You can see the original report at the Fed's own website at But don't refer to it unless you like mathematical formulae! The economists engaged by the Fed seem to conclude that the holding of gold is economically inefficient, which it 'proves' to the satisfaction of its authors. The weakness is that the proof starts by assuming that given wealth generating alternatives holding a secure reserve is inefficient use of resources. This should be conceded by anyone.  The proof only validates its own assumption, which is a sham.