U.S. Army Cadet Command Headquarters is located inside the Fort Knox installation which is located roughly 35 miles south of Louisville, Kentucky. Coins, Tours & 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 US Treasury currently owns 8,134 tonnes of gold of which 7,716 tonnes is stored by the US Mint (4,583 tonnes at Fort Knox, 1,364 tonnes in Denver, 1,682 at West Point) and 418 tonnes at the Federal Reserve Bank Of New York. Fort Knox, major U.S. military reservation in Meade, Hardin, and Bullitt counties, northern Kentucky, U.S. 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. 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. Experts weigh in as tremors hit Wales, Cornwall and the Are YOU eating the right colours? In 1974, WCPO Anchor Al Schottelkotte got a rare look inside the gold vault at Fort Knox, Kentucky. Lets recap what weve studied in the previous posts. A waiting list may be required and part-time or hourly care may need special planning depending on demand, mission requirements, etc . Gold verification at Fort Knox March 1998, page 3. Are you already an expert in everything America? 3. 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. Republican frontrunner Donald Trump hinted at the idea that there just might be no gold in the U.S. The Congressional inspection adheres to the new open door policy of the government announced by President Ford. 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. An excuse was needed to break the seals. The public may never know. The gold at Fort Knox is stored in one of the most secure facilities in the world. From the 1985 report: However, we were unable to locate records responsive to reports similarly titled or closely related to the subject annual gold audit 1975-1984. . Plus, US Mint Police remain a constant presence, and preside over the grounds from four machine gun towers placed around the perimeter. US Mint Releases New Fort Knox Audit Documentation. 213K subscribers in the Wallstreetsilver community. In 2011, the U.S. Treasury's full detailed schedules of gold bars were published by the US House Committee on Financial Services as part of submissions for its hearing titled "Investigating the Gol. Shipping within New Zealand. Ron Paul introduced a bill that would require the Fed to manually audit every U.S.-owned gold . This fits right into how the US government imposes audits on their official gold reserves; the audits are performed by the US government itself. It basically coveredby 1986, 97 percent of the Government-owned gold held by the Mint had been audited and placed under joint seal. 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. The OIG audited 3 % from 1993 2008. Military/Civilian clock Examples of Civilian/Military time conversion. 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. 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. PBOC Gold Purchases: Separating Facts from Speculation. The First Critical Observations. when was the last time fort knox was audited. Find out what Uber drivers really think of you! 'It's not even the annual funding level for some of our large departments in the federal government,' he said. The depository holds more than 147 million ounces of gold, which puts its market value at more than $186 billion. Welcome to the Coronation! In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. 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. 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 . July 1986 12,477,777.638 [this number Icopied from the 1986 report]. 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. However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. previous, Kids The audit will be performed by a committee of auditors from the U.S. General Accounting Office (GAO) and the Department of the Treasury. One of last year's uproars was the decision by US officials to carry out an audit of these gold vaults. (in millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. 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). and until 2010, every member of . Manyquestion the amount of gold that supposedly exists in the vault,and wonder what else hides within the building'swalls. Honor, Rolls, The Eisenhower Administration Conducted The Last Audit Of Fort Knox. Currency, Shop All Cookies are also used for the purpose of handling our system and services. In short, the US National Archives could not extradite the 7 audit reports I requested. 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. His visit was the one and only time a gold vault was opened for inspection for anyone other than authorized personnel. Phone: +65 6284 4653, Chinas Secret Gold Supplier Is Singapore, Audits Of US Monetary Gold Severely Lack Credibility. *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. 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 gold is held as an asset at a value of $42.22 per ounce. 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. At its peak, 649.6 million ounces were stored at Fort Knox on December 31, 1941. It seems these 6 reports (5 documents) are the only ones currently in existence and the remaining 7 have mysteriously disappeared. Koos Jansen is a precious metal analyst from the Netherlands. 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. Bear in mind that another FOIA request for internal email correspondence relating to the initial inquiries revealed that the official who provided this exaggerated estimate of how difficult the task of producing the documents would be was an auditor himself and among the authors of the documents that Jansen sought in the first place! Alaska, USA . The 1974/1975 and 1978 reports refer to the audits conducted in 1974 and 1977. 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. However, if that intruder had turned to the west he would have . BY . Circulating But Bevin, speaking on WHAS radio, divulged a few more details. 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. 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. Site, Coin 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. They could only find 2 reports I didnt posses previously, of the audits conducted in 1985 and 1986. COIN & MEDAL PROGRAMS, History of U.S. No need to read about these fascinating facts and important events that have shaped the U.S. as we know it today. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. In an interview, McConnell said he could not say much about the visit for security reasons. Did The Dutch Central Bank Lie About Its Gold Bar List? Given all the protection, it seems obvious that billions of dollars worth of gold (or something) indeed resides at Fort Knox. It lies 30 miles (48 km) southwest of Louisville and occupies an area of 172 square miles (445 square km). Instead, I was advised to contact the Treasury. It's going on right now as I say these words. However, there has been considerable doubt over the years as to whether the depository actually held any gold. On the way to the vault, a literal mine field and an electric fence protectthe gold. 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. In an audit conducted at Fort Knox in 1953, 88 ingots were counted for verification. 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. Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold. Two months later I still got no response. In October 1984, 4,136,046.924 fine ounces gold was reaudited. For the first time photographing is being permitted inside the Depository.. 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?' In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. 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. Ive found many anomalies that well discuss. Fort Knox: "Glad Gold Is Safe!". The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. 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. Coin 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). Medals, Email & However, in some instances, the rationale for moving gold from one compartment to another proved elusive. 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. By Patrick A. Heller. Dollars, Native The comments below have not been moderated. initial 1974 Fort Knox audit which was conducted by GAO and Treasury auditors. 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. Thats 6 down, 7 more to go. For the best and most secure experience in our catalog, please update your browser. The process would take about 30 minutes to verify the gold content of each bar, or 350,000 man hours; to do that . My FOIA request had disappeared, or did it? At the congressional hearing of the Gold Transparency Act (H.R. 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. 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 . Government-owned gold for which Treasury is accountable. 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. Then let's raise a glass to a slower, quieter 2022 . Several more examples of these blurry situations are shown in the released documents. When I logged in at my account at the FOIA website, I saw my request had disappeared. 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. In my previous post, from March 2018, on the audits of US official gold reserves, I have exposed that during the audit procedures of the US official gold reserves from 1974 through 2008, repeatedly audit staff deviated from the auditing . Why might the government entrust such inexperienced employees with this important task? previous, back to At this stage I havent been able to get my hands on any assay report from 1974 1986. Prince Andrew chuckles as he encounters female jogger on way to his weekly Windsor horse-riding trip. However, no outside experts were allowed in during the audit, and only about 5% of the gold was actually tested. In another dubious mix-up, a number of measurements were faulty because the auditors misread where the decimal point was on the scale. Bureau of Government Financial Operations [BGFO]. As required under the Cyanide Code, the mine was again audited against ICMI's Verification Protocol by independent professional third-party auditors within three . 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. This is remarkable. Page Last Modified: 8/26/19, 2:56 PM Fort Knox, KY. Our Nation's Gold Standard Army Home. There was nothing left to do but submit a Freedom Of Information Act (FOIA) request. The reports were not present at the National Archives, the OIG or at the Treasury Department. At Fort Knox, we are about people - great service members, outstanding civilians . Fort Knox Operation . In 1977 the New York assay office, which is a subsidiary of the US Mint, conducted the assays. The day of the Mary Brooks tour of Fort Knox, September 23, 1974, the Treasury announced that for the first time in twenty-one years, they would agree to an audit of the U.S. gold reserve. According to some sources, this is where most of the other Treasury's gold is located. Secretary of the Treasury Steven Mnuchin visited Fort Knox on August 21. Fort . A Fort Knox physical gold audit in 1953 was anything but full, neither was the famous audit in 1974. Monetary Gold Stock of the United States for Dads, American Women's History Coins & & Sales Figures. CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. fort knox crisis phone numbers. However, as Ive written in my post Where Did The Gold In Fort Knox Come From? "good delivery" gold bars. Coincidentally almost all the gold assayed by the OIG from 2004 2008 was 9999 fine. 211 votes, 25 comments. There was no assay report included in the audit report. The Mint and the GAO were sanctioned to audit a portion of the Treasury's gold. Representative Alex Mooney (R . All the benefits of simply switching from white to brown - AND how purple, Will El Salvador's new mega-prison turn into a bloodbath? However, until the missing audit reports show up we can only look at this case as its presented by the US government through the documents that are publicly available. 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. Kids, Gifts for 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. Join FORT KNOX code Axykp! More false statements by the auditor have appeared, further eroding its credibility. In June 1975, the Treasury Secretary authorized and directed a continuing audit of U.S. The committee was made up of staff from the Treasury, the Mint, and the Federal Reserve Bank of New York. The US official gold reserves are the worlds greatest by far at 8,134 metric tonnes. McConnell said he had never thought about visiting Fort Knox before, but jumped at the chance when Mnuchin offered to take him. When thinking about these re-audits, threescenarios pop to mind: Why else wouldso much gold have been re-audited? The assayer is unknown and there was no assay report included in the audit report. 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. In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. No outside experts were allowed on the site for the audit, either,providingfodder for all kinds of conspiracy theorists. 97 percent of the gold was checked and sealed in an audit that ended in 1986, and annual partial audits by a third-party accounting firm continued after that, he said. Next, we can see Thorsons list he presented of physical gold audit reports of the continuingaudit program from 1974 to 1986. The last Congressional visit prior to this occurredin 1974. As will conclusions and speculation. He tweeted " Glad gold is safe! In 1953, the US Treasury Department audited Fort Knox, but only around5% of the goldunderwent testingfor purity. Fort Knox sits on over 100,000 acres and houses 30,000 military personnel. 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. However, how trustworthy is this system of accounting? From 1993 to 2008 the remaining 3 % of the gold reserves stored at the US Mint hasbeen audited I assume. & Medal Programs, Tours The New Year kicked off . eonon change home screen. Company Registration No. 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. 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. 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 . The answer is, he cant. Secretary Mnuchin's statements were not helpful. Buy, ship and store bullion with BullionStar in/from different countries. Did audit reveal missing gold . In the meantime I will fire several new FOIAs at the Office of the Inspector General and others. 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). Try Army A-Z. Ron Paul worries Fort Knox gold is gone. 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. The Mint estimated that as much as one-third of the gold reserves were examined during this period. But by 1986, you had 97 percent was audited. Each and every bar there should be assayed in a full, independent audit. By and large, the vast majority of the verification is done by checking Official Joint Seals. 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). 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.. American $1 Coins, SHOP 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. Audit report Fort Knox 1981. 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. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. 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. Not only were the vault compartments at the FRBNY exempt from being sealed, in addition, for an unknown reason assay tests were never performed at the FRBNY! U.S. Treasury Secretary Steven Mnuchin initiated the visit, along with U.S. Rep. Brett Guthrie and Gov. I decided to send an email to the FOIA online Help Desk to ask what happened to my request. teaching assistant pay netmums; when was the last time fort knox was audited. Buy for Vault Storage in New Zealand The door weighs 22 tons and is 21 inches thick, and the roof is bomb proof. I shall rest here. This document also contains a summary of the 1980 audit which, by the way, isnt less detailed than the full 1981 report. Treasury Secretary William E. Simon issued the invitation to Congressmen to inspect the gold at Fort Knox. I left school at 16 with six GCSEs - and became a self-made millionaire. 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. ALL COIN PROGRAMS, National Purple Heart Hall of 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. 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). These could be better understood, or clarified, if we could obtain all audit reports from 1974 1986. 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. 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.