It contained approximately 315 million troy ounces of gold early in 1991, comprising approximately 26 percent of the world's official monetary gold reserves. Confidence results from the bank being part of the Federal Reserve System, an agency of the U.S. government and the nation's central bank. The political stability and economic strength of the United States, as well as the physical security provided by the bank's vault are important factors. Convenience accrues from the international operations of the Federal Reserve Bank of New York. Besides handling foreign financial transactions for the U.S. Department of the Treasury and the Federal Reserve System, the bank, acting as an agent, often executes financial transactions in the United States for foreign central banks.
Centrality is due to the bank's location.
Having gold deposited in the trade and financial capital of the world's largest economy enables international payments to be made easily, quickly and inexpensively. The ability to make gold transfers between nations within the confines of the vault merely by moving bars from the compartment of one country to another was a major attraction. The gold stored in the bank is in the form of bars resembling construction bricks. When the gold is shipped to the bank it is stacked on wooden pallets like those used in warehouses. The elevator's movements are controlled by an operator located in a distant room who is in contact by intercom with the armed guards who are accompanying the shipment.