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. Given all the protection, it seems obvious that billions of dollars worth of gold (or something) indeed resides at Fort Knox. 213K subscribers in the Wallstreetsilver community. The last time anyone had access to inspect the deposits was on September 23, 1974. . The New Year kicked off . The assayer is unknown and there was no assay report included in the audit report. The Mint estimated that as much as one-third of the gold reserves were examined during this period. All the golden coins that were handed in supposedly accumulated to the greatest gold pile on earth. Circulating "good delivery" bricks of gold found gutted and filled with tungsten within the confines of LBMA approved vaults in Hong Kong. How can the IG be positive if he did not have access to the most basic documentation? He ought to have known precisely how many pages were needed and presumably where to find them. 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. 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. For instance, sample sizes used for assaying were conspicuously small. 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). 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? . The Armored Force School and the Armored Force Replacement Center began operations at Fort Knox in October 1940. & Sales Figures. The vaults were last opened to the public in the 1970s, and the last treasury secretary visit was in 1948. Buy, ship and store bullion with BullionStar in/from different countries. Matt Bevin. Because this is the department currently responsible for the audits I was surprised my request to obtain all audit reports wasnt honored. when was the last time fort knox was audited. A waiting list may be . Its glittering gold . Government-owned Gold" for the years 1975, 1976, 1978, 1979, and 1981-1984. However, how trustworthy is this system of accounting? In short, the US National Archives could not extradite the 7 audit reports I requested. Share this page: Army.mil. The First Critical Observations", February 2017. 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 BGFO and Mint staff was replaced by the OIG and the revised audit procedures were invented as a reason to open several compartments. 'It just kind of came up as a result of a casual conversation,' McConnell said. No irregularities were found. And being surrounded by more than $186 billion worth of gold was no sweat for one of the country's most powerful politicians. The Fort Knox Gold was last audited in the 1950s. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. Honor, Rolls, But by 1986, you had 97 percent was audited. random nose bleed covid. The process would take about 30 minutes to verify the gold content of each bar, or 350,000 man hours; to do that . By using our website, you accept that cookies are used. I am glad to report that everything at the depository looked to be secure and in order. From the 1985 report: In fiscal year 1985 audits of Government-owned gold were conducted at the United States Mint in Denver and the United States Bullion Depository in Fort Knox, Kentucky. fort knox crisis phone numbers. Conclusion. It was a magnificent golden sunrise that inspired visions of glory, wealth, and beauty. In performing the audit, the gold bars are physically moved from one vault compartment to another. Next, we can see Thorsons list he presented of physical gold audit reports of the continuingaudit program from 1974 to 1986. US citizens were required to sell their gold bullion - bars and coins - back to the State. Thats everything we have, or are aware of. And the problem goes far beyond missing audit reports. Try Army A-Z. Great! 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. Fort Knox is supposedly filled with 400 oz. It seems these 6 reports (5 documents) are the only ones currently in existence and the remaining 7 have mysteriously disappeared. FORT KNOX MINE ICMC SUMMARY AUDIT REPORT . Exhibit 1. The answer is, he cant. The assay tests found no irregularities. The target this time is the United States Treasury Assay Office in New York . Whos Supplying? Secretary of the Treasury Steven Mnuchin visited Fort Knox on August 21. Compared to the samples taken in the 1950s and 60s, the standards for the integrity of the sample size had fallen sharply. U.S. Treasury Secretary Steven Mnuchin initiated the visit, along with U.S. Rep. Brett Guthrie and Gov. 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. www.smartaccess.us . Medals, Treasury and 26 Feb 2017 13:18. 3. From the 1985 report: The event, Sept. 23, 1974, is often inaccurately called the last audit of 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. ( 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. Why havent we ever seen any assays of coin bars? Moreover, it showed a number of (at best) inconsistencies in how the mint conducts its bullion inspection for auditing purposes. 'The gold is safe.'. Ron Paul introduced a bill that would require the Fed to manually audit every U.S.-owned gold . 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. The last time that Congress audited it was 2019. Mint Medals, Shop All Paper All the benefits of simply switching from white to brown - AND how purple, Will El Salvador's new mega-prison turn into a bloodbath? Jansen is a longtime gold insider and journalist reporting on, for example, the goings-on of the incipient Shanghai Gold Exchange (SGE). (in millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. Part One, We use cookies to enhance the user experience and to analyse traffic. According to official statistics, the United States holds far and away the largest gold reserves of any sovereign nation or supranational institution. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. Ideas, Gifts for U.S. President Franklin D. Roosevelt passed legislation outlawing private ownership of gold, and gave instruction to build the depository at . It basically coveredby 1986, 97 percent of the Government-owned gold held by the Mint had been audited and placed under joint seal. Between July 1983 and July 1985 the gold was audited in accordance with the plan approved by the Treasurer, as follows. The Mint and the GAO were sanctioned to audit a portion of the Treasury's gold. Equal Employment Opportunity. Answer (1 of 2): Who knows but it is rumored that the majority of the gold in Fort Knox no longer exists! Kooss analysis of the procedures used found its rigor wanting in several key areas. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. The next screen shot is from the reply by the FOIA help desk on May 6, 2015. The Treasury document says it would cost about $15 million to conduct an audit. The auditors were bored and decided to re-audit 1,700 tonnes. 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. 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. 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). This was the first time the OIG was responsible for the audits of the gold at the Mint (note, this same OIG is still responsible for the audits). 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. Fort Knox Gold: Once upon a time, the Fort Knox Bullion Depository was a vast storehouse for American gold. An overview starting from 1953: *In the 1953 report we could read 26 bars (0.00002 % of the total stash at that time) were assayed from bore samples. Coins, Tours & Find out what Uber drivers really think of you! 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. Why might the government entrust such inexperienced employees with this important task? Try Army A-Z . Koos Jansen is a precious metal analyst from the Netherlands. COIN & MEDAL PROGRAMS, History of U.S. It's going on right now as I say these words. We will discuss the remaining 4 audit reports at once, as they are very similar. The Fort Knox facility, a hyper-secure fortress in Kentucky that is part of quintessential American lore, is . As a result, the gold at the Bank [FRBNY] is considered unaudited. 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). 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. previous, back to 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. Each gold bar is 7 inches x 3 and 5/8 inches x 1 and 3/4 . 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. As a freebie trip for 4 select political insiders, last Monday's trip to Fort Knox was undoubtedly a memorable one . He tweeted " Glad gold is safe! In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. Company Registration No. Kate and Prince William 'are keen' for Prince George to have official role in King Charles' coronation - but Royally hard work! document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. 1126, San Diego, CA, 92128, USA . ALL COIN PROGRAMS, National Purple Heart Hall of Audit report Fort Knox 1981. Also, the assay test results from last year's gold audits at Fort Knox and West Point were Buffalo Coins, American Eagle 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. Sets, Commemorative United States Mint All Rights Reserved. McConnell said he had never thought about visiting Fort Knox before, but jumped at the chance when Mnuchin offered to take him. Fort Knox claims billions of dollars worth of gold are stored away in its secret vault. 312 tonnes of the total is 4 %. Ive found many anomalies that well discuss. I shall rest here. ', 'All I will say is that it is freakishly well secured,' he said. According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! initial 1974 Fort Knox audit which was conducted by GAO and Treasury auditors. The fact that 7 audit reports that should grant the existence of these reserves appear to be missing is problematic. Treasury Secretary William E. Simon issued the invitation to Congressmen to inspect the gold at Fort Knox. The auditors from the Treasury will be drawn from the Office of the Secretary, the Bureau of Government Financial Operations, the U.S. Customs Service, and the Bureau of the Mint. " He told an audience in Louisville, "I assume the gold is still there.". *In 1977, presumably, one bar in every fiftieth melt (one melt is approximately 20 bars) was assayed, irregularities were found in two melts, the vault had to be opened twice more in the presence of the Joint Sealing Committee and the gold reevaluated. Senator from Kentucky, where Fort Knox is located. Dollars, Native Shortly after I got an email that statedmy request had been received and was being processed. $800 weekly hand count free roll. Weve focused on the first audits of the gold stored by the US Mint. Official joint seal number 932 put in place on September 2, 1982, under the continuing audits of U.S.-owned goldstored at the Mint. All your favorite.50 games all in one club! Military/Civilian clock Examples of Civilian/Military time conversion. . 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. ByI forget which date it was, I believe by 1986, wehold on just one second here, I got it. The last trial was a "hybrid" SAG, with one cyclopac underflow feeding the . The missing audit reports and assay reports feed into our skepticism. This is remarkable. In August 2017, US Treasury Secretary Steve Mnuchinvisited the gold vault at Fort Knox and, along with a few other politicians, surveyed the site. As a newcomer to Fort Knox, you are a part of the Gold Standard team that is making the Army's vision a reality. HOME; EVENTS; ABOUT; CONTACT; FOR ADULTS; FOR KIDS; accident on 9w marlboro, ny today Are you already an expert in everything America? 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. 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. Answer (1 of 2): Internally, it is done annually. 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. Experts weigh in as tremors hit Wales, Cornwall and the Are YOU eating the right colours? noting that it was "over 20 years" since the last one. On top of this, a decades worth (1993-2003) of Joint Seal inspections from the Denver and West Point depositories are not accounted for. Us, ALL More false statements by the auditor have appeared, further eroding its credibility. 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 . 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. Here is a rundown of some of Kooss key findings. In October 1984, 4,136,046.924 fine ounces gold was reaudited. Bevin, who said he collected coins as a child, compared it to 'seeing a leprechaun on a unicorn. The US government wished to open the vaults of audited gold to lease or sell the metal on the open market. No outside experts were allowed on the site for the audit, either,providingfodder for all kinds of conspiracy theorists. Manyquestion the amount of gold that supposedly exists in the vault,and wonder what else hides within the building'swalls. Text Alerts, Contact 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. Liberty, Bush 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. Did The Dutch Central Bank Lie About Its Gold Bar List? If we carefully read the scarce audit reports available to us, wenotice the audit procedures were revised in 1983. Written by Jan Nieuwenhuijs, originally published at Voima Gold Insight. At its peak, 649.6 million ounces were stored at Fort Knox on December 31, 1941. No photographs were allowed, of course. The 1974 Fort Knox audit by the GAO has been acknowledged and adopted by the continuing audits committee, so this it becamepart of the continuing audits. These CDCs offer full-day care, part-day, and hourly care. Fort Knox, major U.S. military reservation in Meade, Hardin, and Bullitt counties, northern Kentucky, U.S. 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. July 21, 2017 7:24AM. We asked the experts - and their answers will terrify you Public Service Announcement, do NOT watch these ads! 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. I will, however, submit a couple of new FOIAs at the US government regarding gold audits. 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. 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. 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. The gold at Fort Knox is stored in one of the most secure facilities in the world. It was obvious that some of the records were missing (or not provided). Maybe a room or two full of gold but the rest is gone. 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. Over 640,000,000 ounces of real money sat behind those massive locked doors. 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. Is the Coin Market Sleeping on Fairmont Collection Gold Coins? By Everett Millman Gainesville Coins . CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. Fort Knox is also on the list of these 10 forbidden places that no one is ever allowed to visit. teaching assistant pay netmums; when was the last time fort knox was audited. Coins, American However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. 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. Fort Knox sits on over 100,000 acres and houses 30,000 military personnel. A separate post will be dedicated to KPMG. In another dubious mix-up, a number of measurements were faulty because the auditors misread where the decimal point was on the scale. Questions: di Cookies are also used for the purpose of handling our system and services. U.S. Army Cadet Command Headquarters is located inside the Fort Knox installation which is located roughly 35 miles south of Louisville, Kentucky. It was also the first visit by a serving US Treasury Secretary since 1948. Koos Jansen. My FOIA request had disappeared, or did it? 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.). 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 vault compartments at Fort Knox Bullion Depository. Official records claimed 20,000 tons in the 1950s. 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 7.2. 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. Fort Knox, Kentucky is an Army base with more than one hundred thousand acres stretching across three counties. Bags, & Boxes, Code Fort Knox is in Romeo (R) time. As the last days tick away, let's take a moment to recap the top 12 stories at Fort Knox that shaped our 2021. 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). American $1 Coins, SHOP Connecting thereto, from Thorsons opening statement: My office began conducting annual audits of the gold reserves in Fiscal Year 1993. Your browser is out of date. 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. GAO stands for General Accounting Office, OIG stands for Office of Inspector General.
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