Between 1933 and 1937, this increased . 211 votes, 25 comments. 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. It was also the first visit by a serving US Treasury Secretary since 1948. With regardto my quest for all reports, lets have a look what US government departments could not deliver whatI was looking for: First was the Counsel to the Inspector General Department of the Treasury. Compared to the samples taken in the 1950s and 60s, the standards for the integrity of the sample size had fallen sharply. Buy for Vault Storage in New Zealand The assayer is unknown and no assay reports have been included in the audit reports. 'So many dead. In June 1975, the Treasury Secretary authorized and directed a continuing audit of U.S. Company Registration No. My FOIA request had disappeared, or did it? The controversial 'trauma expert' interviewing Prince Harry: Gabor Mat was warned by the Canadian A big Beckham birthday! In a series of posts well continue to examine all there is to find regarding the audits of US official gold reserves. These could be better understood, or clarified, if we could obtain all audit reports from 1974 1986. He attempted to pinpoint how the Treasury Department verifies that the gold in its vault is both present and real. Until 1953, there were serial number audits of the gold and some assaying as I explain but that became costly and time intensive. Fort Knox sits on over 100,000 acres and houses 30,000 military personnel. 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 vault compartments at Fort Knox Bullion Depository. 147.3 million ounces of gold is stored at Fort Knox. 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. If we carefully read the scarce audit reports available to us, wenotice the audit procedures were revised in 1983. 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. 3. In July 1985, 11,912,458.207 fine troy ounces of gold were reaudited at the Fort Knox Depository. for Dads, American Women's History Coins & The answer is, he cant. Even then only 5% of the examined bullion was weighed and assayed to determine its purity. fort knox crisis phone numbers. 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. McConnell said he had never thought about visiting Fort Knox before, but jumped at the chance when Mnuchin offered to take him. In 1953, the US Treasury Department audited Fort Knox, but only around5% of the goldunderwent testingfor purity. 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. RSS Feeds . 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. Interactive map reveals when you may see SNOW. Determined to uncover more about the bullion stockpile, BullionStars Koos Jansen submitted a number of Freedom of Information Act (FOIA) requests to the U.S. Mint. In 1936, Fort Knox military base was chosen as the site to build a bullion depository to store this gold. Koos Jansen is a precious metal analyst from the Netherlands. At Fort Knox, we are about people - great service members, outstanding civilians . "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. Medals, Treasury and The gold vault at Fort Knox is "encased in 16,000 cubic feet of granite and 4,200 cubic yards of cement." It was nothing more than a peek-a-boo glance at the gold in fine Hollywood style. I did read one time that the queen of England a. The vault can withstand guns, blowtorches, and other incendiary devices. In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. Shortly after I got an email that statedmy request had been received and was being processed. In an interview, McConnell said he could not say much about the visit for security reasons. A congressional delegation and some journalists got a look at the gold in 1974. The auditors were bored and decided to re-audit 1,700 tonnes. 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. The BGFO and Mint staff was replaced by the OIG and the revised audit procedures were invented as a reason to open several compartments. Hisstatement 100 percent of the U.S. Governments gold reserves in the custody of the Mint has been inventoried and audited is impossible to confirm, as well see later on. Since there are far too many gold bars to count at once, the audit is carried out piecemeal and only small samples are taken for assaying. Given all the protection, it seems obvious that billions of dollars worth of gold (or something) indeed resides at Fort Knox. There Is No Proof All Gold Is In Fort Knox. At the end of Fiscal Year of 2008, all 42 compartments had been audited by either the GAO, the Committee for Continuing Audit of the U.S. July 1986 12,477,777.638 [this number Icopied from the 1986 report]. Try Army A-Z . 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. Compartments audited at Mint institutions and depositories are kept under official joint seal by representatives of the audit committee. They wrote me by email: Mr. Nieuwenhuijs our Office of Audit found: as well as GAOs 1974/1975 and 1978 reports. According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! 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. A waiting list may be required and part-time or hourly care may need special planning depending on demand, mission requirements, etc . "Dear US Mint, We Gave You The FOIA Funds, Now Give Us The Fort Knox Audit Documents!", November 2016 "US Mint Releases New Fort Knox "Audit Documentation". It saves time and labor costs. By Everett Millman Gainesville Coins . ALL COIN PROGRAMS, National Purple Heart Hall of 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. The last full audit was done in 1953 . However, how trustworthy is this system of accounting? However, as Ive written in my post Where Did The Gold In Fort Knox Come From? The Mint and the GAO were sanctioned to audit a portion of the Treasury's gold. ByI forget which date it was, I believe by 1986, wehold on just one second here, I got it. 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. All your favorite.50 games all in one club! Gold verification at Fort Knox March 1998, page 3. ', 'All I will say is that it is freakishly well secured,' he said. And the problem goes far beyond missing audit reports. 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). 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 gold at Fort Knox is stored in one of the most secure facilities in the world. Let me show you an example of Fort Knox. The First Critical Observations. While the order is not very detailed, in the years that followed the committee started auditing gold stored at the US Mint and at the Federal Reserve Bank of New York (FRBNY). 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. Official Joint Seal inspection records from Fort Knox, June 1998 (courtesy of Koos Jansen through Freedom of Information Act). Need Help? 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. 213K subscribers in the Wallstreetsilver community. 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. Tuesday March 22, 2016 13:20. 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! Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold. 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. Gold verification at Fort Knox March 1998, page 1. Donald Trump Doesn't Think So. 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. Audit report Fort Knox 1981. But theories exist regarding other possiblecontents of the vault -like the body of Jimmy Hoffa. What his dogged FOIA requests have failed to reveal, unfortunately, is anything that would put the questions about the Fort Knox gold to rest. Medals, Email & Lets have a look. and until 2010, every member of . For the best and most secure experience in our catalog, please update your browser. All the benefits of simply switching from white to brown - AND how purple, Will El Salvador's new mega-prison turn into a bloodbath? Gold verification at Fort Knox March 1998, page 2. In total there should be 13 reports (1974 1986), 2 already were in my possession (1974 and 1977). Part One, We use cookies to enhance the user experience and to analyse traffic. Page Last Modified: 8/26/19, 2:56 PM Fort Knox, KY. Our Nation's Gold Standard Army Home. 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. When I logged in at my account at the FOIA website, I saw my request had disappeared. Share this page: Army.mil. 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. 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 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. Few people have ever entered the vault,and while147.3 million ounces of goldallegedly exists inside, the accuracy remains in doubt. U.S. Army Cadet Command Headquarters is located inside the Fort Knox installation which is located roughly 35 miles south of Louisville, Kentucky. On this sheet 5 physical gold audit reports are listed, framed in red. 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). Fort Knox is in Romeo (R) time. However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. The gold stored in these compartments would get moved around if samples were taken for assaying during the audit. In an audit conducted at Fort Knox in 1953, 88 ingots were counted for verification. He ought to have known precisely how many pages were needed and presumably where to find them. Metal Coins, back to The Fort Knox facility was opened within the year, and took its first shipment of gold in 1937. One wonders: was this a simple oversight or some kind of conscious obfuscation effort? *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. For instance, sample sizes used for assaying were conspicuously small. Your browser is out of date. previous, Kids China Gold Import Jan-Sep 797t. www.smartaccess.us . The 1974/1975 and 1978 reports refer to the audits conducted in 1974 and 1977. By Patrick A. Heller. I personally believe that rumor and the bulk of it has been sold off to the rich elites. He said this, but there is no proof. 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. No outside experts were allowed on the site for the audit, either,providingfodder for all kinds of conspiracy theorists. 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. 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). 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 One "Audit" Of Fort Knox. 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. Scales at the Mint used to weigh the bars often didnt work properly. Remember, were investigating the audits of the greatest gold hoard on earth, which underpins the world reserve currency the US dollar. Between 10 and 1974 about 1986% of the gold was weighed in, a big drop from 2. Secretary Mnuchin's statements were not helpful. To access the gold vault at Fort Knox, you'd need to make your way through a network of security measures. random nose bleed covid. 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. As a freebie trip for 4 select political insiders, last Monday's trip to Fort Knox was undoubtedly a memorable one . The official story from OIG is that 100 % of the gold stored at Fort Knox was audited in between 1974 and 1986, . According to official statistics, the United States holds far and away the largest gold reserves of any sovereign nation or supranational institution. I will, however, submit a couple of new FOIAs at the US government regarding gold audits. 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 assayer is unknown and there was no assay report included in the audit report. 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. The reports were not present at the National Archives, the OIG or at the Treasury Department. 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. 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. 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. By and large, the vast majority of the verification is done by checking Official Joint Seals. Experts weigh in as tremors hit Wales, Cornwall and the Are YOU eating the right colours? The government supposedly maintains over 8,100 metric tonnes of the yellow metal in its reserves, spread out across three main bullion depositories (for reference, the second-largest gold reserves owned by Germany total less than half of the U.S. stockpile). 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 used to store a large portion of United States official gold reserves and occasionally other precious . I shall rest here. More anomalies with regard to the audits of the US official gold reserves will be discussed in forthcoming posts. Buffalo Coins, American Eagle Try Army A-Z. The other two-thirds, however, have not been inventoriedthat is according to my understandingor assayed since somewhere between 1975 and 1986. Answer (1 of 2): Internally, it is done annually. Built in 1936, security access for the facility make it difficult to get access. Prince Andrew chuckles as he encounters female jogger on way to his weekly Windsor horse-riding trip. Test yourself with this Cockney Rhyming Slang quiz. It lies 30 miles (48 km) southwest of Louisville and occupies an area of 172 square miles (445 square km). Weve barely come across any independent auditor that saw, counted, weighed or assayed the US official gold reserves. Written by Jan Nieuwenhuijs, originally published at Voima Gold Insight. 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. More than half of the total reserves4,582.95 tonnes, or 147,341,870.463 fine troy ounces of goldare kept at Fort Knox, while more than 1,000 tonnes are stored at West Point and Denver each. 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 . The last time Fort Knox was audited was in 1953, immediately after President Eisenhower was inaugurated. This is remarkable. To date,only one US president has been inside the vault - Franklin Delano Roosevelt, who served as president when the US Bullion Depositorywithin Fort Knoxwas established. The process would take about 30 minutes to verify the gold content of each bar, or 350,000 man hours; to do that . 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. "Glad the gold is safe!". Treasury Secretary William E. Simon issued the invitation to Congressmen to inspect the gold at Fort Knox. 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. 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. His advice to me was to try at the General Accounting Office (GAO) and National Archives for more reports. but American gold holdings were reportedly last audited in 1953 (which includes testing for purity); Fort Knox's gold was . . Then let's raise a glass to a slower, quieter 2022 . Do you think it would be worthwhile, at least, to inventory and assay this portion of the Mint-held gold? The U.S. gold reserves at Fort Knox are broken into different numbered compartments within the gold vault. The US official gold reserves are the worlds greatest by far at 8,134 metric tonnes. 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.
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