Newborns, Gifts Pursuant to that order, the Committee for Continuing Audit of the U.S. Join FORT KNOX code Axykp! The reports from 1974 and 1977 weve extensively analyzed in my previous post Second Thoughts On US Official Gold Reserves Audits, published on February 9, 2015. Despite continued inquiries, the US Mint refuses to offer up proof of the exact amount of gold held at Fort Knox. If official documents come to surface I will report accordingly. 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. Given the date range of your request 1975-1984, the nature of the report an annual audit of gold, and the fact that reports of similar type have been periodically published on the Internet, it is likely that copies and drafts of these reports are in the legal and physical custody of the Department of the Treasury. Part One, We use cookies to enhance the user experience and to analyse traffic. RSS Feeds . The initial intention is clear to us, the FRBNY was supposed to be audited; the gold to be counted, weighed, assayed and the compartments to be sealed (these were the audit procedures of the continuing audits committee). This is largely due to a well-circulated rumor during the 1970s that the vaults had been emptied by elites in banking in government, either leased out or confiscated. Not only were Kooss requests met with a reluctant response from government officials, but the mint claimed it would have to spend countless labor hours searching through dozens of boxes for hundreds of pages that might be what Koos was looking for: the annual gold audit records that were carried out between 1993 and 2008. On the way to the vault, a literal mine field and an electric fence protectthe gold. On September 24, 1974, a special settlement (audit) is scheduled to begin and at its conclusion a report on the audit will be issued. 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. Why havent we ever seen any assays of coin bars? Weve barely come across any independent auditor that saw, counted, weighed or assayed the US official gold reserves. July 1986 12,477,777.638 [this number Icopied from the 1986 report]. & Sales Figures. Equal Employment Opportunity. In 1953, the US Treasury Department audited Fort Knox, but only around5% of the goldunderwent testingfor purity. U.S. Army Cadet Command Headquarters is located inside the Fort Knox installation which is located roughly 35 miles south of Louisville, Kentucky. Not only were the vault compartments at the FRBNY exempt from being sealed, in addition, for an unknown reason assay tests were never performed at the FRBNY! The vault can withstand guns, blowtorches, and other incendiary devices. It was a magnificent golden sunrise that inspired visions of glory, wealth, and beauty. there has not been anyone allowed access to confirm the gold amounts that are supposedly stored at the Fort. 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. 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!' Former US Mint director Edmund Moy has stated in 2013 US reserves contain mainly coin bars because of the great confiscation in 1933 by President Roosevelt, when US citizens were forced to hand in all physical gold. However, there has been considerable doubt over the years as to whether the depository actually held any gold. Telephone: (502) 624-2386. When I logged in at my account at the FOIA website, I saw my request had disappeared. In an audit conducted at Fort Knox in 1953, 88 ingots were counted for verification. 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. We are no longer accepting comments on this article. A second storage facility was built at the same time: . ', 'All I will say is that it is freakishly well secured,' he said. The last full audit was done in 1953 . According to official statistics, the United States holds far and away the largest gold reserves of any sovereign nation or supranational institution. Its glittering gold . No irregularities were found. 4. The gold is held as an asset at a value of $42.22 per ounce. Then, from 2005 to 2008 the assay tests were conducted by White Sands Missile Range, which is a subsidiary of the US army. Determined to uncover more about the bullion stockpile, BullionStars Koos Jansen submitted a number of Freedom of Information Act (FOIA) requests to the U.S. Mint. 1495,not enacted) in 2011 the Inspector General (IG) of the Treasury presented a case all is fine, but all is not fine. Furthermore, these audits found no exceptions of any consequence. In 2011, the U.S. Treasury's full detailed schedules of gold bars were published by the US House Committee on Financial Services as part of submissions for its hearing titled "Investigating the Gol. Government-owned Gold, or my office, and placed under official joint seals. Even then only 5% of the examined bullion was weighed and assayed to determine its purity. Medals, Email & All the golden coins that were handed in supposedly accumulated to the greatest gold pile on earth. This post is a sequel to A First Glance At US Official Gold Reserves Audits and Second Thoughts On US Official Gold Reserves Audits. It was also the first visit by a serving US Treasury Secretary since 1948. Part of the Daily Mail, The Mail on Sunday & Metro Media Group. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. Instead, I was advised to contact the Treasury. Coins, American He said this, but there is no proof. My FOIA request had disappeared, or did it? 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. Is the Coin Market Sleeping on Fairmont Collection Gold Coins? But by 1986, you had 97 percent was audited. Given all the protection, it seems obvious that billions of dollars worth of gold (or something) indeed resides at Fort Knox. That shipment required a convoy of 33 15-ton trailers to move the gold. This is what it said: This is in response to your March 2, 2015 Freedom of Information Act (FOIA) request for records in the custody of the National Archives and Records Administration (NARA). I am glad to report that everything at the depository looked to be secure and in order. As the last days tick away, let's take a moment to recap the top 12 stories at Fort Knox that shaped our 2021. However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. Shipping within the United States In October 1984, 4,136,046.924 fine ounces gold was reaudited. Secretary of the Treasury Steven Mnuchin visited Fort Knox on August 21. Coins, Tours & But Bevin, speaking on WHAS radio, divulged a few more details. The First Critical Observations", February 2017. In total there should be 13 reports (1974 1986), 2 already were in my possession (1974 and 1977). Then let's raise a glass to a slower, quieter 2022 . 'The gold is safe.'. *For all other publicly available audit reports (1980, 1981, 1985, 1986) its very briefly mentioned assay tests were conducted, presumably for one in every fiftieth melt. Ron Paul worries Fort Knox gold is gone. While primarily known as a vault for gold, the depository also held the Declaration of Independence and the U.S. Constitution during World War II. teaching assistant pay netmums; when was the last time fort knox was audited. I left school at 16 with six GCSEs - and became a self-made millionaire. In short, the US National Archives could not extradite the 7 audit reports I requested. 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. The committee was made up of staff from the Treasury, the Mint, and the Federal Reserve Bank of New York. Hisstatement 100 percent of the U.S. Governments gold reserves in the custody of the Mint has been inventoried and audited is impossible to confirm, as well see later on. Official joint seal number 932 put in place on September 2, 1982, under the continuing audits of U.S.-owned goldstored at the Mint. Senator from Kentucky, where Fort Knox is located. Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold. 35 % first buy in bonus! We will discuss the remaining 4 audit reports at once, as they are very similar. The facility also featuresvideo cameras, motion detectors, and secret microphones, all set to pick up the presence of anyone or anything that doesn't belong. The Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. At the congressional hearing of the Gold Transparency Act (H.R. In addition, the committee will include technicians from the Bureau of the Mint who are trained in assaying and weighing gold bullion. Two tetrahedron-shaped chips were removed form the top and bottom of each bar assayed. Exhibit 7.3. Miles Franklin sponsored this article by Gary Christenson.The opinions are his, and they are not investment advice. Gold verification at Fort Knox March 1998, page 3. ( Kitco News) - Although he made this assumption nearly one year ago, the Donald's comments on gold at Fort Knox - or lack thereof - are making the rounds on Twitter again Tuesday. And the vault has also been a setting place for several movies, the most famous being the 1964 James Bond film, Goldfinger when the titular character foiled a plot to contaminate thebullion. (in millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. 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. Schultz from the New York Fed was part of the continuing audits committee and therefor the FRBNY was supposed to be audited. I would like to stress the importance of this failure to deliver the audit reports of 97 % of the official US gold reserves by the department directly responsible at this point in time. The public may never know. July 21, 2017 7:24AM. Buffalo Coins, American Eagle 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. On this sheet 5 physical gold audit reports are listed, framed in red. You can change the usage of cookies in your browser. The event, Sept. 23, 1974, is often inaccurately called the last audit of Fort Knox. More anomalies with regard to the audits of the US official gold reserves will be discussed in forthcoming posts. Buy, ship and store bullion with BullionStar in/from different countries. Fort Knox Operation . According to some sources, this is where most of the other Treasury's gold is located. Ideas, Gifts for Then, something very strange happened in 1983. Kids, Gifts for In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. Published: 22:22 GMT, 21 August 2017 | Updated: 06:57 GMT, 22 August 2017, Honored guests: Treasury Secretary Steve Mnuchin (left) and Senate Majority Leader Mitch McConnell (right) outside the main door to the United States Bullion Depository at Fort Knox on Monday. However, how trustworthy is this system of accounting? A separate post will be dedicated to KPMG. & Medal Programs, Tours 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. From the 1985 report: In fiscal year 1985 audits of Government-owned gold were conducted at the United States Mint in Denver and the United States Bullion Depository in Fort Knox, Kentucky. US Mint Releases New Fort Knox Audit Documentation. The Fort Knox facility was opened within the year, and took its first shipment of gold in 1937. "good delivery" bricks of gold found gutted and filled with tungsten within the confines of LBMA approved vaults in Hong Kong. Protected by a 109,000-acre U.S. Army post in Kentucky sits one of the Federal Reserve's most secure assets and its only gold depository: the 73-year-old Fort Knox vault. Exhibit 1. 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. This is basically an affirmation that the bullion was up to snuff at the last audit, and has been sealed since. The last time Fort Knox was audited was in 1953, immediately after President Eisenhower was inaugurated. 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. The intention in 1975 was to audit the gold at the FRBNY, but then, a few years down the road the gold at the New York Fed was mysteriouslyexempt from the continuing audits program. Because there remains so little information about the contents of the gold vault, a lot of theories crop upregarding what's really inside Fort Knox. These could be better understood, or clarified, if we could obtain all audit reports from 1974 1986. After writing it Ive been trying to collect all audit reports dating from1974 1986. Prince Andrew chuckles as he encounters female jogger on way to his weekly Windsor horse-riding trip. However, we were unable to locate records responsive to reports similarly titled or closely related to the subject annual gold audit 1975-1984. *In 1974 the New York assay office tested 95 bars. In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. An intruder standing on the roof of the Fort Knox Bullion Depository on the morning of September 11, 2015 would have seen the sunrise in the east. "We have approximately $200 billion of gold at Fort Knox," said Mnuchin. Atthe congressional hearing in 2011 the IG stated to be 100 % certain all gold stored by the Mint was inventoried and audited, yet his department had accessto only a fraction (4) of all audit reports (13). You requested access to audit reports of the United States Department of the Treasurys official gold reserves published by the Committee for Continuing Audit of the U.S. Shipping within New Zealand. Fort Knox history. In 1977 the New York assay office, which is a subsidiary of the US Mint, conducted the assays. The auditors were bored and decided to re-audit 1,700 tonnes. A barrel is worth about $1,200 or $2.88 per pound which is 10-18 times the value of U.S. crude oil. Also, the assay test results from last year's gold audits at Fort Knox and West Point were Lets recap what weve studied in the previous posts. The Congressional inspection adheres to the new open door policy of the government announced by President Ford. On top of this, a decades worth (1993-2003) of Joint Seal inspections from the Denver and West Point depositories are not accounted for. 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. Conclusion. Submitted to: . Why might the government entrust such inexperienced employees with this important task? Welcome to the Coronation! Every year the gold in Fort Knox is audited by checking the official joint seals that were placed on all vault compartments during the continuing audits of U.S.-owned gold from 1974 until 1986, when allegedly 97 % of the (Deep Storage) gold was inspected. During fiscal year 1986, gold was audited at the West Point Bullion Depository, and the San Francisco Old Mint under the initial continuing audit program. When the mint finally produced the audit documentation, Jansen received 134 lightly redacted pages (rather than the estimated total of 1,200 pages). 'So many dead. The first screen shots below are from a gold verification at Fort Knox in March 1998. The vaults were last opened to the public in the 1970s, and the last treasury secretary visit was in 1948. Koos is in the company of monetary scholar Jim Rickards and former U.S. Representative Ron Paul in publicly campaigning for more transparency in the financial system and the gold market. Not that it would be easy to even make it this far, but the door to the vault is made of steel and . 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. Although gold bars tested to be out of tolerance during a Fort Knox audit in 1977 at a sample size of 2 %, by 1998 the sample size had been further debased to 0.53 %. U.S. Treasury Secretary Steven Mnuchin initiated the visit, along with U.S. Rep. Brett Guthrie and Gov. However, in some instances, the rationale for moving gold from one compartment to another proved elusive. Based on glaring conflicts among the Treasury's own documents, this staggering amount of gold disappeared without a trace from 1961 to 1971. . Fort Knox Internal Review and Audit Compliance. It seems that a portion of the Mint and the U.S. gold reserves were audited in an assay between 1993 and 2008, as you acknowledged. Page Last Modified: 8/26/19, 2:56 PM Fort Knox, KY. Our Nation's Gold Standard Army Home. A Fort Knox physical gold audit in 1953 was anything but full, neither was the famous audit in 1974. Answer (1 of 2): Who knows but it is rumored that the majority of the gold in Fort Knox no longer exists! Click on the links for more information:Buy for Vault Storage in Singapore The US official gold reserves are the worlds greatest by far at 8,134 metric tonnes. Lets read more about the audits at the FRBNY conducted under the continuing audits program, a quote from the 1981 report: The audit procedures followed [at the FRBNY] are essentially the same as those followed at Bureau of the Mint depositories, except that assay samples are not taken to verify the purity of the gold. Dollars, Native The New Year kicked off . Between 1933 and 1937, this increased . Until 1953, there were serial number audits of the gold and some assaying as I explain but that became costly and time intensive. During this operations, the melt numbers and the number of bars in each melt are verified with an inventory listing, and one in fifty melts is randomly selected for weighing and test assay. Technically its possible the OIG assayed exactly the remaining stash of 9999 gold, though chances are slim given the fact the 9999 gold wasspread over multiple compartments at multiple depositories. Few people have ever entered the vault,and while147.3 million ounces of goldallegedly exists inside, the accuracy remains in doubt. 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. Fort Knox is a U.S. army base in Kentucky, best known for the United States Bullion Depository which holds a large part of the U.S. government's reserves of gold. If we carefully read the scarce audit reports available to us, wenotice the audit procedures were revised in 1983. At the hearing Thorson presented exhibits to support his case 100 % of the gold held at the US Mint has been audited. : 201217896Z Buy for Vault Storage in New Zealand Fort Knox is also on the list of these 10 forbidden places that no one is ever allowed to visit. Government-owned Gold" for the years 1975, 1976, 1978, 1979, and 1981-1984. Compared to the samples taken in the 1950s and 60s, the standards for the integrity of the sample size had fallen sharply. United States Mint All Rights Reserved. The depository was built following U.S. President, Franklin D. Roosevelt's, controversial 1933 legislation - Executive Order 6102 - which outlawed the private ownership of gold bullion. 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? U.S. President Franklin D. Roosevelt passed legislation outlawing private ownership of gold, and gave instruction to build the depository at . There has not been any movement of inventoried gold since that time. Two months later I still got no response. The Fort Knox Gold was last audited in the 1950s. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. *In 1977, presumably, one bar in every fiftieth melt (one melt is approximately 20 bars) was assayed, irregularities were found in two melts, the vault had to be opened twice more in the presence of the Joint Sealing Committee and the gold reevaluated. The auditors from the Treasury will be drawn from the Office of the Secretary, the Bureau of Government Financial Operations, the U.S. Customs Service, and the Bureau of the Mint. There was no assay report included in the audit report. By Jennifer Liberto @ CNNMoney June 24, 2011: 11:58 AM ET. Text Alerts, Contact *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. 3. 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. Fort Knox Policies. " He told an audience in Louisville, "I assume the gold is still there.". for Dads, American Women's History Coins & In 1936, Fort Knox military base was chosen as the site to build a bullion depository to store this gold. The assay tests found no irregularities. CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. Cookies are also used for the purpose of handling our system and services. 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. 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? Coin "good delivery" gold bars. The Mint estimated that as much as one-third of the gold reserves were examined during this period. Between July 1983 and July 1985 the gold was audited in accordance with the plan approved by the Treasurer, as follows. Tiger Woods unleashes his lawyers on porn site after it Bannon is 'going to war' against Jared, 'crying Ivanka' and A whole hue world! This effort to audit the Fort Knox gold, the Federal Reserve, and its policies toward gold is now carried on by the younger Paul, Rand, who currently serves as a U.S. Koos takes a sharp jab at how the government bureaucracy operates, inveighing (with cause) that it should be clear that the Deep Storage gold has not been audited by professionals, but the precious metals have been verified by imbeciles.. Did audit reveal missing gold . Same story at the US Mint and US National Archives. COIN & MEDAL PROGRAMS, History of U.S. American $1 Coins, SHOP HOME; EVENTS; ABOUT; CONTACT; FOR ADULTS; FOR KIDS; accident on 9w marlboro, ny today He ought to have known precisely how many pages were needed and presumably where to find them. "Glad the gold is safe!". The BGFO and Mint staff was replaced by the OIG and the revised audit procedures were invented as a reason to open several compartments. Learn how your comment data is processed. The next screen shot is from the reply by the FOIA help desk on May 6, 2015. Coins, American Facilities, Production Engraved Prints, Shop All Gift 15919 Avenida Venusto, Apt. For the first time photographing is being permitted inside the Depository.. In another dubious mix-up, a number of measurements were faulty because the auditors misread where the decimal point was on the scale. All News, Articles, Commentary and Opinions are contributed by the author(s), with or without compensation, who are solely responsible for the content, and do not represent CoinWeek Management. One wonders: was this a simple oversight or some kind of conscious obfuscation effort?
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