In 2008, presidential candidate Ron Paul unsuccessfully called for an audit of the US Federal Reserve and Fort Knox,but his skepticism echoed that of other conspiracy theorists. The official story from OIG is that 100 % of the gold stored at Fort Knox was audited in between 1974 and 1986, . Despite the fact that a 1953 Fort Knox audit found that 1977% of bullion tested was out of , in 2, we went to 1998% verified ingots. 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 document also contains a summary of the 1980 audit which, by the way, isnt less detailed than the full 1981 report. Why havent we ever seen any assays of coin bars? ALL COIN PROGRAMS, National Purple Heart Hall of In another dubious mix-up, a number of measurements were faulty because the auditors misread where the decimal point was on the scale. The public may never know. When the mint finally produced the audit documentation, Jansen received 134 lightly redacted pages (rather than the estimated total of 1,200 pages). Also, the assay test results from last year's gold audits at Fort Knox and West Point were 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. 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. Fort Knox Operation . Government-owned gold for which Treasury is accountable. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. For the sake of simplicity, lets say I have both audit reports, 1980 and 1981. Same story at the US Mint and US National Archives. 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. The Fort Knox facility, a hyper-secure fortress in Kentucky that is part of quintessential American lore, is . Royal Mint Launches First Coin in Myths and Legends Collection, Numismatic Crime Counterfeit Notes Sold Over Facebook, 1776 Continental Dollar Offered by David Lawrence Rare Coins, Grade This 1936-S Cincinnati Commemorative Silver Half Dollar, First King Charles III Coin From Pobjoy Celebrating the Accession, Dakota 1875 $5 Bank Note in Stacks Bowers Spring Auction. 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. According to some sources, this is where most of the other Treasury's gold is located. 4. The audit announced, however, would include just 20% of the gold. 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). It lies 30 miles (48 km) southwest of Louisville and occupies an area of 172 square miles (445 square km). . Cookies are also used for the purpose of handling our system and services. 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. Kinross - Fort Knox Mine April 22nd, 2021 Signature of Lead Auditor Page 2 of 47 . The First Critical Observations", February 2017. Based on glaring conflicts among the Treasury's own documents, this staggering amount of gold disappeared without a trace from 1961 to 1971. . 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. Conclusion. No outside experts were allowed on the site for the audit, either,providingfodder for all kinds of conspiracy theorists. He tweeted " Glad gold is safe! Whos Supplying? The usage of cookies and the collection of customer information by BullionStar is guided by our. As the last days tick away, let's take a moment to recap the top 12 stories at Fort Knox that shaped our 2021. China Gold Import Jan-Sep 797t. Talkers Medals, Military Each gold bar is 7 inches x 3 and 5/8 inches x 1 and 3/4 . Coin As a freebie trip for 4 select political insiders, last Monday's trip to Fort Knox was undoubtedly a memorable one . Connecting thereto, from Thorsons opening statement: My office began conducting annual audits of the gold reserves in Fiscal Year 1993. July 1986 12,477,777.638 [this number Icopied from the 1986 report]. 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. Jansen found instances in which the Treasurys auditors failed to follow the governments own procedures for the auditing process. Save my name, email, and website in this browser for the next time I comment. Fort Knox is supposedly filled with 400 oz. when was the last time fort knox was audited. 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. HOME; EVENTS; ABOUT; CONTACT; FOR ADULTS; FOR KIDS; accident on 9w marlboro, ny today Representative Alex Mooney (R . My FOIA request had disappeared, or did it? It was decided to destroy several audit and assay reports and no less than 1,700 tonnes needed to be re-audited. 45 New Bridge Road, Singapore 059398 Singapore Jansen is a longtime gold insider and journalist reporting on, for example, the goings-on of the incipient Shanghai Gold Exchange (SGE). Answer (1 of 2): Who knows but it is rumored that the majority of the gold in Fort Knox no longer exists! 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. I decided to send an email to the FOIA online Help Desk to ask what happened to my request. A waiting list may be . He ought to have known precisely how many pages were needed and presumably where to find them. Between 1933 and 1937, this increased . More anomalies with regard to the audits of the US official gold reserves will be discussed in forthcoming posts. President Reagan last spring demanding that this be looked into immediately. 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. 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. Scales at the Mint used to weigh the bars often didnt work properly. 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. Because this is the department currently responsible for the audits I was surprised my request to obtain all audit reports wasnt honored. 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. On this sheet 5 physical gold audit reports are listed, framed in red. In 1977 the New York assay office, which is a subsidiary of the US Mint, conducted the assays. Thats 6 down, 7 more to go. At the congressional hearing of the Gold Transparency Act (H.R. Between 10 and 1974 about 1986% of the gold was weighed in, a big drop from 2. noting that it was "over 20 years" since the last one. Treasury Secretary William E. Simon issued the invitation to Congressmen to inspect the gold at Fort Knox. Remember, were investigating the audits of the greatest gold hoard on earth, which underpins the world reserve currency the US dollar. Train fares will rise by 5.9% TOMORROW - but travellers can still get cheaper tickets if they buy them Why is Britain experiencing so many earthquakes? He said this, but there is no proof. The Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. 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. The gold at Fort Knox is stored in one of the most secure facilities in the world. Select stock location for your desired country in the dropdown to view our inventory available in that country. You can change the usage of cookies in your browser. Senator from Kentucky, where Fort Knox is located. 213K subscribers in the Wallstreetsilver community. 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. 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. 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 vault compartments at Fort Knox Bullion Depository. If we carefully read the scarce audit reports available to us, wenotice the audit procedures were revised in 1983. The door weighs 22 tons and is 21 inches thick, and the roof is bomb proof. The vault can withstand guns, blowtorches, and other incendiary devices. 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). Buy, ship and store bullion with BullionStar in/from different countries. The U.S. gold reserves at Fort Knox are broken into different numbered compartments within the gold vault. According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! The New Year kicked off . After some correspondence back and forth I finally got an email saying my FOIA was exported out of FOIAonline because myrequest was for access to historical records. 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. Each and every bar there should be assayed in a full, independent audit. But Bevin, speaking on WHAS radio, divulged a few more details. There has not been any movement of inventoried gold since that time. Although this rumor or theory is simply that, the remarkably high security that guards the U.S. gold reserves has understandably drawn the curiosity of the investigative press. Bevin, who said he collected coins as a child, compared it to 'seeing a leprechaun on a unicorn. Buy for Vault Storage in the United States The reports were not present at the National Archives, the OIG or at the Treasury Department. COIN & MEDAL PROGRAMS, History of U.S. The Mint and the GAO were sanctioned to audit a portion of the Treasury's gold. In total there should be 13 reports (1974 1986), 2 already were in my possession (1974 and 1977). 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. 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. 'It would really be quite a movie if we walked in and there was no gold. This fits right into how the US government imposes audits on their official gold reserves; the audits are performed by the US government itself. 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. Need Help? Fort . 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 . fort knox crisis phone numbers. Then, the official response from the offline department to my request I received on May 13 as a PDF attachment (click here to view) oddly enough itsdated March 25, 2015 but not sent to me at thetime. US citizens were required to sell their gold bullion - bars and coins - back to the State. The last Congressional visit prior to this occurredin 1974. Let me show you an example of Fort Knox. Shortly after I got an email that statedmy request had been received and was being processed. $800 weekly hand count free roll. The assay tests found no irregularities. I left school at 16 with six GCSEs - and became a self-made millionaire. Between July 1983 and July 1985 the gold was audited in accordance with the plan approved by the Treasurer, as follows. The Eisenhower Administration Conducted The Last Audit Of Fort Knox. The Fort Knox Gold was last audited in the 1950s. Koos mainly provides unique insights about Chinese gold market. Fort Knox sits on over 100,000 acres and houses 30,000 military personnel. In June 1975, the Treasury Secretary authorized and directed a continuing audit of U.S. There can be no world reserve currency without appropriate gold reserves supporting it, providing essential confidence and credibility. 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 last full audit was done in 1953 . : 201217896Z Dollars, Native 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. Furthermore, these audits found no exceptions of any consequence. I also want to assure you that the physical security over the gold reserves is absolute. 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. The OIG audited 3 % from 1993 2008. Buffalo Coins, American Eagle di As a newcomer to Fort Knox, you are a part of the Gold Standard team that is making the Army's vision a reality. Text Alerts, Contact 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 the bullion, 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. No photographs were allowed, of course. previous, back to And there is more, a lot more. The fact that 7 audit reports that should grant the existence of these reserves appear to be missing is problematic. 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 assayer is unknown and there was no assay report included in the audit report. 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. His visit was the one and only time a gold vault was opened for inspection for anyone other than authorized personnel. 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 First Critical Observations. Bear in mind that another FOIA request for internal email correspondence relating to the initial inquiries revealed that the official who provided this exaggerated estimate of how difficult the task of producing the documents would be was an auditor himself and among the authors of the documents that Jansen sought in the first place! 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. 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. 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. there has not been anyone allowed access to confirm the gold amounts that are supposedly stored at the Fort. Maybe a room or two full of gold but the rest is gone. In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. eonon change home screen. Next was the GAO; unfortunately they couldnt deliver anything I was looking for. 26 Feb 2017 13:18. *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. Fort Knox facts. To access the gold vault at Fort Knox, you'd need to make your way through a network of security measures. Gold verification at Fort Knox March 1998, page 3. The vaults were last opened to the public in the 1970s, and the last treasury secretary visit was in 1948. When thinking about these re-audits, threescenarios pop to mind: Why else wouldso much gold have been re-audited? 312 tonnes of the total is 4 %. In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. In my previous post, from March 2018, on the audits of US official gold reserves, I have exposed that during the audit procedures of the US official gold reserves from 1974 through 2008, repeatedly audit staff deviated from the auditing . 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 the other years we dont know whatoffice performed the checks. Ron Paul (R-Texas) says his measure to audit the Federal Reserve, which passed the House last December, would force the first open audit of Ft. Knox in decades. 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 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. Jun 5th, 2022 . More than half of . 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. & Sales Figures.
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