Representative Alex Mooney (R . 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. 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? 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. In 1974, WCPO Anchor Al Schottelkotte got a rare look inside the gold vault at Fort Knox, Kentucky. The assay tests found no irregularities. The One "Audit" Of Fort Knox. Cleverly located at the intersection of Gold Vault Road and Bullion Boulevard, the bullion depository at Fort Knox was constructed and housing the growing government stock of gold by 1937. The gold stored in these compartments would get moved around if samples were taken for assaying during the audit. Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. 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. The controversial 'trauma expert' interviewing Prince Harry: Gabor Mat was warned by the Canadian A big Beckham birthday! The gold is held as an asset at a value of $42.22 per ounce. Beginning in 1974, the auditors of the U.S. government's gold reserves held at Fort Knox, Ky., and at the U.S. Mint facilities in Denver, Colo., and West Point, N.Y. (which was named the West Point Bullion Depository from its opening in 1937 until it gained status as an official Mint in 1988), started a 10-year program to verify 100 percent of the gold reserves. Shipping within New Zealand. The last time Fort Knox was audited was in 1953, immediately after President Eisenhower was inaugurated. Mint Medals, Shop All Paper Gold verification at Fort Knox March 1998, page 2. Fort Knox, major U.S. military reservation in Meade, Hardin, and Bullitt counties, northern Kentucky, U.S. Koos Jansen is a precious metal analyst from the Netherlands. The Fort Knox Gold was last audited in the 1950s. Tuesday March 22, 2016 13:20. In October 1984, 4,136,046.924 fine ounces gold was reaudited. In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. & Medal Programs, Tours The intention in 1975 was to audit the gold at the FRBNY, but then, a few years down the road the gold at the New York Fed was mysteriouslyexempt from the continuing audits program. Exhibit 7.2. I can say that without any hesitation, because I have observed the gold and the security of the gold reserves myself. . 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. The Fort Knox facility was opened within the year, and took its first shipment of gold in 1937. Compartments audited at Mint institutions and depositories are kept under official joint seal by representatives of the audit committee. Koos mainly provides unique insights about Chinese gold market. Until 1953, there were serial number audits of the gold and some assaying as I explain but that became costly and time intensive. Located in Kentucky, Fort Knox is a United States Army base whichhouses most of the US's gold reserves. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. 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. Coins, American The New Year kicked off . So, what's really inside Fort Knox? The novel begins: 7:20 am, September 11, 2015. Why might the government entrust such inexperienced employees with this important task? Ron Paul worries Fort Knox gold is gone. & Sales Figures. Page Last Modified: 8/26/19, 2:56 PM Fort Knox, KY. Our Nation's Gold Standard Army Home. 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). 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. Then let's raise a glass to a slower, quieter 2022 . No need to read about these fascinating facts and important events that have shaped the U.S. as we know it today. US citizens were required to sell their gold bullion - bars and coins - back to the State. Lets recap what weve studied in the previous posts. By Jennifer Liberto @ CNNMoney June 24, 2011: 11:58 AM ET. 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. All the benefits of simply switching from white to brown - AND how purple, Will El Salvador's new mega-prison turn into a bloodbath? Senator from Kentucky, where Fort Knox is located. 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. 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? This is basically an affirmation that the bullion was up to snuff at the last audit, and has been sealed since. 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. U.S. President Franklin D. Roosevelt passed legislation outlawing private ownership of gold, and gave instruction to build the depository at . Gold verification at Fort Knox March 1998, page 3. As a freebie trip for 4 select political insiders, last Monday's trip to Fort Knox was undoubtedly a memorable one . The last time anyone had access to inspect the deposits was on September 23, 1974. . For instance, sample sizes used for assaying were conspicuously small. The assay tests found no irregularities. Talkers Medals, Military 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. 45 New Bridge Road, Singapore 059398 Singapore 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? Thank you for signing up with United States Mint! 'It just kind of came up as a result of a casual conversation,' McConnell said. Exhibit 7.3. Secretary Mnuchin's statements were not helpful. There can be no world reserve currency without appropriate gold reserves supporting it, providing essential confidence and credibility. Gold verification at Fort Knox March 1998, page 1. Scales at the Mint used to weigh the bars often didnt work properly. Kate and Prince William 'are keen' for Prince George to have official role in King Charles' coronation - but Royally hard work! 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. In June 1975, the Treasury Secretary authorized and directed a continuing audit of U.S. In another dubious mix-up, a number of measurements were faulty because the auditors misread where the decimal point was on the scale. By gathering information from audit reports from 1974 1986 (the ones I could get my hands on) and statements made at the congressional hearing in 2011 well analyze our way through this. That shipment required a convoy of 33 15-ton trailers to move the gold. Here is a rundown of some of Kooss key findings. Conclusion. 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. In performing the audit, the gold bars are physically moved from one vault compartment to another. A movie producer before becoming treasury secretary, Mnuchin told a group of Louisville business leaders earlier in the day it was important for him to see the gold to attest that 'it is part of our national assets. Only one president has ever been inside -and the US Mint remains largely mum on the contents of the vault -making Fort Knox a hotbed for conspiracy theories. Join FORT KNOX code Axykp! Buy for Vault Storage in New Zealand The First Critical Observations", February 2017. previous, Kids Coins, Tours & Your browser is out of date. China Gold Import Jan-Sep 797t. Let me show you an example of Fort Knox. In a series of posts well continue to examine all there is to find regarding the audits of US official gold reserves. Honor, Rolls, Each and every bar there should be assayed in a full, independent audit. For the other years we dont know whatoffice performed the checks. More than half of . 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. The public may never know. One of the mostsecure andinaccessible places in the world, the facility once held the Declaration of Independence and Bill of Rights. In July 1985, 11,912,458.207 fine troy ounces of gold were reaudited at the Fort Knox Depository. 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. 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. It was decided to destroy several audit and assay reports and no less than 1,700 tonnes needed to be re-audited. Between 10 and 1974 about 1986% of the gold was weighed in, a big drop from 2. 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. (Back to top) CIVILIAN TIME MILITARY TIME CIVILIAN TIME MILITARY TIME 12:01 AM 0001 5:00 PM 1700 (Seventeen hundred) 5:00 AM 0500 10:00 PM 2200 10:00 AM 1000 (Ten hundred) 11:30 PM 2330 12:00 PM (Noon) 1200 12:00 AM . Part One, We use cookies to enhance the user experience and to analyse traffic. 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. By the end of 1982 the continuing audits committee, which consisted of BGFO and US Mint staff, was reorganized under the Department of the Treasury, Office of the Inspector General. 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. A waiting list may be required and part-time or hourly care may need special planning depending on demand, mission requirements, etc . "The last time anybody went in to see the gold, other than the Fort Knox people, was in 1974 when there was a congressional visit. All your favorite.50 games all in one club! The assayer is unknown and there was no assay report included in the audit report. The vaults were last opened to the public in the 1970s, and the last treasury secretary visit was in 1948. Of course,strange things have been stored in the vault, like morphine and opiumduring the early '90s. 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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. ', 'All I will say is that it is freakishly well secured,' he said. His visit was the one and only time a gold vault was opened for inspection for anyone other than authorized personnel. More false statements by the auditor have appeared, further eroding its credibility. I'm a vet, and here are five dog breeds most prone to cancer - including Golden Retrievers and Rottweilers. This would last until 2010 when the Armor School was relocated to Fort Benning, Georgia. 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). Exhibit 1. *In 1974 the New York assay office tested 95 bars. Built in 1936, security access for the facility make it difficult to get access. and until 2010, every member of . No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. As required under the Cyanide Code, the mine was again audited against ICMI's Verification Protocol by independent professional third-party auditors within three . This suggests the gold at the FRBNY was stored so it could be easily transportedin and out of the vaults, possibly through a corridor to the adjacent private vault at 1 Chase Manhattan Plaza read this post by BullionStar gold researcher Ronan Manly for more information on the construction of the FRBNY vault and the connection to the vault across the street that was owned by JP Morgan, but recently bought by Fosun (October 2013), a Chinese investment conglomerate. Fort 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. " He told an audience in Louisville, "I assume the gold is still there.". 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. Text Alerts, Contact 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. 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. The last time any gold was removed from deep storage at Fort Knox came in 1971, when $500 million worth of gold was delivered to the New York Assay Office. It basically coveredby 1986, 97 percent of the Government-owned gold held by the Mint had been audited and placed under joint seal. 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. You can change the usage of cookies in your browser. The assayer is unknown and no assay reports have been included in the audit reports. COIN & MEDAL PROGRAMS, History of U.S. 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? RSS Feeds . "Glad the gold is safe!". About 000% of them were weighed. 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 . Metal Coins, back to Next, we can see Thorsons list he presented of physical gold audit reports of the continuingaudit program from 1974 to 1986. At this stage I havent been able to get my hands on any assay report from 1974 1986. Government-owned Gold, or my office, and placed under official joint seals. Thats everything we have, or are aware of. U.S. Army Cadet Command Headquarters is located inside the Fort Knox installation which is located roughly 35 miles south of Louisville, Kentucky. Official records claimed 20,000 tons in the 1950s. Coins, Precious 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. 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. Buffalo Coins, American Eagle 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. They wrote me by email: Mr. Nieuwenhuijs our Office of Audit found: as well as GAOs 1974/1975 and 1978 reports. The usage of cookies and the collection of customer information by BullionStar is guided by our. 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. The last time that Congress audited it was 2019. 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. Approximately half the U.S. Treasury's gold is located in the storage facility at Fort Knox A separate post will be dedicated to KPMG. Technically its possible the OIG assayed exactly the remaining stash of 9999 gold, though chances are slim given the fact the 9999 gold wasspread over multiple compartments at multiple depositories. And being surrounded by more than $186 billion worth of gold was no sweat for one of the country's most powerful politicians. Small quantities of gold are removed to test the purity during regularly scheduled audits. Several more examples of these blurry situations are shown in the released documents. This fits right into how the US government imposes audits on their official gold reserves; the audits are performed by the US government itself. Tiger Woods unleashes his lawyers on porn site after it Bannon is 'going to war' against Jared, 'crying Ivanka' and A whole hue world! They could only find 2 reports I didnt posses previously, of the audits conducted in 1985 and 1986. 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. According to official statistics, the United States holds far and away the largest gold reserves of any sovereign nation or supranational institution. One of last year's uproars was the decision by US officials to carry out an audit of these gold vaults. The first screen shots below are from a gold verification at Fort Knox in March 1998. *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 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. In 1983 the OIG found out something was amiss with the audits performed 1974 1982. 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. 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. Exhibit 2. but American gold holdings were reportedly last audited in 1953 (which includes testing for purity); Fort Knox's gold was . Fort Knox Policies. Coin bars are assaying 899 to 901 per mille or 915 1/2 to 917 per mille,roughly 90 % pure, and these types of bars allegedly form the bulk of the US official gold reserves. The audit announced, however, would include just 20% of the gold. 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. Government-owned Gold" for the years 1975, 1976, 1978, 1979, and 1981-1984. There was nothing left to do but submit a Freedom Of Information Act (FOIA) request. However, if that intruder had turned to the west he would have . Fort Knox facts. Each gold bar is 7 inches x 3 and 5/8 inches x 1 and 3/4 . Despite continued inquiries, the US Mint refuses to offer up proof of the exact amount of gold held at Fort Knox. By Everett Millman Gainesville Coins . The Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. In the meantime I will fire several new FOIAs at the Office of the Inspector General and others. Reversal of this policy on a one time only basis came as a result of a series of peculiar events that resulted in a congressional demand for an audit of the bullion depository, and a first-hand viewing of the gold deposited there. In an audit conducted at Fort Knox in 1953, 88 ingots were counted for verification. Schultz from the New York Fed was part of the continuing audits committee and therefor the FRBNY was supposed to be audited. The Fort Knox Mine was initially certified in full compliance with the Cyanide Code in February 2008 and was recertified in September 2011, in February 2015, and in August 2018. 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. ALL COIN PROGRAMS, National Purple Heart Hall of 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. Republican frontrunner Donald Trump hinted at the idea that there just might be no gold in the U.S. The Facebook predator who lured schoolgirls to run away with him is one of 7,000 sex fiends who offended Do not sell or share my personal information.