Thats 6 down, 7 more to go. ( 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. The US government wished to open the vaults of audited gold to lease or sell the metal on the open market. Weve barely come across any independent auditor that saw, counted, weighed or assayed the US official gold reserves. In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. These CDCs offer full-day care, part-day, and hourly care. In October 1984, 4,136,046.924 fine ounces gold was reaudited. At this stage I havent been able to get my hands on any assay report from 1974 1986. Page Last Modified: 8/26/19, 2:56 PM Fort Knox, KY. Our Nation's Gold Standard Army Home. 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). Donald Trump Doesn't Think So. 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. 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. 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. Coins, American Bags, & Boxes, Code Next was the GAO; unfortunately they couldnt deliver anything I was looking for. Jun 5th, 2022 . For the best and most secure experience in our catalog, please update your browser. Part One, We use cookies to enhance the user experience and to analyse traffic. previous, Kids Since there are far too many gold bars to count at once, the audit is carried out piecemeal and only small samples are taken for assaying. Same story at the US Mint and US National Archives. 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. Exhibit 7.1. Metal Coins, back to Gold verification at Fort Knox March 1998, page 1. At Fort Knox, we are about people - great service members, outstanding civilians . 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. Shipping within New Zealand. In the meantime I will fire several new FOIAs at the Office of the Inspector General and others. Shortly after I got an email that statedmy request had been received and was being processed. Even then only 5% of the examined bullion was weighed and assayed to determine its purity. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. After the gold was audited by the Continuing Audit committee all compartments were placed under Official Joint Seal. Sets, Commemorative The First Critical Observations", February 2017. Murdaugh is heckled as he leaves court, Moment teenager crashes into back of lorry after 100mph police race, Ken Bruce finishes his 30-year tenure as host of BBC Radio 2, Family of a 10-month-old baby filmed vaping open up, Missing hiker buried under snow forces arm out to wave to helicopter, Insane moment river of rocks falls onto Malibu Canyon in CA, Fleet-footed cop chases an offender riding a scooter, Ukrainian soldier takes out five tanks with Javelin missiles. Koos Jansen is a precious metal analyst from the Netherlands. The Armored Force School and the Armored Force Replacement Center began operations at Fort Knox in October 1940. U.S. Army Cadet Command Headquarters is located inside the Fort Knox installation which is located roughly 35 miles south of Louisville, Kentucky. While the gold at Fort Knox was partially audited in the past, the gold at the Federal Reserve Bank of New York was never looked at. Other problems sound laughable in their incompetence. previous, back to The gold stored in these compartments would get moved around if samples were taken for assaying during the audit. By Everett Millman Gainesville Coins . 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. No need to read about these fascinating facts and important events that have shaped the U.S. as we know it today. The One "Audit" Of Fort Knox. Official Joint Seal inspection records from Fort Knox, June 1998 (courtesy of Koos Jansen through Freedom of Information Act). All your favorite.50 games all in one club! It saves time and labor costs. : 201217896Z And there is more, a lot more. 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. Between July 1983 and July 1985 the gold was audited in accordance with the plan approved by the Treasurer, as follows. He said this, but there is no proof. A second storage facility was built at the same time: . Audit report Fort Knox 1981. Share this page: Army.mil. Located in Kentucky, Fort Knox is a United States Army base whichhouses most of the US's gold reserves. Honor, Rolls, 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? Gold verification at Fort Knox March 1998, page 3. Exhibit 2. He ought to have known precisely how many pages were needed and presumably where to find them. 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). 'It's not even the annual funding level for some of our large departments in the federal government,' he said. 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. 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. While this sum is unreasonable, a crowdfunding campaign donated the total in less than 24 hours (strangely enough, the Mint never actually cashed Kooss check, and nearly all of the money was eventually refunded.). Fort Knox was thrown open on that Monday afternoon for about 2 hours to some 150 reporters and glad-handing politicians, crowding narrow passageways and elbowing each other for a . 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. 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). No outside experts were allowed on the site for the audit, either,providingfodder for all kinds of conspiracy theorists. 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. A waiting list may be . 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? How can the IG be positive if he did not have access to the most basic documentation? In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. Jansen is a longtime gold insider and journalist reporting on, for example, the goings-on of the incipient Shanghai Gold Exchange (SGE). initial 1974 Fort Knox audit which was conducted by GAO and Treasury auditors. 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. 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. 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 . Are you already an expert in everything America? 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. Compared to the samples taken in the 1950s and 60s, the standards for the integrity of the sample size had fallen sharply. Day trip: Steve Mnuchin and his wife Louise Linton touched down in Kentucky earlier on Monday prior to the Treasury Secretary's tour of Fort Knox. . In 1974, WCPO Anchor Al Schottelkotte got a rare look inside the gold vault at Fort Knox, Kentucky. We asked the experts - and their answers will terrify you Public Service Announcement, do NOT watch these ads! *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. 4. & Facilities, Shop All 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. Fort Knox sits on over 100,000 acres and houses 30,000 military personnel. The other two-thirds, however, have not been inventoriedthat is according to my understandingor assayed since somewhere between 1975 and 1986. Fort Knox Policies. But Bevin, speaking on WHAS radio, divulged a few more details. Tiger Woods unleashes his lawyers on porn site after it Bannon is 'going to war' against Jared, 'crying Ivanka' and A whole hue world! The door weighs 22 tons and is 21 inches thick, and the roof is bomb proof. 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. The audit announced, however, would include just 20% of the gold. Of course,strange things have been stored in the vault, like morphine and opiumduring the early '90s. U.S. Treasury Secretary Steven Mnuchin initiated the visit, along with U.S. Rep. Brett Guthrie and Gov. Manyquestion the amount of gold that supposedly exists in the vault,and wonder what else hides within the building'swalls. In a series of posts well continue to examine all there is to find regarding the audits of US official gold reserves. On September 24, 1974, a special settlement (audit) is scheduled to begin and at its conclusion a report on the audit will be issued. In addition to the gold bricks, Bevin said he got to hold a 1933 double eagle, a $20 gold coin that was never circulated. In 1936, Fort Knox military base was chosen as the site to build a bullion depository to store this gold. Welcome to the Coronation! The gold at Fort Knox is stored in one of the most secure facilities in the world. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. The audit, which includes facilities, roads, parking lots, fences and utilities that are each valued at $250,000 or more, involved 1,053 sites and encompassed researching, identifying, reviewing . 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. Many conspiracy theorists - like the Gold Anti-Trust Action Committee (GATA)- believe the gold doesn't really exist, there isn't as much as the government claims, or the government has sold it off for years. The First Critical Observations. Plus, US Mint Police remain a constant presence, and preside over the grounds from four machine gun towers placed around the perimeter. I also want to assure you that the physical security over the gold reserves is absolute. Scales at the Mint used to weigh the bars often didnt work properly. According to official statistics, the United States holds far and away the largest gold reserves of any sovereign nation or supranational institution. Dollars, Native 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. That shipment required a convoy of 33 15-ton trailers to move the gold. By Jennifer Liberto @ CNNMoney June 24, 2011: 11:58 AM ET. If we carefully read the scarce audit reports available to us, wenotice the audit procedures were revised in 1983. I did read one time that the queen of England a. When will the Beast from the East be at YOUR door? ', 'All I will say is that it is freakishly well secured,' he said. Fort Knox, Kentucky is an Army base with more than one hundred thousand acres stretching across three counties. There was nothing left to do but submit a Freedom Of Information Act (FOIA) request. By Patrick A. Heller. The WORST care homes in England: Interactive map reveals the lowest-rated 2,530 residences - so is there one Do YOU know your Adam and Eve from your Ruby Murray? 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 . *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. Government-owned Gold" for the years 1975, 1976, 1978, 1979, and 1981-1984. Written by Jan Nieuwenhuijs, originally published at Voima Gold Insight. 147.3 million ounces of gold is stored at Fort Knox. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. "good delivery" bricks of gold found gutted and filled with tungsten within the confines of LBMA approved vaults in Hong Kong. In 1974, after the US closed the gold window, congressional support grew for inquiring into the US gold stock. Equal Employment Opportunity. 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. However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. 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. One of the mostsecure andinaccessible places in the world, the facility once held the Declaration of Independence and Bill of Rights. Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. It was nothing more than a peek-a-boo glance at the gold in fine Hollywood style. . All the benefits of simply switching from white to brown - AND how purple, Will El Salvador's new mega-prison turn into a bloodbath? Kids, Gifts for teaching assistant pay netmums; when was the last time fort knox was audited. 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. 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Coins, American 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. I'm a vet, and here are five dog breeds most prone to cancer - including Golden Retrievers and Rottweilers. July 1986 12,477,777.638 [this number Icopied from the 1986 report]. If you subscribe to this theory, the incredible amount of protection at the U.S. Bullion Depository is for little more than a pile of IOUs. 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. On the way to the vault, a literal mine field and an electric fence protectthe gold. Two months later I still got no response. Although the quality of the gold in the custody of the Federal Reserve Bank of New York cannot be readily assayed,. 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 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. 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. 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. Also, the assay test results from last year's gold audits at Fort Knox and West Point were This is basically an affirmation that the bullion was up to snuff at the last audit, and has been sealed since. Instead, I was advised to contact the Treasury. Click on the links for more information:Buy for Vault Storage in Singapore And the problem goes far beyond missing audit reports. Buffalo Coins, American Eagle Koos mainly provides unique insights about Chinese gold market. BY . Do you think it would be worthwhile, at least, to inventory and assay this portion of the Mint-held gold? The BGFO and Mint staff was replaced by the OIG and the revised audit procedures were invented as a reason to open several compartments. 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). US Mint Releases New Fort Knox Audit Documentation. "good delivery" gold bars. Medals, Email & When the mint finally produced the audit documentation, Jansen received 134 lightly redacted pages (rather than the estimated total of 1,200 pages). Government-owned Gold, or my office, and placed under official joint seals. Contact Us. FORT KNOX MINE ICMC SUMMARY AUDIT REPORT . One wonders: was this a simple oversight or some kind of conscious obfuscation effort? The gold vault at Fort Knox is "encased in 16,000 cubic feet of granite and 4,200 cubic yards of cement." President Reagan last spring demanding that this be looked into immediately. In an interview, McConnell said he could not say much about the visit for security reasons. An excuse was needed to break the seals. Coincidentally almost all the gold assayed by the OIG from 2004 2008 was 9999 fine. Monetary Gold Stock of the United States 312 tonnes of the total is 4 %. Did audit reveal missing gold . Kinross - Fort Knox Mine April 22nd, 2021 Signature of Lead Auditor Page 2 of 47 . My FOIA request had disappeared, or did it? 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. Site, Coin The New Year kicked off . 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. Despite continued inquiries, the US Mint refuses to offer up proof of the exact amount of gold held at Fort Knox. 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. The last full audit was done in 1953 . 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. However, there has been considerable doubt over the years as to whether the depository actually held any gold. It was decided to destroy several audit and assay reports and no less than 1,700 tonnes needed to be re-audited. He attempted to pinpoint how the Treasury Department verifies that the gold in its vault is both present and real. After writing it Ive been trying to collect all audit reports dating from1974 1986. 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. Shipping within the United States But by 1986, you had 97 percent was audited. 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). I left school at 16 with six GCSEs - and became a self-made millionaire. walked past guards armed with submachine guns and through a 3-foot thick steel door into the . Secretary Mnuchin's statements were not helpful. there has not been anyone allowed access to confirm the gold amounts that are supposedly stored at the Fort. The Fort Knox facility was opened within the year, and took its first shipment of gold in 1937. di 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 %. Each and every bar there should be assayed in a full, independent audit. Is the Coin Market Sleeping on Fairmont Collection Gold Coins? 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. 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. 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. Then, from 2005 to 2008 the assay tests were conducted by White Sands Missile Range, which is a subsidiary of the US army. CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. In 2011 it was portrayed as if KPMG currently is the third party auditor (next to the owner and custodian), but this is not true. 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. Lets recap what weve studied in the previous posts.
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