Gold Confirmed In One Location, Another Piece To Plan Added: TraderStef

• A rare look inside the West Point Mint’s massive gold vaults and coin operations
  by Joe Toohey, FOX 5 NY
  WEST POINT, N.Y. (FOX 5 NY) – About an hour and a half’s drive north from New York City lies a treasure — the gold kind. But it’s not one that you can go and find. In fact, you can’t get anywhere near it. Because this treasure belongs to the United States Treasury.
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  Nearly a quarter of the U.S. government’s gold sits beneath a windowless building on the campus at West Point.
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  “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.
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  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.
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  FOX 5  NY was granted rare access — supervised of course — to one of their highly secure vaults. Officials had to cut a numbered seal to open it. We weren’t allowed to shoot any video of the security process at West Point. But let’s just say, it was robust — and for good reason.
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  In that one vault, there are 2,600 bars of gold bullion. At today’s market value, each bar is worth about $500,000. That means that in that one vault, there is about $1.3 billion worth of gold, and that’s not counting the silver.
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  “All the security that’s required is here to secure these assets,” McCullom says. “Trust me, I’ve been here a very long time and we haven’t lost anything.” They don’t take any chances, even employing assayers who use sophisticated chemical processes, including putting the gold in a 900 degree Celsius furnace to burn it down to the raw elements. It’s all to make sure the gold they acquire, is actually gold.
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  “It’s my job to certify to the American public that it is 99.9% pure gold,” Chief Assayer Jeannette Grogan says. But storing and protecting the Treasury’s gold isn’t all that happens at West Point.
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