Welcome to the World's Largest Gold Vault

There is only one way in or out of the gold vault is through a narrow, 10-foot passageway cut into a 90-ton steel cylinder that sits within a giant steel-and-concrete frame.

(Courtesy Federal Reserve)

An Urban Fortress

From the distance, the Fed's New York building looks half like any other office tower in the financial district and half like a medieval fortress. Windows on the bottom three floors are covered by large, imposing iron bars. Up high is a circular tower. You almost expect to see a knight standing sentry.

Instead, armed guards from the Fed's security force circle the surrounding blocks with large, imposing automatic weapons.

Once inside the building -- there was a thorough security check -- I was told that taking pictures is strictly prohibited. A sign in the lobby warns: "All cameras must be checked. If pictures are taken, the film will be confiscated."

The Fed even forced me to leave a reporter's notebook and briefcase outside the vault. What was I going to do, sneak off with a bar or two? Maybe draw a map and then come back late at night and rob the place?

But forget all the guns, cameras and thick walls. The real security is the vault.

The gold vault -- about half the size of a football field -- was built and lowered into New York's bedrock in 1921 before the building was completed in 1924. Solid rock surrounds it on all sides.

Related

RSS Feed: Send News to Your Computer

Could Mortgage Crisis Take Down WaMu?

Markets Open Lower; AIG Is on the Brink

There is only one way in or out -- through a narrow, 10-foot passageway cut into a 90-ton steel cylinder that sits within a giant steel-and-concrete frame. The cylinder can actually be lowered three-eighths of an inch to create an airtight and watertight seal. Large bolts then get inserted into the cylinder, locking it into place. Timers prevent it from being opened again until the next business day.

Sounds like the most modern and sophisticated system, right? Not really. This low-tech system actually dates back to the vault's creation and works through power and computer outages.

The Federal Reserve's armed guards even have their own firing range on site to practice.

Nobody has ever tried to rob the vault, although the third "Die Hard" movie was based around a massive robbery of it.

Besides all the security, robbing the place would be a logistical nightmare.

Each bar weighs 28 pounds, but because of the density of the bars, they feel closer to 45 pounds. Workers must wear special metal covers over their shoes in case a bar falls on their feet. In one corner of the vault, the concrete floor is dented where some gold bars were once dropped.

When some workers passed by me, moving a couple million dollars' worth of bars, I made sure to stand back. I like my toes.

Not everything at the vault is super secret. In fact, 180 tourists a day are led through the vault on free guided tours. You have to listen to a speech about monetary policy but then you get to see the gold. But book far in advance, the tours are almost always at capacity.

And unfortunately, you don't get to take a little bit of gold home with you.