FOREIGN TRADE: Vanishing Exchange

Last week some $500,000,000 of Allied gold arrived in Manhattan. It was unloaded from 120-odd trucks behind machine guns at the Federal Reserve Bank entrance on Maiden Lane, carried into subterranean vaults whose outer flanks are lapped by seepage of the sea. Like a cloudburst over the cataract that has brought $12,000,000,000 of gold to the U. S. since 1934, this $500,000,000 raised the total monetary gold owned or held in the U. S. to around $2 1, 000,000,000, of which over $19,000,000,0001s U. S. Government-owned. This is over 60% of all...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!