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. 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. Honor, Rolls, 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. 26 Feb 2017 13:18. Medals, Email & Two months later I still got no response. In June 1975, the Treasury Secretary authorized and directed a continuing audit of U.S. Because this is the department currently responsible for the audits I was surprised my request to obtain all audit reports wasnt honored. Donald Trump Doesn't Think So. ALL COIN PROGRAMS, National Purple Heart Hall of 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. 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. Coins, Tours & Government-owned Gold" for the years 1975, 1976, 1978, 1979, and 1981-1984. Sets, Commemorative noting that it was "over 20 years" since the last one. In addition to the gold bricks, Bevin said he got to hold a 1933 double eagle, a $20 gold coin that was never circulated. Lets have a look. 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. Facilities, Production The Mint and the GAO were sanctioned to audit a portion of the Treasury's gold. In 1974, WCPO Anchor Al Schottelkotte got a rare look inside the gold vault at Fort Knox, Kentucky. He tweeted " Glad gold is safe! Coin Revealed: The top 10 fastest-growing destinations for UK pensioners retiring overseas. There has not been any movement of inventoried gold since that time. ', 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. *In 1974 the New York assay office tested 95 bars. 15919 Avenida Venusto, Apt. 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. There Is No Proof All Gold Is In Fort Knox. 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. Ron Paul worries Fort Knox gold is gone. However, a Freedom Of Information Act request Ive submitted in order to obtain all audit reports could not be honored. U.S. Army Cadet Command Headquarters is located inside the Fort Knox installation which is located roughly 35 miles south of Louisville, Kentucky. This fits right into how the US government imposes audits on their official gold reserves; the audits are performed by the US government itself. 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. More false statements by the auditor have appeared, further eroding its credibility. Currency, Shop All These CDCs offer full-day care, part-day, and hourly care. In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. Buffalo Coins, American Eagle 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 . Phone: +65 6284 4653, Chinas Secret Gold Supplier Is Singapore, Audits Of US Monetary Gold Severely Lack Credibility. Koos Jansen. Its glittering gold . Fort Knox, Kentucky is an Army base with more than one hundred thousand acres stretching across three counties. ByI forget which date it was, I believe by 1986, wehold on just one second here, I got it. 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-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. And being surrounded by more than $186 billion worth of gold was no sweat for one of the country's most powerful politicians. 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. The gold stored in these compartments would get moved around if samples were taken for assaying during the audit. Fort Knox facts. Based on glaring conflicts among the Treasury's own documents, this staggering amount of gold disappeared without a trace from 1961 to 1971. . No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. How can the IG be positive if he did not have access to the most basic documentation? 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. 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. fort knox crisis phone numbers. It was decided to destroy several audit and assay reports and no less than 1,700 tonnes needed to be re-audited. Senator from Kentucky, where Fort Knox is located. HOME; EVENTS; ABOUT; CONTACT; FOR ADULTS; FOR KIDS; accident on 9w marlboro, ny today 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. 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). and until 2010, every member of . 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. Each and every bar there should be assayed in a full, independent audit. This post is a sequel to A First Glance At US Official Gold Reserves Audits and Second Thoughts On US Official Gold Reserves Audits. Questions: More anomalies with regard to the audits of the US official gold reserves will be discussed in forthcoming posts. 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. Fort Knox is supposedly filled with 400 oz. As will conclusions and speculation. Theoretically, if the seal hasnt been tampered with, this is as good as verifying the metals themselves. Over 640,000,000 ounces of real money sat behind those massive locked doors. 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 . 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). More from 1981 report: The continuing audit is being conducted on a cyclical basis because of the enormous quantity of gold to be handled and the related costs. 'The gold is safe.'. 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. 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. By Everett Millman Gainesville Coins . All News, Articles, Commentary and Opinions are contributed by the author(s), with or without compensation, who are solely responsible for the content, and do not represent CoinWeek Management. 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. One wonders: was this a simple oversight or some kind of conscious obfuscation effort? The novel begins: 7:20 am, September 11, 2015. Buy for Vault Storage in the United States Manyquestion the amount of gold that supposedly exists in the vault,and wonder what else hides within the building'swalls. Liberty, Bush 'It just kind of came up as a result of a casual conversation,' McConnell said. 1495,not enacted) in 2011 the Inspector General (IG) of the Treasury presented a case all is fine, but all is not fine. His visit was the one and only time a gold vault was opened for inspection for anyone other than authorized personnel. Gold verification at Fort Knox March 1998, page 1. Not that it would be easy to even make it this far, but the door to the vault is made of steel and . 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. However, if that intruder had turned to the west he would have . BY . Tiger Woods unleashes his lawyers on porn site after it Bannon is 'going to war' against Jared, 'crying Ivanka' and A whole hue world! All your favorite.50 games all in one club! Ultimately, the Mint concluded that Koos would need to pay over $3,000 in order to have the documents gathered and copied. 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. 'It would really be quite a movie if we walked in and there was no gold. 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). The usage of cookies and the collection of customer information by BullionStar is guided by our. Company Registration No. 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. 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. I also want to assure you that the physical security over the gold reserves is absolute. Maybe a room or two full of gold but the rest is gone. In 1974, after the US closed the gold window, congressional support grew for inquiring into the US gold stock. Murdaugh is heckled as he leaves court, Moment teenager crashes into back of lorry after 100mph police race, Ken Bruce finishes his 30-year tenure as host of BBC Radio 2, Family of a 10-month-old baby filmed vaping open up, Missing hiker buried under snow forces arm out to wave to helicopter, Insane moment river of rocks falls onto Malibu Canyon in CA, Fleet-footed cop chases an offender riding a scooter, Ukrainian soldier takes out five tanks with Javelin missiles. Alaska, USA . "good delivery" bricks of gold found gutted and filled with tungsten within the confines of LBMA approved vaults in Hong Kong. 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. When the mint finally produced the audit documentation, Jansen received 134 lightly redacted pages (rather than the estimated total of 1,200 pages). 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. The One "Audit" Of Fort Knox. The other two-thirds, however, have not been inventoriedthat is according to my understandingor assayed since somewhere between 1975 and 1986. Ledoux & Company found no irregularities in 2004. Despite the fact that a 1953 Fort Knox audit found that 1977% of bullion tested was out of , in 2, we went to 1998% verified ingots. 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. 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. 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. Gold verification at Fort Knox March 1998, page 2. Exhibit 2. The official story from OIG is that 100 % of the gold stored at Fort Knox was audited in between 1974 and 1986, . Fort Knox is used to store a large portion of United States official gold reserves and occasionally other precious . 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. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. No irregularities were found. 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. I did read one time that the queen of England a. It seems these 6 reports (5 documents) are the only ones currently in existence and the remaining 7 have mysteriously disappeared. ', 'I assume the gold is still there,' he said. He attempted to pinpoint how the Treasury Department verifies that the gold in its vault is both present and real. In an interview, McConnell said he could not say much about the visit for security reasons. 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. : 201217896Z Conclusion. Shortly after I got an email that statedmy request had been received and was being processed. 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. Although gold bars tested to be out of tolerance during a Fort Knox audit in 1977 at a sample size of 2 %, by 1998 the sample size had been further debased to 0.53 %. . 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. Few people have ever entered the vault,and while147.3 million ounces of goldallegedly exists inside, the accuracy remains in doubt. Exhibit 7.1. 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. Jansen found instances in which the Treasurys auditors failed to follow the governments own procedures for the auditing process. This effort to audit the Fort Knox gold, the Federal Reserve, and its policies toward gold is now carried on by the younger Paul, Rand, who currently serves as a U.S. From the 1985 report: Jansen is a longtime gold insider and journalist reporting on, for example, the goings-on of the incipient Shanghai Gold Exchange (SGE). . 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? 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.. 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! The auditors from the Treasury will be drawn from the Office of the Secretary, the Bureau of Government Financial Operations, the U.S. Customs Service, and the Bureau of the Mint. He 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. Mint Medals, Shop All Paper Coins, Precious The Congressional inspection adheres to the new open door policy of the government announced by President Ford. In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. 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?' 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. U.S. Treasury Secretary Steven Mnuchin initiated the visit, along with U.S. Rep. Brett Guthrie and Gov. CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. According to official statistics, the United States holds far and away the largest gold reserves of any sovereign nation or supranational institution. Try Army A-Z . The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. It basically coveredby 1986, 97 percent of the Government-owned gold held by the Mint had been audited and placed under joint seal. It saves time and labor costs. His analysis has helped fill in the gaps about how much gold is passing into China each year, which is treated tantamount to a state secret by the Peoples Republic. 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). Ron Paul (R-Texas) says his measure to audit the Federal Reserve, which passed the House last December, would force the first open audit of Ft. Knox in decades. The only audit that has ever been done of the gold inside Ft Knox was done days after Dwight Eisenhower became President in January of 1953. eonon change home screen. 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. Fort Knox is in Romeo (R) time. 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. Buy for Vault Storage in New Zealand The first screen shots below are from a gold verification at Fort Knox in March 1998. The assayer is unknown and there was no assay report included in the audit report. . The Fort Knox facility, a hyper-secure fortress in Kentucky that is part of quintessential American lore, is . In addition, the committee will include technicians from the Bureau of the Mint who are trained in assaying and weighing gold bullion. 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. Matt Bevin. About 000% of them were weighed. Coins, American for Dads, American Women's History Coins & When will the Beast from the East be at YOUR door? *Its likely 97 % of the audited gold by the continuing audits committee has not been assayed by an independent assayer. Answer (1 of 2): Internally, it is done annually. 312 tonnes of the total is 4 %. initial 1974 Fort Knox audit which was conducted by GAO and Treasury auditors. Then let's raise a glass to a slower, quieter 2022 . The last trial was a "hybrid" SAG, with one cyclopac underflow feeding the . The OIG audited 3 % from 1993 2008. Fort Knox: "Glad Gold Is Safe!". Quoting from the 1981 report: Gold at the Federal Reserve Bank of New York is audited periodically by examiners of the Board of Governors of the Federal Reserve System, Members of the Committee for Continuing Audits of United States Government-owned Gold representing the Mint and BGFO observed the audits at the invitation of the Board and the Federal Reserve Bank. The gold vault at Fort Knox is "encased in 16,000 cubic feet of granite and 4,200 cubic yards of cement."
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