54Million Ounces Of US Gold Located At West Point
54Million Ounces Of US Gold Located At West Point by Rory for The Daily Coin
Hat tip to Louis Cammarosano, smaulgd, for bringing this story to my attention. This is one of those rare finds that can help to disprove some of the noise that travels around.
Just as Russia allowed a camera crew inside their central bank vault to showcase all their gold holdings, it seems that Fox News in New York was granted a very rare glimpse inside the West Point Mint where you will find 54 million ounces of gold stacked in bars and coins.
2,600 400 ounce “good delivery bars” are stacked on the massive shelving units that the gold community has seen on the rare occasions when cameras have been inside a bullion bank gold vault. There is silver stored at this particular location, however, none was shown in the video part of the report.
“We’ve got approximately 54 million ounces here that we store, which is about 22% of the nation’s gold,” Ellen McCollum says from her office.
McCollum is the Superintendent of the West Point Mint; a facility built the same year as Fort Knox and originally housed the nation’s silver.
Most of that silver was sold off and now, the latest treasury department numbers show West Point is second only to Fort Knox in the amount of government gold in its vaults.
It’s stored as bullion: big, heavy bricks of solid gold and silver.
FOX 5 NY was granted rare access — supervised of course — to one of their highly secure vaults. Source
The question is why are they allowed access to the gold vault?
We know one of the reasons is to announce the new “W” minted quarter. There will be 10 million quarters minted, for everyday circulation, with the “W” mint mark. This has never happened in the 227 years of West Point Mint history. These coins will be rare and collectible. While 10 million is a very high number, it represents less than 1% of the overall quarter dollar mint production for 2019.
‘W’ is for West Point and throughout 2019, West Point will strike a total of 10 million circulating quarters in five different ‘America the Beautiful’ styles.
They’ll then be mixed in with the roughly two billion normal quarters from the Mints in Denver and Philadelphia.
Number crunchers take note: that means only about 0.5% of all new quarters in 2019 will bear the West Point Mint Mark.
And the only way to get one is to check your pockets. “For anybody who collects coins, to find this is a real prize,” McCullom says. Source
We still want to see inside Fort Knox and we want to see some of these bars assayed by a third party. No, I don’t trust the government, the Federal Reserve or any of the people in charge of handling my gold – never have and never will. They haven’t done anything to earn my trust or respect. Trust and respect are earned not granted. Name one thing the government has done to earn any respect – name one thing the Federal Reserve has done to earn any respect.