Mistakes That Created America As You Know It, What It Was Like to Enter Through Ellis Island, Uncivilized Moments on the Congress Floor, Heinous Policies Toward Children and Families, Times Another US Civil Conflict Almost Began, Proposed States and Territories That Almost Were, A History of Foreign Meddling in US Elections, 1812: The Biggest Mess in the Country's History, Fort Knox Is So Mysterious And Heavily Guarded, Only One US President Has Ever Been Inside, video cameras, motion detectors, and secret microphones. Secretary of the Treasury Steven Mnuchin visited Fort Knox on August 21. The process would take about 30 minutes to verify the gold content of each bar, or 350,000 man hours; to do that . 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). The OIG audited 3 % from 1993 2008. Then, from 2005 to 2008 the assay tests were conducted by White Sands Missile Range, which is a subsidiary of the US army. Dollars, Native Did The Dutch Central Bank Lie About Its Gold Bar List? The official story from OIG is that 100 % of the gold stored at Fort Knox was audited in between 1974 and 1986, . 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. Fort . 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 one case, the auditors were allegedly unaware that the scale was showing standard ounces rather than troy ounces, which all precious metals are weighed in, throwing an entire days worth of measurements out of whack (that a scale used for precious metals would ever be set to anything besides troy ounces is questionable). However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. The depository holds more than 147 million ounces of gold, which puts its market value at more than $186 billion. At the hearing Thorson presented exhibits to support his case 100 % of the gold held at the US Mint has been audited. 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. They wrote me by email: Mr. Nieuwenhuijs our Office of Audit found: as well as GAOs 1974/1975 and 1978 reports. 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. 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. A separate post will be dedicated to KPMG. Government-owned gold for which Treasury is accountable. So, what's really inside Fort Knox? The reports I did find, and are now publicly available, are: Coincidentally, or not, these reports are exactly the same ones as listed by Thorson at the congressional hearing in 2011 (exhibit 1, framed in red). One of the most sensitive secrets protected by the Washington establishment is the massive cache of gold reserves held at the federal depository in Fort Knox, Kentucky. Try Army A-Z . It was nothing more than a peek-a-boo glance at the gold in fine Hollywood style. 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. Medals, Treasury 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. walked past guards armed with submachine guns and through a 3-foot thick steel door into the . Kids, Gifts for July 21, 2017 7:24AM. The last time any gold was removed from deep storage at Fort Knox came in 1971, when $500 million worth of gold was delivered to the New York Assay Office. I'm a vet, and here are five dog breeds most prone to cancer - including Golden Retrievers and Rottweilers. 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. 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. . 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. 'It would really be quite a movie if we walked in and there was no gold. 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. Fort Knox is also on the list of these 10 forbidden places that no one is ever allowed to visit. Great! In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. The Mint estimated that as much as one-third of the gold reserves were examined during this period. Shipping within the United States By Jennifer Liberto @ CNNMoney June 24, 2011: 11:58 AM ET. I personally believe that rumor and the bulk of it has been sold off to the rich elites. It basically coveredby 1986, 97 percent of the Government-owned gold held by the Mint had been audited and placed under joint seal. 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. Representative Alex Mooney (R . 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. In the excel sheet with the bar list of gold stored by the US Mint, published a few years ago, we can see nearly all the gold is low purity roughly 90 % pure very little was 9999 fine. Connecting thereto, from Thorsons opening statement: My office began conducting annual audits of the gold reserves in Fiscal Year 1993. but American gold holdings were reportedly last audited in 1953 (which includes testing for purity); Fort Knox's gold was . The gold vault at Fort Knox is "encased in 16,000 cubic feet of granite and 4,200 cubic yards of cement." The Congressional inspection adheres to the new open door policy of the government announced by President Ford. However, as Ive written in my post Where Did The Gold In Fort Knox Come From? Exhibit 7.3. Buy for Vault Storage in the United States Treasury Secretary William E. Simon issued the invitation to Congressmen to inspect the gold at Fort Knox. Click on the links for more information:Buy for Vault Storage in Singapore US citizens were required to sell their gold bullion - bars and coins - back to the State. The Fort Knox facility was opened within the year, and took its first shipment of gold in 1937. . Bevin, who said he collected coins as a child, compared it to 'seeing a leprechaun on a unicorn. When thinking about these re-audits, threescenarios pop to mind: Why else wouldso much gold have been re-audited? They could only find 2 reports I didnt posses previously, of the audits conducted in 1985 and 1986. The last Congressional visit prior to this occurredin 1974. 312 tonnes of the total is 4 %. However, a Freedom Of Information Act request Ive submitted in order to obtain all audit reports could not be honored. Is the Coin Market Sleeping on Fairmont Collection Gold Coins? The fact that 7 audit reports that should grant the existence of these reserves appear to be missing is problematic. 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. 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. Fort Knox claims billions of dollars worth of gold are stored away in its secret vault. This post is a sequel to A First Glance At US Official Gold Reserves Audits and Second Thoughts On US Official Gold Reserves Audits. Its glittering gold . The last time anyone had access to inspect the deposits was on September 23, 1974. . Facilities, Production At the congressional hearing of the Gold Transparency Act in 2011 Inspector General (IG) Eric Thorson stated: Before I discuss the details of the audits that are the topic of this hearing, I want to make one point very clear: 100 percent of the U.S. Governments gold reserves in the custody of the Mint has been inventoried and audited. The door weighs 22 tons and is 21 inches thick, and the roof is bomb proof. All the golden coins that were handed in supposedly accumulated to the greatest gold pile on earth. The Fort Knox facility, a hyper-secure fortress in Kentucky that is part of quintessential American lore, is . 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. 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. I'm not a professional auditor (if you are one please contact me), but common sense suggests that when irregularities are found the sample size . Official joint seal number 932 put in place on September 2, 1982, under the continuing audits of U.S.-owned goldstored at the Mint. 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). eonon change home screen. Exhibit 7.2. 2/ As of September 30, 1982, 100 percent of the gold stored at the depository [Fort Knox] was audited under the initial continuing audit program. Us, ALL 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. It's going on right now as I say these words. Remember, were investigating the audits of the greatest gold hoard on earth, which underpins the world reserve currency the US dollar. Fort Knox history. Medals, Email & He said it took 'quite a bit of time' to get in and out of the facility, and said officials had to cut a seal to open the vault for them. 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. Maybe a room or two full of gold but the rest is gone. And being surrounded by more than $186 billion worth of gold was no sweat for one of the country's most powerful politicians. Welcome to the Coronation! 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. 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? No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. Gold verification at Fort Knox March 1998, page 3. Part One, We use cookies to enhance the user experience and to analyse traffic. Then let's raise a glass to a slower, quieter 2022 . After the gold was audited by the Continuing Audit committee all compartments were placed under Official Joint Seal. Coins, Precious The Eisenhower Administration Conducted The Last Audit Of Fort Knox. The vaults were last opened to the public in the 1970s, and the last treasury secretary visit was in 1948. 'The gold is safe.'. And the problem goes far beyond missing audit reports. The BGFO and Mint staff was replaced by the OIG and the revised audit procedures were invented as a reason to open several compartments. Government-owned Goldare not in our collection." When I logged in at my account at the FOIA website, I saw my request had disappeared. The last trial was a "hybrid" SAG, with one cyclopac underflow feeding the . "We have approximately $200 billion of gold at Fort Knox," said Mnuchin. The comments below have not been moderated. The Treasury document says it would cost about $15 million to conduct an audit. Small quantities of gold are removed to test the purity during regularly scheduled audits. 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. Built in 1936, security access for the facility make it difficult to get access. 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. Alaska, USA . Select stock location for your desired country in the dropdown to view our inventory available in that country. 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. 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. previous, Kids In an audit conducted at Fort Knox in 1953, 88 ingots were counted for verification. The target this time is the United States Treasury Assay Office in New York . & Medal Programs, Tours Exhibit 2. Senator from Kentucky, where Fort Knox is located. . Mint Medals, Shop All Paper Test yourself with this Cockney Rhyming Slang quiz. The assay tests found no irregularities. In June 1975, the Treasury Secretary authorized and directed a continuing audit of U.S. ', 'All I will say is that it is freakishly well secured,' he said. Approximately half the U.S. Treasury's gold is located in the storage facility at Fort Knox For the other years we dont know whatoffice performed the checks. In short, the US National Archives could not extradite the 7 audit reports I requested. This is remarkable. 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.. Fort Knox facts. One of the mostsecure andinaccessible places in the world, the facility once held the Declaration of Independence and Bill of Rights. fort knox crisis phone numbers. And there is more, a lot more. He tweeted " Glad gold is safe! 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. Schultz from the New York Fed was part of the continuing audits committee and therefor the FRBNY was supposed to be audited. 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. Bureau of Government Financial Operations [BGFO]. Fort Knox Internal Review and Audit Compliance. By Patrick A. Heller. 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. This document also contains a summary of the 1980 audit which, by the way, isnt less detailed than the full 1981 report. ', 'I assume the gold is still there,' he said. U.S. Treasury Secretary Steven Mnuchin initiated the visit, along with U.S. Rep. Brett Guthrie and Gov. Need Help? 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. 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. *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. Moreover, it showed a number of (at best) inconsistencies in how the mint conducts its bullion inspection for auditing purposes. It was also the first visit by a serving US Treasury Secretary since 1948. The audits were conducted in accordance with the revised audit guidelines that required a statistical sample of gold melts within randomly selected compartments at the facilities. On September 24, 1974, a special settlement (audit) is scheduled to begin and at its conclusion a report on the audit will be issued. 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. 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. Phone: +65 6284 4653, Chinas Secret Gold Supplier Is Singapore, Audits Of US Monetary Gold Severely Lack Credibility. 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. I also want to assure you that the physical security over the gold reserves is absolute. Fort Knox, major U.S. military reservation in Meade, Hardin, and Bullitt counties, northern Kentucky, U.S. Republican frontrunner Donald Trump hinted at the idea that there just might be no gold in the U.S. 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. noting that it was "over 20 years" since the last one. In addition, the committee will include technicians from the Bureau of the Mint who are trained in assaying and weighing gold bullion. The assayer is unknown and there was no assay report included in the audit report. 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. July 1986 12,477,777.638 [this number Icopied from the 1986 report]. The Fort Knox Mine was initially certified in full compliance with the Cyanide Code in February 2008 and was recertified in September 2011, in February 2015, and in August 2018. These could be better understood, or clarified, if we could obtain all audit reports from 1974 1986. By and large, the vast majority of the verification is done by checking Official Joint Seals. random nose bleed covid. In 1983 the OIG found out something was amiss with the audits performed 1974 1982. HOME; EVENTS; ABOUT; CONTACT; FOR ADULTS; FOR KIDS; accident on 9w marlboro, ny today Matt Bevin. A Fort Knox physical gold audit in 1953 was anything but full, neither was the famous audit in 1974. According to some sources, this is where most of the other Treasury's gold is located. A waiting list may be . 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. COIN & MEDAL PROGRAMS, History of U.S. The gold is held as an asset at a value of $42.22 per ounce. Fort Knox Gold: Once upon a time, the Fort Knox Bullion Depository was a vast storehouse for American gold. About 000% of them were weighed. 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. 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 . A congressional delegation and some journalists got a look at the gold in 1974. 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. Find out what Uber drivers really think of you! I can say that without any hesitation, because I have observed the gold and the security of the gold reserves myself. China Gold Import Jan-Sep 797t. (Back to top) CIVILIAN TIME MILITARY TIME CIVILIAN TIME MILITARY TIME 12:01 AM 0001 5:00 PM 1700 (Seventeen hundred) 5:00 AM 0500 10:00 PM 2200 10:00 AM 1000 (Ten hundred) 11:30 PM 2330 12:00 PM (Noon) 1200 12:00 AM . Liberty, Bush Several more examples of these blurry situations are shown in the released documents. *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. 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. Instead, I was advised to contact the Treasury. The US official gold reserves are the worlds greatest by far at 8,134 metric tonnes. when was the last time fort knox was audited. The public may never know. Fort Knox: "Glad Gold Is Safe!". Kooss analysis of the procedures used found its rigor wanting in several key areas. Ideas, Gifts for 'It's not even the annual funding level for some of our large departments in the federal government,' he said. Other problems sound laughable in their incompetence. 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. In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. Newborns, Gifts 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. 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. Kate and Prince William 'are keen' for Prince George to have official role in King Charles' coronation - but Royally hard work! *Its likely 97 % of the audited gold by the continuing audits committee has not been assayed by an independent assayer. Upload by MysteryManagement Fort Knox and the gold dipped tungsten bars - Michael Rivero showAre the gold bars in Fort Knox really made of the precious metal. The speculation has also been amplified by the degree of secrecy surrounding the reserves: Since the depository opened seven decades ago, the only time any member of the public has been permitted inside the facility was when members of the media were (however briefly) invited in on September 23, 1974. 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