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One hidden cost of this: If Texas wants to sell gold to someone else, and it's held at the NY Fed, it often just has to be rolled down the hall, which is pretty
by raldi 11y ago
One hidden cost of this: If Texas wants to sell gold to someone else, and it's held at the NY Fed, it often just has to be rolled down the hall, which is pretty easy from both a security and transportation point of view.
If they house it locally, they have to ship it to and from NYC or elsewhere to exchange it with others.
- Canada 11y ago> often just has to be rolled down the hall Would they even bother moving it at all?
- donatj 11y agoThey don't. The bars have serial numbers and there's a registry of owners
- mcphage 11y agoThe Ingotchain?
- hydrogen18 11y agoWhile your statement is meant to be ironic, yes that is pretty accurate. The same way a vehicle has a title and there are records indicating all of the owners, a bar of gold has some documents and a record of its owners.
- mcphage 11y agoIt's meant to be one of those ironic comments that still contain deep insight—prompting you to think of me as a flippant genius, like Tony Stark. fingers crossed that it worked