"Dear US Mint, We Gave You The FOIA Funds, Now Give Us The Fort Knox Audit Documents!", November 2016 "US Mint Releases New Fort Knox "Audit Documentation". Your browser is out of date. Kids, Gifts for Fort Knox: "Glad Gold Is Safe!". The Eisenhower Administration Conducted The Last Audit Of Fort Knox In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. di Between 1933 and 1937, this increased . A Fort Knox physical gold audit in 1953 was anything but full, neither was the famous audit in 1974. noting that it was "over 20 years" since the last one. Sevenreports are missing. & Facilities, Shop All Fort Knox is home to more than 30 commands and organizations with a daytime population of about 26,260 Soldiers, civilian employees and Family members. At various times, it has been used to store other valuable items, such as the Declaration of Independence, one of the four copies of the Magna Carta, and the crown jewels of foreign nations. As will conclusions and speculation. In the meantime I will fire several new FOIAs at the Office of the Inspector General and others. For the first time photographing is being permitted inside the Depository.. Representative Alex Mooney (R . Medals, Email & Share this page: Army.mil. However, as Ive written in my post Where Did The Gold In Fort Knox Come From? Fort Knox Gold: Once upon a time, the Fort Knox Bullion Depository was a vast storehouse for American gold. For this post well focus on the continuing audits of U.S.-owned gold, as these audits should proof there is gold in Fort Knox. On February 25, 2015, I submitted a FOIA request in orderto obtain the audit reports drafted by the Continuing Audits Of U.S.-Owned Goldcommittee in 1975, 1976, 1978, 1979, 1982, 1983 and 1984. And the last time it was counted was actually in 1953." Select stock location for your desired country in the dropdown to view our inventory available in that country. Newborns, Gifts As required under the Cyanide Code, the mine was again audited against ICMI's Verification Protocol by independent professional third-party auditors within three . & Medal Programs, Tours teaching assistant pay netmums; when was the last time fort knox was audited. Official records claimed 20,000 tons in the 1950s. But by 1986, you had 97 percent was audited. Written by Jan Nieuwenhuijs, originally published at Voima Gold Insight. Quoting from the 1981 report: Gold at the Federal Reserve Bank of New York is audited periodically by examiners of the Board of Governors of the Federal Reserve System, Members of the Committee for Continuing Audits of United States Government-owned Gold representing the Mint and BGFO observed the audits at the invitation of the Board and the Federal Reserve Bank. Donate here, Idaho House Votes to Authorize State Gold & Silver Holdings, 34 Wyoming House Members Thumb Their Noses at Sound Money, Catch-22: Rate Hikes May Fuel Even MORE Inflationary Deficit Spending, Vermont Seeks to Become 44th State to Roll Back Sales Tax on Sound Money, Mississippi Legislature Votes Overwhelmingly to End Sales Taxes on Gold and Silver, VIDEO: President of Money Metals Exchange Joins Gold Standard Podcast to Discuss Sound Money Legislation, Iowa Seeks to End Capital Gains Taxes on Gold and Silver, Mississippi Bill Would End All Taxes on, Invest State Funds in, Gold & Silver, Kentucky Lawmakers Aim to End Sales Taxes on Sound Money, Missouri Senate Votes to End Income Taxes on Gold and Silver, Hold Monetary Metals in Reserve, Legislators Seek Repeal of Wisconsins Controversial Sales Tax on Gold and Silver. Telephone: (502) 624-2386. President Reagan last spring demanding that this be looked into immediately. The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product. The assayer is unknown and there was no assay report included in the audit report. Approximately half the U.S. Treasury's gold is located in the storage facility at Fort Knox Phone: +65 6284 4653, Chinas Secret Gold Supplier Is Singapore, Audits Of US Monetary Gold Severely Lack Credibility. Learn how your comment data is processed. However, how trustworthy is this system of accounting? The First Critical Observations. This is basically an affirmation that the bullion was up to snuff at the last audit, and has been sealed since. previous, back to In addition to the gold bricks, Bevin said he got to hold a 1933 double eagle, a $20 gold coin that was never circulated. Test yourself with this Cockney Rhyming Slang quiz. He said this, but there is no proof. The audit announced, however, would include just 20% of the gold. ALL COIN PROGRAMS, National Purple Heart Hall of In the 1980 report we can read the audit procedures and a few other snippets (well quickly jump through) that help us understand how and where the audits were conducted: Audit procedures included (1) inspecting the joint audit committee seals used to control compartments containing previously audited gold; (2) comparing the records for each compartment inventoried to the identifying information on the gold bars; (3) weighing, from each compartment inventoried, at least one randomly selected melt in each fifty melts (a melt, averages about 20 bars cast from one crucible of molten gold); (4) removing samples from a bar in each of the melts weighed and having the samples assayed; (5) verifying the mathematical accuracy of all inventory records; (6) verifying the inventoried gold to the institutions records; (7) verifying the quantities shown by the institutions records to the control accounts for gold maintained by the Bureau of the Mint and to the central accounts maintained by BGFO; (8) placing audited gold bars in compartments under Official Joint Seal and audit committee control; and (9) reviewing and evaluating internal controls and security procedures. Senate Majority Leader Mitch McConnell and other Kentucky politicians went to the United States Bullion Depository at Fort Knox for the first time since 1974, Reassurance: Treasury Secretary Steve Mnuchin tweeted out thanks to the US Mint and confirmed that the gold is all safe. This document also contains a summary of the 1980 audit which, by the way, isnt less detailed than the full 1981 report. Fort Knox gold subject of hearing. Thats 6 down, 7 more to go. "The last time anybody went in to see the gold, other than the Fort Knox people, was in 1974 when there was a congressional visit. . Daily free rolls! 4. "Glad the gold is safe!". With regardto my quest for all reports, lets have a look what US government departments could not deliver whatI was looking for: First was the Counsel to the Inspector General Department of the Treasury. According to the excel sheet the US Mint stores 312 tonnes in 9999 fine gold, spread over 3 depositories; Fort Knox 15 tonnes, Denver 100 tonnes, West Point 197 tonnes. Two tetrahedron-shaped chips were removed form the top and bottom of each bar assayed. Shortly after I got an email that statedmy request had been received and was being processed. The auditors were bored and decided to re-audit 1,700 tonnes. PBOC Gold Purchases: Separating Facts from Speculation. At the congressional hearing of the Gold Transparency Act (H.R. This suggests the gold at the FRBNY was stored so it could be easily transportedin and out of the vaults, possibly through a corridor to the adjacent private vault at 1 Chase Manhattan Plaza read this post by BullionStar gold researcher Ronan Manly for more information on the construction of the FRBNY vault and the connection to the vault across the street that was owned by JP Morgan, but recently bought by Fosun (October 2013), a Chinese investment conglomerate. Single mother faces 170 parking fine after overstaying at McDonald's for just 14 minutes while she treated Man had sex with his wife on bollard in protest after it had been erected by neighbour to stop him parking What will the next pandemic be? McConnell was part of a delegation of Kentucky politicians allowed inside the United States Bullion Depository at Fort Knox for the first time since 1974. Fort Knox is supposedly filled with 400 oz. Text Alerts, Contact Government-owned gold for which Treasury is accountable. Revealed: The top 10 fastest-growing destinations for UK pensioners retiring overseas. The monetary gold stock of the United States totals 276.0 million fine troy ounces valued at $11.7 billion at the official rate of $42.2222 per fine troy ounce, and is stored in various federal depositories (table attached), the largest of which is at Fort Knox, Kentucky. On the way to the vault, a literal mine field and an electric fence protectthe gold. Located in Kentucky, Fort Knox is a United States Army base whichhouses most of the US's gold reserves. CoinWeek: Rare Coin, Currency, and Bullion News for Collectors, it should be clear that the Deep Storage gold has not been audited by professionals, but the precious metals have been verified by imbeciles., submitted a number of Freedom of Information Act (FOIA) requests, Kolbe & Fanning Booksellers Buy or Bid Sale #3 Today Through March 15, Selections from Atlas Numismatics New Ancient, World Coin Inventory, Lesser Known History of the US Mint in Saudi Gold and Other Tales, Bitcoins and Physical Cryptocurrency in Stacks Bowers Auction. A separate post will be dedicated to KPMG. *For the audits performed in 1975, 1976, 1978, 1979, 1982, 1983 and 1984 under the continuing audits program allegedly 1 in 50 melts has been assayed, although there are no audit reports, nor assay reports, nor do we know who the assayer was. There can be no world reserve currency without appropriate gold reserves supporting it, providing essential confidence and credibility. Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. The Counsel to the Inspector General Department of the Treasury told me his department only had 4 of the 13 reports I was looking for. Scales at the Mint used to weigh the bars often didnt work properly. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. Great! By also inviting the press to witness the Congressional inspection, the Mint is clearing away cobwebs and re-assuring the public that their gold is intact and safe. His analysis has helped fill in the gaps about how much gold is passing into China each year, which is treated tantamount to a state secret by the Peoples Republic. As a result, the gold at the Bank [FRBNY] is considered unaudited. One of last year's uproars was the decision by US officials to carry out an audit of these gold vaults. By gathering information from audit reports from 1974 1986 (the ones I could get my hands on) and statements made at the congressional hearing in 2011 well analyze our way through this. The inspection by Members of Congress on September 23, 1974, of U.S. gold stocks stored at the Fort Knox (Ky.) Bullion Depository marks a unique departure from the long standing and rigidly enforced policy of absolutely no visitors, Mrs. Mary Brooks, Director of the Mint, announced today. After 20 years of Democratic presidents, the American public wanted to be sure that the gold confiscated from them was still there. One wonders: was this a simple oversight or some kind of conscious obfuscation effort? At its peak, 649.6 million ounces were stored at Fort Knox on December 31, 1941. While this sum is unreasonable, a crowdfunding campaign donated the total in less than 24 hours (strangely enough, the Mint never actually cashed Kooss check, and nearly all of the money was eventually refunded.). In October 1984, 4,136,046.924 fine ounces gold was reaudited. Gold verification at Fort Knox March 1998, page 2. Company Registration No. The Fort Knox facility, a hyper-secure fortress in Kentucky that is part of quintessential American lore, is . RSS Feeds . While the gold at Fort Knox was partially audited in the past, the gold at the Federal Reserve Bank of New York was never looked at. Furthermore, these audits found no exceptions of any consequence. It was established in 1918 as Camp Knox (named for Major General Henry Knox, first U.S. secretary of war), and it became a permanent military post in 1932. In response to a FOIA request the US Mint has finally released reports drafted from 1993 through 2008 related to the physical audits of the US official gold reserves. Though the media and members of government were allowed access in 1974 to take pictures, the last actual audit of Fort Knox occurred in 1953 immediately after President Dwight Eisenhower's inauguration. The results of the assays by Ledoux & Company and White Sands Missile Range presented by the OIG at the congressional hearing show nearly all 9999 fine gold (see exhibit 3, or read page 62 to 124 from this document). Cookies are also used for the purpose of handling our system and services. In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. The official story from OIG is that 100% of the gold stored at Fort Knox was audited in between 1974 and 1986, although there is no US government department that has the audit reports. Koos Jansen. It was a magnificent golden sunrise that inspired visions of glory, wealth, and beauty. Presidential Coins, Kennedy Half Inside the famed vaults at Fort Knox, Senate Majority Leader Mitch McConnell held a 27-pound gold bar in his hands Monday as part of the first civilian delegation to see most of the country's bullion reserves in more than 40 years. His advice to me was to try at the General Accounting Office (GAO) and National Archives for more reports. In addition to facilities in West Point and Denver, the Fort Knox facility-known as the U.S. Bullion Depository -stands out for its reputation as an impenetrable fortress. Kooss analysis of the procedures used found its rigor wanting in several key areas. Coin bars are assaying 899 to 901 per mille or 915 1/2 to 917 per mille,roughly 90 % pure, and these types of bars allegedly form the bulk of the US official gold reserves. Schultz from the New York Fed was part of the continuing audits committee and therefor the FRBNY was supposed to be audited. ', 'All I will say is that it is freakishly well secured,' he said. A waiting list may be required and part-time or hourly care may need special planning depending on demand, mission requirements, etc . Did audit reveal missing gold . Next, we can see Thorsons list he presented of physical gold audit reports of the continuingaudit program from 1974 to 1986. And there is more, a lot more. Interactive map reveals when you may see SNOW. My assumption is, these assays from 2004 2008 are all assays authorized by the OIG from 1993 2008 and therefor cover 3 % of the gold stored at the US Mint. Small quantities of gold are removed to test the purity during regularly scheduled audits. Government-owned Gold performed annual audits of Treasurys gold reserves from 1975 to 1986, placing all inventoried gold that it observed and tested under an official joint seal. Mint Medals, Shop All Paper As a result more than 1,700 tonnes at the Fort Knox and the Denver depository, that were both fully audited and sealed at that time, needed to be re-audited. It was decided to destroy several audit and assay reports and no less than 1,700 tonnes needed to be re-audited. However, in some instances, the rationale for moving gold from one compartment to another proved elusive. Moving on to the assay tests conducted at the US Mint. there has not been anyone allowed access to confirm the gold amounts that are supposedly stored at the Fort. The Armored Force School and the Armored Force Replacement Center began operations at Fort Knox in October 1940. . Since 1993, when we assumed responsibility for the audit, my office has continued to directly observe the inventory and test the gold. Compartments audited at Mint institutions and depositories are kept under official joint seal by representatives of the audit committee. GAO stands for General Accounting Office, OIG stands for Office of Inspector General. So, what's really inside Fort Knox? : 201217896Z CHARLOTTE, NC / ACCESSWIRE / May 26, 2021 / America's gold reserves would be audited for the first time in more than 60 years if a measure introduced yesterday by U. There Is No Proof All Gold Is In Fort Knox. Much of this newfound gold came into government coffers as a result of President Franklin Roosevelts executive order confiscating privately held gold in 1933. From the 1985 report: There was no assay report included in the audit report. Official Joint Seal inspection records from Fort Knox, June 1998 (courtesy of Koos Jansen through Freedom of Information Act). How can the IG be positive if he did not have access to the most basic documentation? But, the OIG disclosed assay reports of the audits of 3 % of the US official gold reserves stored by the Mint at the congressional hearing in 2011 (exhibit 3 and 4). About 000% of them were weighed. Day trip: Steve Mnuchin and his wife Louise Linton touched down in Kentucky earlier on Monday prior to the Treasury Secretary's tour of Fort Knox. Maybe a room or two full of gold but the rest is gone. Built in 1936, security access for the facility make it difficult to get access. Welcome to the Coronation! The answer is, he cant. You may consider submitting a FOIA request directly to the Treasury Department. 35 % first buy in bonus! No photographs were allowed, of course. You can change the usage of cookies in your browser. Coin Did The Dutch Central Bank Lie About Its Gold Bar List? The First Critical Observations. If we carefully read the scarce audit reports available to us, wenotice the audit procedures were revised in 1983. in 2004 the assayer was Ledoux & Company, a private contractor (read their homepage). Paul, a longtime critic of the Federal Reserve and U.S. monetary policy, said he believes it's "a possibility" that there might not actually be any gold in the vaults of Fort Knox or the New York Federal Reserve bank. Weve barely come across any independent auditor that saw, counted, weighed or assayed the US official gold reserves. Is the Coin Market Sleeping on Fairmont Collection Gold Coins? document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. However, until the missing audit reports show up we can only look at this case as its presented by the US government through the documents that are publicly available. The First Critical Observations", February 2017. China Net Imported 1,300t Of Gold In 2016, Why SGE Withdrawals Equal Chinese Gold Demand And Why Not, Trade in and out of physical gold and silver, BullionStar Perspectives - Rick Rule - Wisdom and Insights from Legendary Mining Investor, Buy for Vault Storage in the United States, Domestic and International Shipping from Singapore, and 1980 summary, released by the GAO 10/1981, the vault had to be opened twice more in the presence of the Joint Sealing Committee and the gold reevaluated, assaying 899 to 901 per mille or 915 1/2 to 917 per mille, Where Did The Gold In Fort Knox Come From? I have copied as much quotes in this post as I can to minimize the possibility of an erroneous interpretation of the official text in the audit reports. In 1974, after the US closed the gold window, congressional support grew for inquiring into the US gold stock. The 1974/1975 and 1978 reports refer to the audits conducted in 1974 and 1977. Equal Employment Opportunity. After writing it Ive been trying to collect all audit reports dating from1974 1986. Based on glaring conflicts among the Treasury's own documents, this staggering amount of gold disappeared without a trace from 1961 to 1971. . Let me show you an example of Fort Knox. random nose bleed covid. At this stage I havent been able to get my hands on any assay report from 1974 1986. To access the gold vault at Fort Knox, you'd need to make your way through a network of security measures. (in millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. The monetary gold stock of the United States totals 276.0 million fine troy ounces valued at $11.7 billion at the official rate of $42.2222 per fine troy ounce, and is stored in various federal depositories (table attached), the largest of which is at Fort Knox, Kentucky. He tweeted " Glad gold is safe! Mnuchin said it was the first time Fort Knox opened its vaults to outsiders since a Congressional delegation and some journalists were let in to view the gold for the first time in 1974. New York man wears glasses that help him Isabel Oakeshott receives 'menacing' message from Matt Hancock, Ken Bruce: 'I always wanted to be a radio presenter from about 15', Pavement where disabled woman gestured at cyclist before fatal crash, Pro-Ukrainian drone lands on Russian spy planes exposing location, 'Buster is next!' For your information, we contacted a librarian at the Treasury Department who informed us that reports from Committee for Continuing Audit of the U.S. Ron Paul introduced a bill that would require the Fed to manually audit every U.S.-owned gold . For the sake of simplicity, lets say I have both audit reports, 1980 and 1981. The only audit that has ever been done of the gold inside Ft Knox was done days after Dwight Eisenhower became President in January of 1953. Fort Knox was thrown open on that Monday afternoon for about 2 hours to some 150 reporters and glad-handing politicians, crowding narrow passageways and elbowing each other for a . Republican frontrunner Donald Trump hinted at the idea that there just might be no gold in the U.S. When the mint finally produced the audit documentation, Jansen received 134 lightly redacted pages (rather than the estimated total of 1,200 pages). According to some sources, this is where most of the other Treasury's gold is located. The Fort Knox facilitys reputation is thanks to its world-renowned system of security measures, from countless cameras to U.S. Mint Police guards, military helicopters, land mines, fences of barbed and electric wire, and a virtually impregnable vault door. The assayer is unknown and there was no assay report included in the audit report. Answer (1 of 2): Internally, it is done annually. Weve focused on the first audits of the gold stored by the US Mint. The annual audits by the committee ended in 1986 after 97 per cent of the Government owned gold held by the Mint had been audited and placed under official joint seal. McConnell said he had never thought about visiting Fort Knox before, but jumped at the chance when Mnuchin offered to take him. "We have approximately $200 billion of gold at Fort Knox," said Mnuchin. By and large, the vast majority of the verification is done by checking Official Joint Seals. We asked the experts - and their answers will terrify you Public Service Announcement, do NOT watch these ads! But theories exist regarding other possiblecontents of the vault -like the body of Jimmy Hoffa. Questions: More from the 1985 report: The audit procedures followed [at the FRBNY] were essentially the same as those followed at Mint institutions except that assay samples were not taken to verify the purity of the gold and the audited gold was not under committee control after the audit. Donald Trump Doesn't Think So.
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