The missing audit reports and assay reports feed into our skepticism. Part One, We use cookies to enhance the user experience and to analyse traffic. Gold verification at Fort Knox March 1998, page 2. Text Alerts, Contact In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. Republican frontrunner Donald Trump hinted at the idea that there just might be no gold in the U.S. So, what's really inside Fort Knox? One particular compartment with 19,800 gold bars was recorded as being moved in the 1996 audit, yet was checked again in 1998 (with the same 19,800 gold bars) with no reference to the fact that this is almost certainly the same sample of gold inspected two years prior. A waiting list may be . 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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. By Everett Millman Gainesville Coins . The One "Audit" Of Fort Knox. It was nothing more than a peek-a-boo glance at the gold in fine Hollywood style. 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.. Exhibit 2. However, a Freedom Of Information Act request Ive submitted in order to obtain all audit reports could not be honored. Part of the Daily Mail, The Mail on Sunday & Metro Media Group. Miles Franklin sponsored this article by Gary Christenson.The opinions are his, and they are not investment advice. ', 'I assume the gold is still there,' he said. The compartments at the Mint were placed under official joint seal, whereas the FRBNY compartments were never placed under official joint seal (as we can read on page 11 of the 1980 audit report). In 1983 the OIG found out something was amiss with the audits performed 1974 1982. We are no longer accepting comments on this article. This is remarkable. Buy, ship and store bullion with BullionStar in/from different countries. Ive found many anomalies that well discuss. Part One, all golden coins that circulated in the US before 1933 could not have supplied the US official gold reserves to the extent Mr Moy has stated. Thank you for signing up with United States Mint! PBOC Gold Purchases: Separating Facts from Speculation. This fits right into how the US government imposes audits on their official gold reserves; the audits are performed by the US government itself. Exhibit 7.2. And there is more, a lot more. It is surrounded by an active U.S. Army fort, guarded by the U.S. Mint Police and protected by layers of security measures, including a blast proof 22-ton door, 16,000 cubic feet of granite, 4,200 cubic yards of concrete, 750 tons of reinforcing steel and 670 . Because this is the department currently responsible for the audits I was surprised my request to obtain all audit reports wasnt honored. U.S. Army Cadet Command Headquarters is located inside the Fort Knox installation which is located roughly 35 miles south of Louisville, Kentucky. Weve focused on the first audits of the gold stored by the US Mint. Ideas, Gifts for 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. They wrote me by email: Mr. Nieuwenhuijs our Office of Audit found: as well as GAOs 1974/1975 and 1978 reports. In addition to facilities in West Point and Denver, the Fort Knox facilityknown as the U.S. Bullion Depositorystands out for its reputation as an impenetrable fortress. In addition, the committee will include technicians from the Bureau of the Mint who are trained in assaying and weighing gold bullion. An excuse was needed to break the seals. 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. Fort Knox Internal Review and Audit Compliance. In an audit conducted at Fort Knox in 1953, 88 ingots were counted for verification. 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. On April 28, 1943, President Franklin D. Roosevelt inspected the Bullion Depository, Mrs. Brooks said. In 1974, after the US closed the gold window, congressional support grew for inquiring into the US gold stock. When the mint finally produced the audit documentation, Jansen received 134 lightly redacted pages (rather than the estimated total of 1,200 pages). Approximately half the U.S. Treasury's gold is located in the storage facility at Fort Knox This document also contains a summary of the 1980 audit which, by the way, isnt less detailed than the full 1981 report. About 000% of them were weighed. More anomalies with regard to the audits of the US official gold reserves will be discussed in forthcoming posts. Try Army A-Z . No photographs were allowed, of course. Dollars, Native Written by Jan Nieuwenhuijs, originally published at Voima Gold Insight. As will conclusions and speculation. Remember, were investigating the audits of the greatest gold hoard on earth, which underpins the world reserve currency the US dollar. 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. More from 1981 report: The continuing audit is being conducted on a cyclical basis because of the enormous quantity of gold to be handled and the related costs. There was no assay report included in the audit report. 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! Revealed: The new '23' number plates the DVLA deems offensive and has banned including EU23 OFF and GO23 HEL, The secret WhatsApp mode that lets you EDIT texts after you've sent them. Fort Knox, major U.S. military reservation in Meade, Hardin, and Bullitt counties, northern Kentucky, U.S. "Glad the gold is safe!". 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 vault compartments at Fort Knox Bullion Depository. When thinking about these re-audits, threescenarios pop to mind: Why else wouldso much gold have been re-audited? The Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. Theoretically, if the seal hasnt been tampered with, this is as good as verifying the metals themselves. & Sales Figures. 26 Feb 2017 13:18. Fort Knox: "Glad Gold Is Safe!". Of course,strange things have been stored in the vault, like morphine and opiumduring the early '90s. 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. Bags, & Boxes, Code 1126, San Diego, CA, 92128, USA . As required under the Cyanide Code, the mine was again audited against ICMI's Verification Protocol by independent professional third-party auditors within three . At Fort Knox, we are about people - great service members, outstanding civilians . And the problem goes far beyond missing audit reports. Kooss analysis of the procedures used found its rigor wanting in several key areas. 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. 4. BY . Fort Knox gold subject of hearing. The auditors were bored and decided to re-audit 1,700 tonnes. In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. He said this, but there is no proof. The depository holds more than 147 million ounces of gold, which puts its market value at more than $186 billion. It basically coveredby 1986, 97 percent of the Government-owned gold held by the Mint had been audited and placed under joint seal. The assayer is unknown and there was no assay report included in the audit report. Schultz from the New York Fed was part of the continuing audits committee and therefor the FRBNY was supposed to be audited. *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. After the gold was audited by the Continuing Audit committee all compartments were placed under Official Joint Seal. From at least 1944 the world reserve currency is the US dollar, which was backed by gold until 1971 and supported by gold ever since. 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. A waiting list may be required and part-time or hourly care may need special planning depending on demand, mission requirements, etc . At this stage I havent been able to get my hands on any assay report from 1974 1986. 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. 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. Few people have ever entered the vault,and while147.3 million ounces of goldallegedly exists inside, the accuracy remains in doubt. The Facebook predator who lured schoolgirls to run away with him is one of 7,000 sex fiends who offended Do not sell or share my personal information. However, in some instances, the rationale for moving gold from one compartment to another proved elusive. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Government-owned gold for which Treasury is accountable. According to some sources, this is where most of the other Treasury's gold is located. The vaults were last opened to the public in the 1970s, and the last treasury secretary visit was in 1948. 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. According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! The gold stored in these compartments would get moved around if samples were taken for assaying during the audit. The next screen shot is from the reply by the FOIA help desk on May 6, 2015. Fort Knox is in Romeo (R) time. Sets, Commemorative The committee was made up of staff from the Treasury, the Mint, and the Federal Reserve Bank of New York. 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). Ron Paul introduced a bill that would require the Fed to manually audit every U.S.-owned gold . for Dads, American Women's History Coins & fort knox crisis phone numbers. For the sake of simplicity, lets say I have both audit reports, 1980 and 1981. It was decided to destroy several audit and assay reports and no less than 1,700 tonnes needed to be re-audited. It seems these 6 reports (5 documents) are the only ones currently in existence and the remaining 7 have mysteriously disappeared. 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. July 1986 12,477,777.638 [this number Icopied from the 1986 report]. Furthermore, these audits found no exceptions of any consequence. "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. And being surrounded by more than $186 billion worth of gold was no sweat for one of the country's most powerful politicians. By using our website, you accept that cookies are used. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. 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 saves time and labor costs. *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. Answer (1 of 2): Who knows but it is rumored that the majority of the gold in Fort Knox no longer exists! The documents also include new details about Mnuchin's activities at Fort Knox, where the Treasury stores a stockpile of gold with a market value it estimates at $190 billion. 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. In another dubious mix-up, a number of measurements were faulty because the auditors misread where the decimal point was on the scale. The target this time is the United States Treasury Assay Office in New York . 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. Select stock location for your desired country in the dropdown to view our inventory available in that country. Page Last Modified: 8/26/19, 2:56 PM Fort Knox, KY. Our Nation's Gold Standard Army Home. 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. I'm a vet, and here are five dog breeds most prone to cancer - including Golden Retrievers and Rottweilers. Cleverly located at the intersection of Gold Vault Road and Bullion Boulevard, the bullion depository at Fort Knox was constructed and housing the growing government stock of gold by 1937. I did read one time that the queen of England a. . 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 Jansen is a precious metal analyst from the Netherlands. In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. Three out of thirteen compartments at Fort Knox were audited for inventory and samples were assayed and compared to records currently held by the Mint. Fort Knox is supposedly filled with 400 oz. 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. 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 %. I also want to assure you that the physical security over the gold reserves is absolute. Pursuant to that order, the Committee for Continuing Audit of the U.S. In June 1975, the Treasury Secretary authorized and directed a continuing audit of U.S. In 1974, WCPO Anchor Al Schottelkotte got a rare look inside the gold vault at Fort Knox, Kentucky. That shipment required a convoy of 33 15-ton trailers to move the gold. Telephone: (502) 624-2386. I will, however, submit a couple of new FOIAs at the US government regarding gold audits. . While the order is not very detailed, in the years that followed the committee started auditing gold stored at the US Mint and at the Federal Reserve Bank of New York (FRBNY). Join FORT KNOX code Axykp! However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. Senator from Kentucky, where Fort Knox is located. Then, from 2005 to 2008 the assay tests were conducted by White Sands Missile Range, which is a subsidiary of the US army. The coin bars topic, which ties together with the existence of the US official gold, deserves a thorough study to be expanded upon in a separate post. Ledoux & Company found no irregularities in 2004. Each gold bar is 7 inches x 3 and 5/8 inches x 1 and 3/4 . At the congressional hearing of the Gold Transparency Act (H.R. Coins, American By Patrick A. Heller. As a result, the gold at the Bank [FRBNY] is considered unaudited. Sevenreports are missing. It was obvious that some of the records were missing (or not provided). After 20 years of Democratic presidents, the American public wanted to be sure that the gold confiscated from them was still there. When will the Beast from the East be at YOUR door? The audit announced, however, would include just 20% of the gold. The 1974 Fort Knox audit by the GAO has been acknowledged and adopted by the continuing audits committee, so this it becamepart of the continuing audits. In the meantime I will fire several new FOIAs at the Office of the Inspector General and others. Fort Knox Operation . 12/ As of September 30, 1984, 99.9 percent of the gold stored at the United States Denver Mint had been audited under the initial continuing audit program. ALL COIN PROGRAMS, National Purple Heart Hall of Other problems sound laughable in their incompetence. Engraved Prints, Shop All Gift The last full audit was done in 1953 . It lies 30 miles (48 km) southwest of Louisville and occupies an area of 172 square miles (445 square km). American $1 Coins, SHOP All your favorite.50 games all in one club! Us, ALL Honor, Rolls, The Fort Knox Gold was last audited in the 1950s. In short, the US National Archives could not extradite the 7 audit reports I requested. Circulating Company Registration No. Why might the government entrust such inexperienced employees with this important task? A barrel is worth about $1,200 or $2.88 per pound which is 10-18 times the value of U.S. crude oil. One of the mostsecure andinaccessible places in the world, the facility once held the Declaration of Independence and Bill of Rights. COIN & MEDAL PROGRAMS, History of U.S. 45 New Bridge Road, Singapore 059398 Singapore His visit was the one and only time a gold vault was opened for inspection for anyone other than authorized personnel. The Mint estimated that as much as one-third of the gold reserves were examined during this period. Facilities, Production CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. . Fort . Great! This is basically an affirmation that the bullion was up to snuff at the last audit, and has been sealed since. 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. Currently the Office Inspector General of the Treasury is responsible for the audits of the gold reserves at the US Mint. United States Mint All Rights Reserved. However, no outside experts were allowed in during the audit, and only about 5% of the gold was actually tested. This was the first time the OIG was responsible for the audits of the gold at the Mint (note, this same OIG is still responsible for the audits). 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. The usage of cookies and the collection of customer information by BullionStar is guided by our. Fort Knox is also on the list of these 10 forbidden places that no one is ever allowed to visit. Buy for Vault Storage in New Zealand Next was the GAO; unfortunately they couldnt deliver anything I was looking for. in 2004 the assayer was Ledoux & Company, a private contractor (read their homepage). eonon change home screen. & Medal Programs, Tours I personally believe that rumor and the bulk of it has been sold off to the rich elites. Since 1993, when we assumed responsibility for the audit, my office has continued to directly observe the inventory and test the gold. 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. And we attempted to contact a records management officer at the Treasury Department, but did not receive a reply as of the date of this letter. Ron Paul worries Fort Knox gold is gone. To date,only one US president has been inside the vault - Franklin Delano Roosevelt, who served as president when the US Bullion Depositorywithin Fort Knoxwas established. 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. 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. As weve seen thus far there are many problems with the official story everything is fine, all the US official gold reserves all audited. So once you have done that, and that seal remains unbroken, then I am not sure what other benefit there would be to going back into it at that point. "good delivery" gold bars. 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). 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. If official documents come to surface I will report accordingly. Questions: 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. My FOIA request had disappeared, or did it? 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. The gold vault at Fort Knox is "encased in 16,000 cubic feet of granite and 4,200 cubic yards of cement." RSS Feeds . noting that it was "over 20 years" since the last one. Official joint seal number 932 put in place on September 2, 1982, under the continuing audits of U.S.-owned goldstored at the Mint. However, there has been considerable doubt over the years as to whether the depository actually held any gold. More than half of . *Its likely 97 % of the audited gold by the continuing audits committee has not been assayed by an independent assayer. The government supposedly maintains over 8,100 metric tonnes of the yellow metal in its reserves, spread out across three main bullion depositories (for reference, the second-largest gold reserves owned by Germany total less than half of the U.S. stockpile). *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. 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. Official records claimed 20,000 tons in the 1950s. Find out what Uber drivers really think of you! McConnell said he had never thought about visiting Fort Knox before, but jumped at the chance when Mnuchin offered to take him. 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).
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