of a building located in Manhattan.

Most of the gold in this warehouse was transferred during and after World War II. At this time, many countries needed to store their gold reserves in a safe place. At its peak, the New York Fed's gold vault contained 12,000 tons of gold.

However, gold deposits and withdrawals have since slowed down. As of 2019, the total amount of gold in this warehouse is about 497,000 bars, with a total weight of about 6,190 tons. The gold vault can withstand this weight because it is located on the bedrock of Manhattan Island, which is lower than sea level.

To store a huge amount of gold, the vault has an area equal to half a football field and is designed to lie on the rock foundation of Manhattan Island.

The only way into the tunnel is a 7m long steel cylinder, 2.74 meters high, and the door weighs 90 tons. This pillar is encased in 140 tons of concrete and steel that no bomb can destroy.

When closed, this assembly creates a tight seal of air and water. At the same time, four steel bars were inserted into the holes in the steel pillar and a time clock was attached, locking the gold store until the next day.

The surrounding walls of the cellar are built of granite, so no thief can penetrate them or be destroyed by bombs.

The inside and outside of the warehouse are monitored 24/24 by a strict security system including sound monitoring devices, security cameras as well as motion sensors (when the warehouse door is closed).

Finally, there is a layer of protection from the security staff of the New York Fed and the armed police force of the US Federal Reserve with strict procedures.

The gold bars are transported by elevator to the basement, where they are then controlled by a team of three managers: two gold warehouse employees and one New York Fed internal auditor.

Whenever gold is moved or a compartment in the vault is opened—even when a light bulb is changed, these three people must be present to ensure the gold remains safe and secure.

To ensure the rights of the owner, all gold bars brought into the warehouse are carefully weighed and tested for purity. All important information will be fully and carefully recorded in New York Fed records to ensure the exact amount of gold that customers have previously sent will be returned.

With a strict security system, the New York Fed's gold warehouse has never faced thefts. The New York Fed even organizes free gold warehouse tours for residents and students every day of the week, except Saturdays, Sundays and holidays.

People will be able to visit the gold warehouse for 1 hour in the afternoon, from 13:00 to 14:00 from Monday to Friday (except holidays). Meanwhile, students will be able to visit the gold warehouse for 1 hour in the morning from 10 a.m. to 11 a.m. The maximum number of visitors at one time is 25 people.

Samuel Daniel

Update 01 April 2024