You say,
"still count the Gold as being on their books"
OMG!!!!!!!!!!!
How many times do I have to say it,the Federal Reserve doesn't own any gold, so how can they trade it, sell it or lease it?
Be a good boy and write the following paragraph 100 times.
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Although the Federal Reserve does not own any gold, the Federal Reserve Bank of New York acts as the custodian of gold owned by account holders such as the U.S. government, foreign governments, other central banks, and official international organizations. No individuals or private sector entities are permitted to store gold in the vault of the Federal Reserve Bank of New York or at any Federal Reserve Bank.
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http://www.federalreserve.gov/faqs/does-the-federal-reserve-own-or-hold-gold.htm
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