The three-story gold vault of the Federal Reserve building is located towards the western end of the site, next to Nassau Street. The vault rests on the bedrock of Manhattan, 24 m (80 ft) below street level and 50 feet (15 m) below sea level, and contains the largest known monetary gold storage reserve in the world. Where to start, if not in the United States of America, which has the largest gold deposit in the world. Gold is preserved in mints located throughout the country.
As far as we know, the largest amount of gold of any bank is found in the Federal Reserve Bank of New York. Its purpose was to house the gold that was then stored in New York City and Philadelphia, in accordance with a strategy to move gold reserves from coastal cities to areas less vulnerable to foreign military attacks. Tracking the estimated total amount of gold on the ground has become a popular activity for researchers, journalists, gold bullion traders and investors. Only 6 million troy ounces (178 metric tons) came from gold purchased in January 1934 under Executive Order 6102's gold purchase program (which required individuals and institutions to hand over only a small amount of their gold coins and ingots to the government), and 26 million troy ounces (800 metric tons) from domestic production and the return of scrap gold and coins after January.
These lower gold indices contrast with many 99.9% fine gold bullion coins minted in modern times, since older coins were intended for circulation, while newer coins are not. Much of the gold in the vault arrived during and after World War II, as many countries wanted to store their gold reserves in a safe place. The Polyus Gold Olympiad gold mine in the Krasnoyarsk region of Eastern Siberia (Russia) is the third largest operational gold deposit in the world. South Africa is home to Gold Field's South Deep gold mine, which is the largest facility of its kind in the world with 32.8 million ounces of mineral reserves.
While discussing the pros and cons of gold as an investment, Buffett commented that the total amount of gold on the ground could be shaped into a 68-foot cube. The New York Federal Reserve charges account holders a management fee for gold transactions, even when gold enters or leaves the vault or when their property is transferred (it moves between compartments), but otherwise charges no fees for storing gold. It currently holds approximately 147 million troy ounces (4,580 metric tons) of gold ingots, more than half of the gold stored in the Treasury. The factors that drove this growth included the revaluation of the price of gold (devaluation of the dollar) in 1934, which drove an increase in global gold production, political uncertainties in Europe, which caused capital flight to the United States, and rearmament programs in Europe, which increased.
So, if Western governments want this to work, maybe they should look at some variation in the gold standard? For example, allocate a gold reserve per capita or per person. After the verification process, the gold is moved to one of the 122 compartments of the vault, where each compartment contains gold held by a single account holder (meaning that gold doesn't mix between account holders). The market value of a gold ingot depends on its weight, level of purity and the current market price of gold.