All the central banks in the world have gold in their reserves, as only gold is the ideal value. They know full well that when economic problems occur and paper money depreciates, only gold remains its only valuable asset. Gold is real money that is never subject to depreciation and partner risk.
But who has the state gold in the United States? By law, gold is owned by the U.S. Treasury Department, which is responsible for protecting it. But for what purpose does the Ministry of Finance store gold? To offset financial risks or according to tradition, as Fed chief Ben Bernanke recently said?
The U.S. Treasury stores gold as required by law. The Gold Reserve Act of 1934, a notorious Franklin Roosevelt executive order, states that the U.S. government becomes the owner of most of the nation’s gold, which will be held under the supervision of the Treasury Department. In exchange for the “voluntary” delivery of gold, the country’s citizens received “legal money” (Fed bills). The amount of compensation was $ 20.67 per ounce. Interestingly, when all the gold was collected from the population, the Treasury raised the cost of an ounce of gold to $ 35, thus reducing the value of the “legitimate money” the U.S. government had just paid its citizens for easy gold.
Chapter 8 of the Gold Reserve Act allows “the Ministry of Finance to sell gold in the public interest and the proceeds of the gold sold must go to the treasury. The Ministry of Finance also has the right to sell gold, which should be maintained as collateral for the currency issued, only to the extent that it allows the gold and dollar parity to be maintained. “