2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. It basically coveredby 1986, 97 percent of the Government-owned gold held by the Mint had been audited and placed under joint seal. 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. You can change the usage of cookies in your browser. 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. 'So many dead. But by 1986, you had 97 percent was audited. there has not been anyone allowed access to confirm the gold amounts that are supposedly stored at the Fort. 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 event, Sept. 23, 1974, is often inaccurately called the last audit of Fort Knox. Fort Knox: "Glad Gold Is Safe!". ', 'I assume the gold is still there,' he said. This was the first time the OIG was responsible for the audits of the gold at the Mint (note, this same OIG is still responsible for the audits). 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. Weve barely come across any independent auditor that saw, counted, weighed or assayed the US official gold reserves. These CDCs offer full-day care, part-day, and hourly care. 45 New Bridge Road, Singapore 059398 Singapore By and large, the vast majority of the verification is done by checking Official Joint Seals. Fort Knox Gold: Once upon a time, the Fort Knox Bullion Depository was a vast storehouse for American gold. I also want to assure you that the physical security over the gold reserves is absolute. 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. Others claim the goldis actually justtungsten bricks painted to look like the precious metal. 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. Cookies are also used for the purpose of handling our system and services. "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. On this sheet 5 physical gold audit reports are listed, framed in red. Experts weigh in as tremors hit Wales, Cornwall and the Are YOU eating the right colours? Fort Knox is a U.S. army base in Kentucky, best known for the United States Bullion Depository which holds a large part of the U.S. government's reserves of gold. Compartments audited at Mint institutions and depositories are kept under official joint seal by representatives of the audit committee. Weve focused on the first audits of the gold stored by the US Mint. Kids, Gifts for Not that it would be easy to even make it this far, but the door to the vault is made of steel and . 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? 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. Jansen found instances in which the Treasurys auditors failed to follow the governments own procedures for the auditing process. 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. For the other years we dont know whatoffice performed the checks. Coincidentally almost all the gold assayed by the OIG from 2004 2008 was 9999 fine. Thank you for signing up with United States Mint! 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. 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 . On top of this, a decades worth (1993-2003) of Joint Seal inspections from the Denver and West Point depositories are not accounted for. 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 vault compartments at Fort Knox Bullion Depository. During this operations, the melt numbers and the number of bars in each melt are verified with an inventory listing, and one in fifty melts is randomly selected for weighing and test assay. 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. However, no outside experts were allowed in during the audit, and only about 5% of the gold was actually tested. In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. However, we were unable to locate records responsive to reports similarly titled or closely related to the subject annual gold audit 1975-1984. 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 controversial 'trauma expert' interviewing Prince Harry: Gabor Mat was warned by the Canadian A big Beckham birthday! That shipment required a convoy of 33 15-ton trailers to move the gold. In 2008, presidential candidate Ron Paul unsuccessfully called for an audit of the US Federal Reserve and Fort Knox,but his skepticism echoed that of other conspiracy theorists. 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. We will discuss the remaining 4 audit reports at once, as they are very similar. Text Alerts, Contact Official records claimed 20,000 tons in the 1950s. GAO stands for General Accounting Office, OIG stands for Office of Inspector General. A second storage facility was built at the same time: . 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. Ron Paul worries Fort Knox gold is gone. One of the most sensitive secrets protected by the Washington establishment is the massive cache of gold reserves held at the federal depository in Fort Knox, Kentucky. Built in 1936, security access for the facility make it difficult to get access. Thats 6 down, 7 more to go. American $1 Coins, SHOP Donald Trump Doesn't Think So. (Back to top) CIVILIAN TIME MILITARY TIME CIVILIAN TIME MILITARY TIME 12:01 AM 0001 5:00 PM 1700 (Seventeen hundred) 5:00 AM 0500 10:00 PM 2200 10:00 AM 1000 (Ten hundred) 11:30 PM 2330 12:00 PM (Noon) 1200 12:00 AM . The fact that 7 audit reports that should grant the existence of these reserves appear to be missing is problematic. 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. Lets read more about the audits at the FRBNY conducted under the continuing audits program, a quote from the 1981 report: The audit procedures followed [at the FRBNY] are essentially the same as those followed at Bureau of the Mint depositories, except that assay samples are not taken to verify the purity of the gold. Two tetrahedron-shaped chips were removed form the top and bottom of each bar assayed. One wonders: was this a simple oversight or some kind of conscious obfuscation effort? Ive found many anomalies that well discuss. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. Coins, Tours & *For the audits performed in 1975, 1976, 1978, 1979, 1982, 1983 and 1984 under the continuing audits program allegedly 1 in 50 melts has been assayed, although there are no audit reports, nor assay reports, nor do we know who the assayer was. 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.. Company Registration No. Share this page: Army.mil. China Gold Import Jan-Sep 797t. 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. Shortly after I got an email that statedmy request had been received and was being processed. Thats everything we have, or are aware of. Shipping within the United States 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 . By also inviting the press to witness the Congressional inspection, the Mint is clearing away cobwebs and re-assuring the public that their gold is intact and safe. The vault can withstand guns, blowtorches, and other incendiary devices. 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). The last time Fort Knox was audited was in 1953, immediately after President Eisenhower was inaugurated. However, as Ive written in my post Where Did The Gold In Fort Knox Come From? 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. Because this is the department currently responsible for the audits I was surprised my request to obtain all audit reports wasnt honored. ', 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. . & Sales Figures. The official story from OIG is that 100 % of the gold stored at Fort Knox was audited in between 1974 and 1986, . For instance, sample sizes used for assaying were conspicuously small. 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). At this stage I havent been able to get my hands on any assay report from 1974 1986. As will conclusions and speculation. . Interactive map reveals when you may see SNOW. It lies 30 miles (48 km) southwest of Louisville and occupies an area of 172 square miles (445 square km). Circulating After writing it Ive been trying to collect all audit reports dating from1974 1986. The usage of cookies and the collection of customer information by BullionStar is guided by our. Dollars, Native 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. 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. The committee was made up of staff from the Treasury, the Mint, and the Federal Reserve Bank of New York. Page Last Modified: 8/26/19, 2:56 PM Fort Knox, KY. Our Nation's Gold Standard Army Home. It was decided to destroy several audit and assay reports and no less than 1,700 tonnes needed to be re-audited. It seems these 6 reports (5 documents) are the only ones currently in existence and the remaining 7 have mysteriously disappeared. di Exhibit 2. 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. Coins, American When the mint finally produced the audit documentation, Jansen received 134 lightly redacted pages (rather than the estimated total of 1,200 pages). On the way to the vault, a literal mine field and an electric fence protectthe gold. There can be no world reserve currency without appropriate gold reserves supporting it, providing essential confidence and credibility. Here is a rundown of some of Kooss key findings. The answer is, he cant. 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. The novel begins: 7:20 am, September 11, 2015. Theoretically, if the seal hasnt been tampered with, this is as good as verifying the metals themselves. 'The gold is safe.'. However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. 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. Test yourself with this Cockney Rhyming Slang quiz. 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 %. Us, ALL He ought to have known precisely how many pages were needed and presumably where to find them. "We have approximately $200 billion of gold at Fort Knox," said Mnuchin. My FOIA request had disappeared, or did it? *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. The Fort Knox Gold was last audited in the 1950s. In addition, the committee will include technicians from the Bureau of the Mint who are trained in assaying and weighing gold bullion. 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. Fort Knox, major U.S. military reservation in Meade, Hardin, and Bullitt counties, northern Kentucky, U.S. I will, however, submit a couple of new FOIAs at the US government regarding gold audits. 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. The First Critical Observations", February 2017. Paul has introduced legislation that would require an independent audit of the 5,000 plus tons of gold bullion that is believed to stored in the Fort Knox, Kentucky vault. 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. Fort Knox history. 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!' 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. Over 640,000,000 ounces of real money sat behind those massive locked doors. 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. The process would take about 30 minutes to verify the gold content of each bar, or 350,000 man hours; to do that . According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! Gold verification at Fort Knox March 1998, page 3. How can the IG be positive if he did not have access to the most basic documentation? Many conspiracy theorists - like the Gold Anti-Trust Action Committee (GATA)- believe the gold doesn't really exist, there isn't as much as the government claims, or the government has sold it off for years.
Is The Texas State Guard A Joke, Bartlett Texas Commercial Real Estate, Snowrunner Oil Barrels Location Michigan, Articles W