Lets recap what weve studied in the previous posts. PBOC Gold Purchases: Separating Facts from Speculation. Currency, Shop All The assayer is unknown and there was no assay report included in the audit report. He also mentioned that despite this being the first visit by a group of politicians and journalists to Fort Knox since 1974 - he was the first serving Treasury Secretary to visit since 1948. A separate post will be dedicated to KPMG. Why havent we ever seen any assays of coin bars? The audit will be performed by a committee of auditors from the U.S. General Accounting Office (GAO) and the Department of the Treasury. All the golden coins that were handed in supposedly accumulated to the greatest gold pile on earth. More false statements by the auditor have appeared, further eroding its credibility. The usage of cookies and the collection of customer information by BullionStar is guided by our. I have copied as much quotes in this post as I can to minimize the possibility of an erroneous interpretation of the official text in the audit reports. The Fort Knox facility, a hyper-secure fortress in Kentucky that is part of quintessential American lore, is . Between 1933 and 1937, this increased . These CDCs offer full-day care, part-day, and hourly care. For the other years we dont know whatoffice performed the checks. but American gold holdings were reportedly last audited in 1953 (which includes testing for purity); Fort Knox's gold was . More than half of the total reserves4,582.95 tonnes, or 147,341,870.463 fine troy ounces of goldare kept at Fort Knox, while more than 1,000 tonnes are stored at West Point and Denver each. 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 fact that 7 audit reports that should grant the existence of these reserves appear to be missing is problematic. Compared to the samples taken in the 1950s and 60s, the standards for the integrity of the sample size had fallen sharply. In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. Fort Knox is also on the list of these 10 forbidden places that no one is ever allowed to visit. Medals, Email & Approximately half the U.S. Treasury's gold is located in the storage facility at Fort Knox 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. Exhibit 2. As the last days tick away, let's take a moment to recap the top 12 stories at Fort Knox that shaped our 2021. initial 1974 Fort Knox audit which was conducted by GAO and Treasury auditors. 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. Ideas, Gifts for It's going on right now as I say these words. Matt Bevin. Senate Majority Leader Mitch McConnell and other Kentucky politicians went to the United States Bullion Depository at Fort Knox for the first time since 1974, Reassurance: Treasury Secretary Steve Mnuchin tweeted out thanks to the US Mint and confirmed that the gold is all safe. Ron Paul introduced a bill that would require the Fed to manually audit every U.S.-owned gold . Same story at the US Mint and US National Archives. *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 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). 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. Mint Medals, Shop All Paper Small quantities of gold are removed to test the purity during regularly scheduled audits. 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 . This is basically an affirmation that the bullion was up to snuff at the last audit, and has been sealed since. Fort Knox is home to more than 30 commands and organizations with a daytime population of about 26,260 Soldiers, civilian employees and Family members. The gold stored in these compartments would get moved around if samples were taken for assaying during the audit. 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. Two months later I still got no response. Thank you for signing up with United States Mint! The vault can withstand guns, blowtorches, and other incendiary devices. Gold verification at Fort Knox March 1998, page 1. Company Registration No. previous, Kids I'm a vet, and here are five dog breeds most prone to cancer - including Golden Retrievers and Rottweilers. Domestic and International Shipping from Singapore 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? Exhibit 7.3. 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 . previous, back to Coins, American As a result, the gold at the Bank [FRBNY] is considered unaudited. 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. As a freebie trip for 4 select political insiders, last Monday's trip to Fort Knox was undoubtedly a memorable one . According to official statistics, the United States holds far and away the largest gold reserves of any sovereign nation or supranational institution. The Mint estimated that as much as one-third of the gold reserves were examined during this period. As required under the Cyanide Code, the mine was again audited against ICMI's Verification Protocol by independent professional third-party auditors within three . The door weighs 22 tons and is 21 inches thick, and the roof is bomb proof. Much of this newfound gold came into government coffers as a result of President Franklin Roosevelts executive order confiscating privately held gold in 1933. Coins, American It lies 30 miles (48 km) southwest of Louisville and occupies an area of 172 square miles (445 square km). Inside the lonely life of 'pavement killer': Neighbours reveal how 'childlike' disabled woman jailed for Tragedies of Everest: The adventurers forever frozen in ice after losing their lives scaling the world's 'Why the last-minute delay?' Why might the government entrust such inexperienced employees with this important task? 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. 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? I can say that without any hesitation, because I have observed the gold and the security of the gold reserves myself. 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. No irregularities were found. Tuesday March 22, 2016 13:20. 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. On the way to the vault, a literal mine field and an electric fence protectthe gold. The Eisenhower Administration Conducted The Last Audit Of Fort Knox. According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! 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. His advice to me was to try at the General Accounting Office (GAO) and National Archives for more reports. Fort Knox, Kentucky is an Army base with more than one hundred thousand acres stretching across three counties. Coincidentally almost all the gold assayed by the OIG from 2004 2008 was 9999 fine. He tweeted " Glad gold is safe! 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. We are a community that loves Silver, Period. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. A Fort Knox physical gold audit in 1953 was anything but full, neither was the famous audit in 1974. As a newcomer to Fort Knox, you are a part of the Gold Standard team that is making the Army's vision a reality. However, if that intruder had turned to the west he would have . It seems these 6 reports (5 documents) are the only ones currently in existence and the remaining 7 have mysteriously disappeared. We are no longer accepting comments on this article. In addition, the committee will include technicians from the Bureau of the Mint who are trained in assaying and weighing gold bullion. From 1993 to 2008 the remaining 3 % of the gold reserves stored at the US Mint hasbeen audited I assume. Jansen found instances in which the Treasurys auditors failed to follow the governments own procedures for the auditing process. . The last time anyone had access to inspect the deposits was on September 23, 1974. . For your information, we contacted a librarian at the Treasury Department who informed us that reports from Committee for Continuing Audit of the U.S. Conclusion. Metal Coins, back to 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). Since 1993, when we assumed responsibility for the audit, my office has continued to directly observe the inventory and test the gold. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. Next was the GAO; unfortunately they couldnt deliver anything I was looking for. For the sake of simplicity, lets say I have both audit reports, 1980 and 1981. 3. Fort Knox is used to store a large portion of United States official gold reserves and occasionally other precious . 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 using our website, you accept that cookies are used. In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. 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 Counsel to the Inspector General Department of the Treasury told me his department only had 4 of the 13 reports I was looking for. 'It just kind of came up as a result of a casual conversation,' McConnell said. Even then only 5% of the examined bullion was weighed and assayed to determine its purity. Buy for Vault Storage in New Zealand Share this page: Army.mil. Gold verification at Fort Knox March 1998, page 3. 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? Furthermore, these audits found no exceptions of any consequence. Exhibit 7.2. 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). 15919 Avenida Venusto, Apt. The auditors were bored and decided to re-audit 1,700 tonnes. The reports from 1974 and 1977 weve extensively analyzed in my previous post Second Thoughts On US Official Gold Reserves Audits, published on February 9, 2015. For the best and most secure experience in our catalog, please update your browser. 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). In another dubious mix-up, a number of measurements were faulty because the auditors misread where the decimal point was on the scale. 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. 'The gold is safe.'. China Gold Import Jan-Sep 797t. However, we were unable to locate records responsive to reports similarly titled or closely related to the subject annual gold audit 1975-1984. 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. Jansen is a longtime gold insider and journalist reporting on, for example, the goings-on of the incipient Shanghai Gold Exchange (SGE). The assayer is unknown and no assay reports have been included in the audit reports. 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? 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). Other problems sound laughable in their incompetence. Contact Us. 45 New Bridge Road, Singapore 059398 Singapore 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. 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. 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. GAO stands for General Accounting Office, OIG stands for Office of Inspector General. 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 . Weve barely come across any independent auditor that saw, counted, weighed or assayed the US official gold reserves. Coin Plus, US Mint Police remain a constant presence, and preside over the grounds from four machine gun towers placed around the perimeter. 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. Republican frontrunner Donald Trump hinted at the idea that there just might be no gold in the U.S. 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. Published: 22:22 GMT, 21 August 2017 | Updated: 06:57 GMT, 22 August 2017, Honored guests: Treasury Secretary Steve Mnuchin (left) and Senate Majority Leader Mitch McConnell (right) outside the main door to the United States Bullion Depository at Fort Knox on Monday. 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. About 000% of them were weighed. The First Critical Observations", February 2017. A waiting list may be required and part-time or hourly care may need special planning depending on demand, mission requirements, etc . Sets, Commemorative 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. . Its glittering gold . Official joint seal number 932 put in place on September 2, 1982, under the continuing audits of U.S.-owned goldstored at the Mint. I personally believe that rumor and the bulk of it has been sold off to the rich elites. Fort . I shall rest here. The answer is, he cant. & Facilities, Shop All 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). di 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. The Fort Knox facility was opened within the year, and took its first shipment of gold in 1937. 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. In 1953, the US Treasury Department audited Fort Knox, but only around5% of the goldunderwent testingfor purity. BY . Official Joint Seal inspection records from Fort Knox, June 1998 (courtesy of Koos Jansen through Freedom of Information Act). On top of this, a decades worth (1993-2003) of Joint Seal inspections from the Denver and West Point depositories are not accounted for. Equal Employment Opportunity. On September 24, 1974, a special settlement (audit) is scheduled to begin and at its conclusion a report on the audit will be issued. Fort Knox Policies. 'So many dead. 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. 26 Feb 2017 13:18. What his dogged FOIA requests have failed to reveal, unfortunately, is anything that would put the questions about the Fort Knox gold to rest. Page Last Modified: 8/26/19, 2:56 PM Fort Knox, KY. Our Nation's Gold Standard Army Home. Is the Coin Market Sleeping on Fairmont Collection Gold Coins? In July 1985, 11,912,458.207 fine troy ounces of gold were reaudited at the Fort Knox Depository. Exhibit 7.1. They wrote me by email: Mr. Nieuwenhuijs our Office of Audit found: as well as GAOs 1974/1975 and 1978 reports. . 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). Paul, a longtime critic of the Federal Reserve and U.S. monetary policy, said he believes it's "a possibility" that there might not actually be any gold in the vaults of Fort Knox or the New York Federal Reserve bank. Questions: Telephone: (502) 624-2386. Remember, were investigating the audits of the greatest gold hoard on earth, which underpins the world reserve currency the US dollar. Great! More than half of . 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.. This is remarkable. Fort Knox facts. Paul has introduced legislation that would require an independent audit of the 5,000 plus tons of gold bullion that is believed to stored in the Fort Knox, Kentucky vault. Theoretically, if the seal hasnt been tampered with, this is as good as verifying the metals themselves. Buy for Vault Storage in the United States And there is more, a lot more. Ron Paul worries Fort Knox gold is gone. 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. 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. Senator from Kentucky, where Fort Knox is located. 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. 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. No outside experts were allowed on the site for the audit, either,providingfodder for all kinds of conspiracy theorists. COIN & MEDAL PROGRAMS, History of U.S. Then let's raise a glass to a slower, quieter 2022 . 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). ByI forget which date it was, I believe by 1986, wehold on just one second here, I got it. 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. I doubt an attempt to submitting a FOIA request directly to the Treasury Department will bring me anything; likely it will be a waste of time as I had already contacted all possible government departments separately, which could not deliver me the reports I was looking for despite none of them was unwilling to help me. It was also the first visit by a serving US Treasury Secretary since 1948. Then, something very strange happened in 1983. The 1974/1975 and 1978 reports refer to the audits conducted in 1974 and 1977. In an interview, McConnell said he could not say much about the visit for security reasons. The other two-thirds, however, have not been inventoriedthat is according to my understandingor assayed since somewhere between 1975 and 1986. Not that it would be easy to even make it this far, but the door to the vault is made of steel and . GOLD, RESERVES, REPORT(S), AUDIT, COMMITTEE FOR THE CONTINUING AUDIT, COMMITTEE, INSPECTOR GENERAL, ASSISTANT SECRETARY OF THE TREASURY FOR INTERNATIONAL AFFAIRS, BUREAU OF FISCAL SERVICE, and BUREAU OF GOVERNMENT FINANCIAL OPERATION.
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