As you might imagine, there is very heavy security around the building and to get into the building – printed tickets, photo ID, metal detectors, etc. And there are no photos, calls or texting allowed inside the building. They will physically walk you out of the building if you pull your cell phone out of your pocket!!
All of that said, the tour was really interesting. They have a very nice museum and as you walk around they explain the whole history of the Federal Reserve and it’s various functions. But the highlight is when they take you down (way down – 80 feet underground!) to the gold vaults! The New York Federal Reserve has the largest storage of gold bullion in the world – larger than Fort Knox! This is because the Federal Reserve Bank of New York stores gold for many other governments and international organizations where Fort Knox only stores the gold for the US. The vault currently stores 6,200 tons! of gold worth something like 250 Billion$$.
The largest account currently in the vault holds 107,000 gold bars – the smallest has 1 bar! When I asked if the vault in New York is like the vaults in the other Federal Reserve Banks, I was told that the New York Federal Reserve Bank is the only Fed bank that stores gold! It’s all here in New York!
Obviously they also manage cash distribution and collection. And when our guide was explaining that whole process we learned another interesting factoid – ATMs in the greater New York area go through $1 Billion A DAY!
I thought it was a great use of a couple hours, so if you’re in New York, just get on the web and schedule a tour of the New York Federal Reserve Bank. I guarantee you will never see so much gold in one place ever!! It’s just mind boggling.
Tomorrow – off to the Frick Gallery.