Foreign gold (like Germany's) is custodied at the NY Fed vault, not Fort Knox (that's US Treasury gold only).
Historically: shipped to the US in WWII/Cold War for safety—Europe faced invasion risks, US was secure/neutral. Stayed for easy trading/settlements in the dollar-based NY market + ultra-secure storage. US doesn't own it; central banks can withdraw anytime (Germany already repatriated ~2/3 since 2013). Recent calls to finish due to geopolitics.
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