The following infographic provides an excellent snapshot of how much gold is traded via the paper exchanges versus physical metals. It also breaks down percentages of where U.S. gold reserves are (supposedly) held. Keep in mind that the none of the United States gold reserves have ever been fully independendtly audited.
The Federal Reserve Bank of New York gold vault is the largest gold storage facility in the world, with 5,900 tonnes. It holds gold on behalf of 36 foreign central banks. It is 80 feet underground and located at the same level and directly across the street from JP Morgan’s gold vault.
It will be interesting when the music finally stops, to see who really has the gold. He who has the gold makes the rules.
US COMEX Gold Futures Market – An infographic hosted at BullionStar.com