Dylan Breslin blogs that according to a CNBC.com (Jan. 15, 2013) article, gold that belongs to the U.S. is held at Fort Knox. The New York Fed holds gold that has been deposited by other countries for safe keeping. During the Cold War, Germany moved much of its gold to New York in case the USSR invaded Germany. There is approximately 1,536 tons of German gold held by the Federal Reserve in New York. In 2013, the Bundesbank, the German central bank, announced it planned to repatriate some of its gold holdings from the New York Federal Reserve and the Bank of France. The Bundesbank intends to move 300 tons of gold from New York to Frankfurt by 2020. The Zero Hedge posted an interesting article regarding global gold leasing which could hinder the movement of gold from New York to Germany. The gold is leased by the Federal Reserve to bullion banks, which typically pays 1% interest to the Fed, with a promise to return it on a specific date.
The bullion bank then sells the gold on the open market, at 3 to 4% return, and uses the proceeds to buy Treasury bonds. The Lessor, the Fed, continues to claim the gold on its balance sheet as gold and gold receivables. Rationale ... An asset, gold, that has been leased out is still an asset, even if it has been sold by the lessee (bullion banks). And finally, since we are discussing the global gold supplies, here are the top four Gold Producing Countries in 2014 ... China = 450 metric tons (mt) Australia = 270 mt Russia = 245 mt United States = 211 mt All of China gold mine supply stays in the country, as does the majority of Russia. However, Australia and the U.S. export the majority of their domestic mine supply. Thus, the East continues to trade worthless fiat money or U.S. Treasuries for gold while the West manufactures more paper derivatives and debt.
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