These CDCs offer full-day care, part-day, and hourly care. www.smartaccess.us . 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 last full audit was done in 1953 . It was obvious that some of the records were missing (or not provided). Two months later I still got no response. Government-owned Goldare not in our collection." 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. 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. These could be better understood, or clarified, if we could obtain all audit reports from 1974 1986. Welcome to the Coronation! At Fort Knox, we are about people - great service members, outstanding civilians . Then let's raise a glass to a slower, quieter 2022 . " He told an audience in Louisville, "I assume the gold is still there.". An excuse was needed to break the seals. Coin The OIG audited 3 % from 1993 2008. 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 . It lies 30 miles (48 km) southwest of Louisville and occupies an area of 172 square miles (445 square km). Gold verification at Fort Knox March 1998, page 1. Do you think it would be worthwhile, at least, to inventory and assay this portion of the Mint-held gold? No irregularities were found. In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. The First Critical Observations. Experts weigh in as tremors hit Wales, Cornwall and the Are YOU eating the right colours? As required under the Cyanide Code, the mine was again audited against ICMI's Verification Protocol by independent professional third-party auditors within three . 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. Engraved Prints, Shop All Gift Not that it would be easy to even make it this far, but the door to the vault is made of steel and . "We have approximately $200 billion of gold at Fort Knox," said Mnuchin. Schultz from the New York Fed was part of the continuing audits committee and therefor the FRBNY was supposed to be audited. Find out what Uber drivers really think of you! The target this time is the United States Treasury Assay Office in New York . The Armored Force School and the Armored Force Replacement Center began operations at Fort Knox in October 1940. 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). Other problems sound laughable in their incompetence. However, a Freedom Of Information Act request Ive submitted in order to obtain all audit reports could not be honored. Donald Trump Doesn't Think So. Exhibit 7.3. 15919 Avenida Venusto, Apt. By Everett Millman Gainesville Coins . Jansen is a longtime gold insider and journalist reporting on, for example, the goings-on of the incipient Shanghai Gold Exchange (SGE). 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 vault compartments at Fort Knox Bullion Depository. All your favorite.50 games all in one club! Every year the gold in Fort Knox is audited by checking the official joint seals that were placed on all vault compartments during the continuing audits of U.S.-owned gold from 1974 until 1986, when allegedly 97 % of the (Deep Storage) gold was inspected. Fort Knox facts. Treasury Secretary William E. Simon issued the invitation to Congressmen to inspect the gold at Fort Knox. This document also contains a summary of the 1980 audit which, by the way, isnt less detailed than the full 1981 report. In total there should be 13 reports (1974 1986), 2 already were in my possession (1974 and 1977). . 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. The annual audits by the committee ended in 1986 after 97 per cent of the Government owned gold held by the Mint had been audited and placed under official joint seal. The First Critical Observations", February 2017. According to official statistics, the United States holds far and away the largest gold reserves of any sovereign nation or supranational institution. in 2004 the assayer was Ledoux & Company, a private contractor (read their homepage). American $1 Coins, SHOP Sevenreports are missing. ', Last time: This picture dates from 1974 - the last time civilians were allowed inside - and shows Mrs. Mary Brooks, Director of the Mint surrounded by gold in one of Fort Knox's vaults, While primarily known as a vault for gold, the depository also held the Declaration of Independence and the U.S. Constitution during World War II. Why might the government entrust such inexperienced employees with this important task? A separate post will be dedicated to KPMG. Each and every bar there should be assayed in a full, independent audit. However, as Ive written in my post Where Did The Gold In Fort Knox Come From? 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. The US official gold reserves are the worlds greatest by far at 8,134 metric tonnes. (in millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. Given the date range of your request 1975-1984, the nature of the report an annual audit of gold, and the fact that reports of similar type have been periodically published on the Internet, it is likely that copies and drafts of these reports are in the legal and physical custody of the Department of the Treasury. for Dads, American Women's History Coins & Prince Andrew chuckles as he encounters female jogger on way to his weekly Windsor horse-riding trip. Even then only 5% of the examined bullion was weighed and assayed to determine its purity. But, the OIG disclosed assay reports of the audits of 3 % of the US official gold reserves stored by the Mint at the congressional hearing in 2011 (exhibit 3 and 4). The event, Sept. 23, 1974, is often inaccurately called the last audit of Fort Knox. The Eisenhower Administration Conducted The Last Audit Of Fort Knox. Buy for Vault Storage in the United States 'It's not even the annual funding level for some of our large departments in the federal government,' he said. In August 2017, US Treasury Secretary Steve Mnuchinvisited the gold vault at Fort Knox and, along with a few other politicians, surveyed the site. For instance, sample sizes used for assaying were conspicuously small. Fort Knox: "Glad Gold Is Safe!". And being surrounded by more than $186 billion worth of gold was no sweat for one of the country's most powerful politicians. 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. Equal Employment Opportunity. There can be no world reserve currency without appropriate gold reserves supporting it, providing essential confidence and credibility. 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 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. 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. Interactive map reveals when you may see SNOW. 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. The gold is held as an asset at a value of $42.22 per ounce. Government-owned Gold" for the years 1975, 1976, 1978, 1979, and 1981-1984. Next was the GAO; unfortunately they couldnt deliver anything I was looking for. During fiscal year 1986, gold was audited at the West Point Bullion Depository, and the San Francisco Old Mint under the initial continuing audit program. Jansen found instances in which the Treasurys auditors failed to follow the governments own procedures for the auditing process. Koos mainly provides unique insights about Chinese gold market. Dollars, Native Coincidentally almost all the gold assayed by the OIG from 2004 2008 was 9999 fine. 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. Kooss analysis of the procedures used found its rigor wanting in several key areas. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. This fits right into how the US government imposes audits on their official gold reserves; the audits are performed by the US government itself. U.S. Treasury Secretary Steven Mnuchin initiated the visit, along with U.S. Rep. Brett Guthrie and Gov. Koos is in the company of monetary scholar Jim Rickards and former U.S. Representative Ron Paul in publicly campaigning for more transparency in the financial system and the gold market. As weve seen thus far there are many problems with the official story everything is fine, all the US official gold reserves all audited. In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. Currency, Shop All The gold at Fort Knox is stored in one of the most secure facilities in the world. 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). After 20 years of Democratic presidents, the American public wanted to be sure that the gold confiscated from them was still there. . Following the Second World War, with the United States emerging as the lone remaining superpower, the countrys gold holdings reached as high as 20,000 tonnes! walked past guards armed with submachine guns and through a 3-foot thick steel door into the . 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 . ByI forget which date it was, I believe by 1986, wehold on just one second here, I got it. As a result, the gold at the Bank [FRBNY] is considered unaudited. noting that it was "over 20 years" since the last one. However, no outside experts were allowed in during the audit, and only about 5% of the gold was actually tested. Fort Knox is also on the list of these 10 forbidden places that no one is ever allowed to visit. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. In 1974, after the US closed the gold window, congressional support grew for inquiring into the US gold stock. Text Alerts, Contact His visit was the one and only time a gold vault was opened for inspection for anyone other than authorized personnel. . 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 Fort Knox facility was opened within the year, and took its first shipment of gold in 1937. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. "Glad the gold is safe!". Pursuant to that order, the Committee for Continuing Audit of the U.S. 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. 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. There Is No Proof All Gold Is In Fort Knox. Save my name, email, and website in this browser for the next time I comment. When I logged in at my account at the FOIA website, I saw my request had disappeared. According to some sources, this is where most of the other Treasury's gold is located. Our staff conducted a search using the National Archives Holdings Management System under the following records group numbers: RG 50 Treasurer of the United States, RG 56 General Records of the Department of the Treasury, RG 82 Federal Reserve System, RG 101 Office of the Comptroller of the Currency, RG 104 U.S. Mint, and RG 425 Financial Management Service. Not only were Kooss requests met with a reluctant response from government officials, but the mint claimed it would have to spend countless labor hours searching through dozens of boxes for hundreds of pages that might be what Koos was looking for: the annual gold audit records that were carried out between 1993 and 2008. 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. Government-owned Gold, or my office, and placed under official joint seals. The US government wished to open the vaults of audited gold to lease or sell the metal on the open market. The gold vault at Fort Knox is "encased in 16,000 cubic feet of granite and 4,200 cubic yards of cement." On April 28, 1943, President Franklin D. Roosevelt inspected the Bullion Depository, Mrs. Brooks said. 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. 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. Newborns, Gifts The official story from OIG is that 100 % of the gold stored at Fort Knox was audited in between 1974 and 1986, . 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. Click on the links for more information:Buy for Vault Storage in Singapore It was established in 1918 as Camp Knox (named for Major General Henry Knox, first U.S. secretary of war), and it became a permanent military post in 1932. Over 640,000,000 ounces of real money sat behind those massive locked doors. & Facilities, Shop All Talkers Medals, Military The committee was made up of staff from the Treasury, the Mint, and the Federal Reserve Bank of New York. McConnell said he had never thought about visiting Fort Knox before, but jumped at the chance when Mnuchin offered to take him. initial 1974 Fort Knox audit which was conducted by GAO and Treasury auditors. The novel begins: 7:20 am, September 11, 2015. 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. All the benefits of simply switching from white to brown - AND how purple, Will El Salvador's new mega-prison turn into a bloodbath? 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. While primarily known as a vault for gold, the depository also held the Declaration of Independence and the U.S. Constitution during World War II. At the hearing Thorson presented exhibits to support his case 100 % of the gold held at the US Mint has been audited. Coins, American 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. I shall rest here. Contact Us. 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. 1126, San Diego, CA, 92128, USA . Why havent we ever seen any assays of coin bars? When will the Beast from the East be at YOUR door? Answer (1 of 2): Who knows but it is rumored that the majority of the gold in Fort Knox no longer exists! He tweeted " Glad gold is safe! 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. In performing the audit, the gold bars are physically moved from one vault compartment to another. More than half of . They wrote me by email: Mr. Nieuwenhuijs our Office of Audit found: as well as GAOs 1974/1975 and 1978 reports. 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. It seems that a portion of the Mint and the U.S. gold reserves were audited in an assay between 1993 and 2008, as you acknowledged. While investigating facts about Fort Knox Federal Credit Union and Fort Knox Safes, I found out little known, but curios details like: The Federation of Quebec Maple Syrup Producers has a "Fort Knox" vault of Maple Syrup. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. At this stage I havent been able to get my hands on any assay report from 1974 1986. From the 1985 report: The reports were not present at the National Archives, the OIG or at the Treasury Department. Great! US Mint Releases New Fort Knox Audit Documentation. 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. A waiting list may be required and part-time or hourly care may need special planning depending on demand, mission requirements, etc . A barrel is worth about $1,200 or $2.88 per pound which is 10-18 times the value of U.S. crude oil. New York man wears glasses that help him Isabel Oakeshott receives 'menacing' message from Matt Hancock, Ken Bruce: 'I always wanted to be a radio presenter from about 15', Pavement where disabled woman gestured at cyclist before fatal crash, Pro-Ukrainian drone lands on Russian spy planes exposing location, 'Buster is next!' Buffalo Coins, American Eagle In October 1984, 4,136,046.924 fine ounces gold was reaudited. 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. Facilities, Production but American gold holdings were reportedly last audited in 1953 (which includes testing for purity); Fort Knox's gold was . The last time Fort Knox was audited was in 1953, immediately after President Eisenhower was inaugurated. "good delivery" bricks of gold found gutted and filled with tungsten within the confines of LBMA approved vaults in Hong Kong. There was nothing left to do but submit a Freedom Of Information Act (FOIA) request. 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). Domestic and International Shipping from Singapore 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. The usage of cookies and the collection of customer information by BullionStar is guided by our. Ron Paul introduced a bill that would require the Fed to manually audit every U.S.-owned gold . Written by Jan Nieuwenhuijs, originally published at Voima Gold Insight. Circulating *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 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. 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. Thats 6 down, 7 more to go. Matt Bevin. The One "Audit" Of Fort Knox. If we carefully read the scarce audit reports available to us, wenotice the audit procedures were revised in 1983. July 21, 2017 7:24AM. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. 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! 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. Fort Knox is in Romeo (R) time. Since 1993, when we assumed responsibility for the audit, my office has continued to directly observe the inventory and test the gold. As will conclusions and speculation. Several more examples of these blurry situations are shown in the released documents. We asked the experts - and their answers will terrify you Public Service Announcement, do NOT watch these ads! 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. 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. Fort Knox Internal Review and Audit Compliance. *In 1974 the New York assay office tested 95 bars. Company Registration No. 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? 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. Koos Jansen. 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. 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. 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 Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. Buy for Vault Storage in New Zealand One of the mostsecure andinaccessible places in the world, the facility once held the Declaration of Independence and Bill of Rights. 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. Learn how your comment data is processed. Test yourself with this Cockney Rhyming Slang quiz. In addition, the committee will include technicians from the Bureau of the Mint who are trained in assaying and weighing gold bullion. The last time that Congress audited it was 2019. In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. 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. RSS Feeds . Compared to the samples taken in the 1950s and 60s, the standards for the integrity of the sample size had fallen sharply. 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. Kinross - Fort Knox Mine April 22nd, 2021 Signature of Lead Auditor Page 2 of 47 . The Mint estimated that as much as one-third of the gold reserves were examined during this period. July 1986 12,477,777.638 [this number Icopied from the 1986 report]. 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. After the Congressional inspection, the Bullion Depository will once again be closed to visitors. 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. Between 10 and 1974 about 1986% of the gold was weighed in, a big drop from 2. Located in Kentucky, Fort Knox is a United States Army base whichhouses most of the US's gold reserves. 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