When is $11 billion actually $335.5 billion?

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Answer?  When you are talking about the value of the U.S. Government owned gold reserve.

The actual gold bullion, minted coins, blanks and other gold materials are measured by the ounce for the purpose of inventorying the stash that backs our currency.  However, the Department of the Treasury reports the Book Value of all that 24k goodness at the values stated in 31 USC § 5116-5117.  The statutory rate is $42.2222 per Fine Troy Ounce of gold. The market value of the gold reserves, based on the London Gold Fixing as of September 29, 2017, was $335.5 billion.

Historic City News editor Michael Gold obtained the most recent, current status report while visiting the US Mint in Denver.


Status Report of U.S. Government Gold Reserve

Current Report: October 31, 2017

Summary

Fine Troy Ounces

Book Value

     
Gold Bullion 258,641,878.085 $10,920,429,099.23
Gold Coins, Blanks, Miscellaneous 2,857,048.156 120,630,858.67
     
Total 261,498,926.241 11,041,059,957.90
     
Mint-Held Gold – Deep Storage    
     
  Denver, CO 43,853,707.279 1,851,599,995.81
  Fort Knox, KY 147,341,858.382 6,221,097,412.78
  West Point, NY 54,067,331.379 2,282,841,677.17
Subtotal – Deep Storage Gold 245,262,897.040 10,355,539,085.76
     
Mint-Held Treasury Gold – Working Stock    
  All locations – Coins, blanks, miscellaneous 2,783,218.656 117,513,614.74
Subtotal – Working Stock Gold 2,783,218.656 117,513,614.74
     
Grand Total – Mint-Held Gold 248,046,115.696 10,473,052,700.50
     
Federal Reserve Bank-Held Gold    
     
Gold Bullion:    
  Federal Reserve Banks – NY Vault 13,376,987.724 564,805,851.07
  Federal Reserve Banks – display 1,993.321 84,162.40
Subtotal – Gold Bullion 13,378,981.045 564,890,013.47
     
Gold Coins:    
  Federal Reserve Banks – NY Vault 73,452.066 3,101,307.82
  Federal Reserve Banks – display 377.434 15,936.11
Subtotal – Gold Coins 73,829.500 3,117,243.93
     
Total – Federal Reserve Bank-Held Gold 13,452,810.545 568,007,257.40
     
Total – U.S. Government Gold Reserve 261,498,926.241 $11,041,059,957.90

Deep Storage:  That portion of the U.S.Government-owned gold bullion reserve which the Mint secures in sealed vaults that are examined annually by the Treasury Department’s Office of the Inspector General and consists primarily of gold bars.

Working Stock:  That portion of the U.S. Government gold reserve which the Mint uses as the raw material for minting congressionally authorized coins and consists of bars, blanks, unsold coins and condemned coins.

The gold reserve held by the Department of the Treasury is partially offset by a liability for gold certificates issued to the Federal Reserve Banks at the statutory rate, which Treasury may redeem at any time.

 

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