the vault of the Federal Reserve Bank of New York (hereinafter referred to as the New York Fed) is known as “the safest warehouse in the world”, and German gold is placed in the vault on the fifth floor underground of the New York Fed. The vault is about 25 meters from the ground and 15 meters below the sea level. It is directly built on the granite shelf under Manhattan Island. Germany has repeatedly asked to have a look at its gold reserves, but the United States has repeatedly refused on the grounds that “it may cause security risks and procedural problems to the vault”.
in 1968, the staff of the Federal Reserve Bank of New York were sorting out the gold bars in Federal Germany.
reprinted this article only for the purpose of information dissemination, which does not mean that it agrees with its views and positions.
industrial power Germany has up to 3400 tons of gold reserves, second only to the superpower the United States in the world. However, more than half of this batch of gold, known as the “last treasure of Germany”, is stored in New York, London and Paris. It turned out that during the cold war, in the face of the threat of the Soviet Union, the federal government of Germany decided to transfer gold reserves “as far west as possible” in order to take precautions. German “Star” weekly recently disclosed this unknown history.
the safest warehouse in the world
the vault of the Federal Reserve Bank of New York (hereinafter referred to as the New York Fed) is known as “the safest warehouse in the world”, and German gold is placed in the vault on the 5th floor underground of the New York Fed. The vault is about 25 meters from the ground and 15 meters below the sea level. It is directly built on the granite shelf under Manhattan Island. To enter the vault, you have to go through the curved underpass and five thick iron gates. At the entrance, heavily armed security guards walked back and forth vigilantly. The sign at the entrance reads: “gold is unstoppable”. After an employee of the New York Fed operated, the door opened. The guards moved another 82 ton device, and the glittering golden wall appeared in front of them.
this warehouse is the largest gold warehouse in the world, with a total of 550000 gold bars, each weighing about 12.5kg, 25cm long, 99.5% purity and a total value of US $90 billion. The protective measures here are quite complex. As long as one wrong move, all doors will be closed in five seconds. This is a fortress. In the past 80 years, no robber has dared to take risks.
the warehouse of the New York Fed calls itself the “gold Guardian”. 60 countries hide their gold reserves here, including American allies and American “enemies”. However, the names of these countries are not written on the door of each warehouse, only the number of gold reserves.
Germany has repeatedly asked to have a look at its gold reserves, but the United States has repeatedly refused on the grounds that “it may cause potential security risks and procedural problems to the vault”. This treatment is not even as good as tourists. At least, tourists from all countries can take the elevator to the entrance of the underground vault after applying in advance, and take a group photo in front of the 140 ton steel safety door fixed on the concrete. In 2007, German central bank officials were finally allowed to take a look at German gold bars in a special reception room. The Germans also took out a few pieces and weighed them. The New York Fed asked Germany not to disclose the situation.
“heritage of economic miracle”
Germany’s gold reserves are “heritage of economic miracle”. After World War II, the Federal Republic of Germany (West Germany) vigorously developed advantageous industries. In addition to automobiles, machinery manufacturing and chemical industry went hand in hand. From 1950 to 1970, the average annual economic growth rate of West Germany reached an alarming 10%.
the West German government, which has learned profound lessons from history, strives for insurance in monetary policy. After World War II, the West German government had little gold reserves until 1951, the predecessor of the German central bank, the West German Federal central bank, purchased 500 kilograms of gold. Since then, West Germany has more and more gold reserves. 20 years later, it has become the second largest gold reserve country in the world. In West Germany, there is also an upsurge of private gold reserves, and its total amount even exceeds the national reserves. The Adenauer government of West Germany believes that, on the one hand, gold reserves can build trust at home. On the other hand, when a crisis occurs, gold can be converted into foreign currency in the shortest time, which can resist the possible currency crisis.
however, the Germans who were taken over by the Western allies and the Soviet Union after the war had no sense of security. West Germans, in particular, were very afraid of the Soviet invasion during the climax of the cold war in the 1950s and 1960s. Worried about the influx of Soviet tanks, the West German government finally decided to store the gold “as far west as possible and as far away from the iron curtain”.
during this period, West Germany accumulated a large foreign trade surplus with Britain, France and the United States. It needs the military protection of these former occupying powers, which are in short supply. Therefore, West Germany provided some loans to Britain, France and the United States, and formulated a “gentleman’s agreement”, that is, West Germany deposited gold in these countries. This can increase trust, and the “occupying power” can privately misappropriate some when it can’t turn around. After that, the West German government decentralized its gold reserves to the central banks of these countries.
do not learn from France and strive for the protection of
by the United States. There is also an element of reward for West Germany’s doing so. At the end of World War II, the United States relied on its strong strength to implement the Marshall plan to help West Germany recover its collapsing economic system. Through its participation in the organization for economic cooperation and development, West Germany has received various forms of assistance from the United States, including finance, technology, equipment and so on.
in order to please the Americans, bresheng, the governor of the West German central bank, who was in office from 1958 to 1969, also wrote a letter of guarantee to assure the Americans that Germany would not convert its currency into gold for the stability of the world exchange rate, that is, the gold reserve of West Germany was constant in a certain amount. After 1973, the West German Central Bank