Venezuela Transfers Gold Reserves from London to New York Fed Vault

The Federal Reserve Bank of New York's vault in Manhattan is home to approximately 507,000 gold bars, weighing around 6,331 metric tons and valued at roughly $900 billion. The majority of this gold does not belong to the US government or the Fed itself but rather serves as a custodian for other central banks, governments, and international organizations.

Recently, it was announced that Venezuela's gold reserves, currently stored in London, are set to be transferred to the New York Fed vault. This move comes after years of dispute between the Venezuelan government and opposition, with the UK courts consistently ruling that Nicolás Maduro had no legitimate claim to the gold.

According to a recent survey by the World Gold Council, only 14% of central banks store their gold at the New York Fed, down from 17% last year. Meanwhile, London's share of central bank gold has slipped from 64% to 57%. This trend suggests that countries are increasingly looking to repatriate their gold reserves and store them within their own borders.