Could we be seeing a run on the Federal Reserve Bank of New York? Jim Rickards thinks we just might be. But it’s not your typical cash run. It’s a run on the bank’s gold.
The classic image of this is the scene from the Christmas-season film It’s a Wonderful Life, with Jimmy Stewart. We’ve all seen it. Now, something similar is happening at the Federal Reserve Bank of New York. What’s different is that the run on the bank involves gold, not cash. The New York Fed will never run out of cash because they can print all they need. But they could run out of gold.”
