The Fed has long claimed its vaults hold the world's largest gold stockpile worth as much as $260 billion. But some "wonder if the bank is hiding something about what it's hiding," in the words of the Wall Street Journal. As one precious-metals analyst explains, the Fed has "never in its history provided any proof" of its gold stores beneath lower Manhattan.
Visitors see only a sample of bars—which some suspect could be gold-plated tungsten of an equal weight—and only auditors and account holders are allowed to review records; the last audit of Fed gold, involving 367 samples, was in 2012.
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