In addition, the committee will include technicians from the Bureau of the Mint who are trained in assaying and weighing gold bullion. On top of this, a decades worth (1993-2003) of Joint Seal inspections from the Denver and West Point depositories are not accounted for. 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. "We have approximately $200 billion of gold at Fort Knox," said Mnuchin. After writing it Ive been trying to collect all audit reports dating from1974 1986. Thats everything we have, or are aware of. These CDCs offer full-day care, part-day, and hourly care. The Eisenhower Administration Conducted The Last Audit Of Fort Knox In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. 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. Even then only 5% of the examined bullion was weighed and assayed to determine its purity. According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! 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. 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 depository holds more than 147 million ounces of gold, which puts its market value at more than $186 billion. (in millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. When the mint finally produced the audit documentation, Jansen received 134 lightly redacted pages (rather than the estimated total of 1,200 pages). A barrel is worth about $1,200 or $2.88 per pound which is 10-18 times the value of U.S. crude oil. If we carefully read the scarce audit reports available to us, wenotice the audit procedures were revised in 1983. More anomalies with regard to the audits of the US official gold reserves will be discussed in forthcoming posts. Tiger Woods unleashes his lawyers on porn site after it Bannon is 'going to war' against Jared, 'crying Ivanka' and A whole hue world! Medals, Treasury and 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. This fits right into how the US government imposes audits on their official gold reserves; the audits are performed by the US government itself. This would last until 2010 when the Armor School was relocated to Fort Benning, Georgia. 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. Matt Bevin. 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 . A congressional delegation and some journalists got a look at the gold in 1974. 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. for Dads, American Women's History Coins & Learn how your comment data is processed. July 1986 12,477,777.638 [this number Icopied from the 1986 report]. . It was a magnificent golden sunrise that inspired visions of glory, wealth, and beauty. In short, the US National Archives could not extradite the 7 audit reports I requested. One wonders: was this a simple oversight or some kind of conscious obfuscation effort? Secretary Mnuchin's statements were not helpful. Between July 1983 and July 1985 the gold was audited in accordance with the plan approved by the Treasurer, as follows. For the first time photographing is being permitted inside the Depository.. Kooss analysis of the procedures used found its rigor wanting in several key areas. *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. And being surrounded by more than $186 billion worth of gold was no sweat for one of the country's most powerful politicians. eonon change home screen. HOME; EVENTS; ABOUT; CONTACT; FOR ADULTS; FOR KIDS; accident on 9w marlboro, ny today It seems these 6 reports (5 documents) are the only ones currently in existence and the remaining 7 have mysteriously disappeared. Compartments audited at Mint institutions and depositories are kept under official joint seal by representatives of the audit committee. 3. Maybe a room or two full of gold but the rest is gone. One of the mostsecure andinaccessible places in the world, the facility once held the Declaration of Independence and Bill of Rights. 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. Newborns, Gifts Coins, American The initial intention is clear to us, the FRBNY was supposed to be audited; the gold to be counted, weighed, assayed and the compartments to be sealed (these were the audit procedures of the continuing audits committee). The last trial was a "hybrid" SAG, with one cyclopac underflow feeding the . More from the 1985 report: The audit procedures followed [at the FRBNY] were essentially the same as those followed at Mint institutions except that assay samples were not taken to verify the purity of the gold and the audited gold was not under committee control after the audit. In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. Cookies are also used for the purpose of handling our system and services. For the best and most secure experience in our catalog, please update your browser. 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?' 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. 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. 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). It was decided to destroy several audit and assay reports and no less than 1,700 tonnes needed to be re-audited. Alaska, USA . At Fort Knox, we are about people - great service members, outstanding civilians . So once you have done that, and that seal remains unbroken, then I am not sure what other benefit there would be to going back into it at that point. By Jennifer Liberto @ CNNMoney June 24, 2011: 11:58 AM ET. The First Critical Observations. 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. The First Critical Observations", February 2017. When will the Beast from the East be at YOUR door? As the last days tick away, let's take a moment to recap the top 12 stories at Fort Knox that shaped our 2021. Each gold bar is 7 inches x 3 and 5/8 inches x 1 and 3/4 . 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. The OIG audited 3 % from 1993 2008. 'The gold is safe.'. Kids, Gifts for 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. 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. Is the Coin Market Sleeping on Fairmont Collection Gold Coins? While this sum is unreasonable, a crowdfunding campaign donated the total in less than 24 hours (strangely enough, the Mint never actually cashed Kooss check, and nearly all of the money was eventually refunded.). The reports from 1974 and 1977 weve extensively analyzed in my previous post Second Thoughts On US Official Gold Reserves Audits, published on February 9, 2015. As will conclusions and speculation. Kate and Prince William 'are keen' for Prince George to have official role in King Charles' coronation - but Royally hard work! 'It would really be quite a movie if we walked in and there was no gold. 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. The Fort Knox Gold was last audited in the 1950s. Exhibit 7.2. 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. The First Critical Observations. Site, Coin The audit announced, however, would include just 20% of the gold. No need to read about these fascinating facts and important events that have shaped the U.S. as we know it today. From at least 1944 the world reserve currency is the US dollar, which was backed by gold until 1971 and supported by gold ever since. 1495,not enacted) in 2011 the Inspector General (IG) of the Treasury presented a case all is fine, but all is not fine. Military/Civilian clock Examples of Civilian/Military time conversion. CoinWeek: Rare Coin, Currency, and Bullion News for Collectors, it should be clear that the Deep Storage gold has not been audited by professionals, but the precious metals have been verified by imbeciles., submitted a number of Freedom of Information Act (FOIA) requests, Kolbe & Fanning Booksellers Buy or Bid Sale #3 Today Through March 15, Selections from Atlas Numismatics New Ancient, World Coin Inventory, Lesser Known History of the US Mint in Saudi Gold and Other Tales, Bitcoins and Physical Cryptocurrency in Stacks Bowers Auction. 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. July 21, 2017 7:24AM. The New Year kicked off . 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. When I logged in at my account at the FOIA website, I saw my request had disappeared. In 1974, WCPO Anchor Al Schottelkotte got a rare look inside the gold vault at Fort Knox, Kentucky. Of course,strange things have been stored in the vault, like morphine and opiumduring the early '90s. The last full audit was done in 1953 . 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. ', 'I assume the gold is still there,' he said. On the way to the vault, a literal mine field and an electric fence protectthe gold. Jansen found instances in which the Treasurys auditors failed to follow the governments own procedures for the auditing process. A waiting list may be . 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. 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. & Medal Programs, Tours In 1977 the New York assay office, which is a subsidiary of the US Mint, conducted the assays. Do you think it would be worthwhile, at least, to inventory and assay this portion of the Mint-held gold? The assayer is unknown and there was no assay report included in the audit report. Need Help? One of last year's uproars was the decision by US officials to carry out an audit of these gold vaults. It is surrounded by an active U.S. Army fort, guarded by the U.S. Mint Police and protected by layers of security measures, including a blast proof 22-ton door, 16,000 cubic feet of granite, 4,200 cubic yards of concrete, 750 tons of reinforcing steel and 670 . 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 1936, Fort Knox military base was chosen as the site to build a bullion depository to store this gold. In addition to facilities in West Point and Denver, the Fort Knox facilityknown as the U.S. Bullion Depositorystands out for its reputation as an impenetrable fortress. ', 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. 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. 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 Then let's raise a glass to a slower, quieter 2022 . Exhibit 7.1. Moving on to the assay tests conducted at the US Mint. 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. 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. The reports I did find, and are now publicly available, are: Coincidentally, or not, these reports are exactly the same ones as listed by Thorson at the congressional hearing in 2011 (exhibit 1, framed in red). However, a Freedom Of Information Act request Ive submitted in order to obtain all audit reports could not be honored. However, we were unable to locate records responsive to reports similarly titled or closely related to the subject annual gold audit 1975-1984. 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. Kinross - Fort Knox Mine April 22nd, 2021 Signature of Lead Auditor Page 2 of 47 . The Eisenhower Administration Conducted The Last Audit Of Fort Knox. Coins, Precious RSS Feeds . The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product. By Everett Millman Gainesville Coins . The 1974 Fort Knox audit by the GAO has been acknowledged and adopted by the continuing audits committee, so this it becamepart of the continuing audits. Fort Knox history. Submitted to: . 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. They wrote me by email: Mr. Nieuwenhuijs our Office of Audit found: as well as GAOs 1974/1975 and 1978 reports. But Bevin, speaking on WHAS radio, divulged a few more details. Monetary Gold Stock of the United States Join FORT KNOX code Axykp! Koos Jansen is a precious metal analyst from the Netherlands. Talkers Medals, Military 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. Fort Knox Internal Review and Audit Compliance. 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. Bevin, who said he collected coins as a child, compared it to 'seeing a leprechaun on a unicorn. Fort Knox Operation . Koos mainly provides unique insights about Chinese gold market. Not that it would be easy to even make it this far, but the door to the vault is made of steel and . At the hearing Thorson presented exhibits to support his case 100 % of the gold held at the US Mint has been audited. The official story from OIG is that 100 % of the gold stored at Fort Knox was audited in between 1974 and 1986, . 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. Government-owned gold for which Treasury is accountable. 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. 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). It saves time and labor costs. I also want to assure you that the physical security over the gold reserves is absolute. In July 1985, 11,912,458.207 fine troy ounces of gold were reaudited at the Fort Knox Depository. The last time Fort Knox was audited was in 1953, immediately after President Eisenhower was inaugurated. Part of the Daily Mail, The Mail on Sunday & Metro Media Group. The next screen shot is from the reply by the FOIA help desk on May 6, 2015. These could be better understood, or clarified, if we could obtain all audit reports from 1974 1986. If official documents come to surface I will report accordingly. . Official Joint Seal inspection records from Fort Knox, June 1998 (courtesy of Koos Jansen through Freedom of Information Act). COIN & MEDAL PROGRAMS, History of U.S. Revealed: The top 10 fastest-growing destinations for UK pensioners retiring overseas. 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. Coins, American Written by Jan Nieuwenhuijs, originally published at Voima Gold Insight. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. On September 24, 1974, a special settlement (audit) is scheduled to begin and at its conclusion a report on the audit will be issued. Lets recap what weve studied in the previous posts. 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. : 201217896Z 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. 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. 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. Over 640,000,000 ounces of real money sat behind those massive locked doors. At the congressional hearing of the Gold Transparency Act (H.R. Page Last Modified: 8/26/19, 2:56 PM Fort Knox, KY. Our Nation's Gold Standard Army Home. United States Mint All Rights Reserved. However, in some instances, the rationale for moving gold from one compartment to another proved elusive. All the golden coins that were handed in supposedly accumulated to the greatest gold pile on earth. You can change the usage of cookies in your browser. 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 %. The event, Sept. 23, 1974, is often inaccurately called the last audit of Fort Knox. In a series of posts well continue to examine all there is to find regarding the audits of US official gold reserves. 211 votes, 25 comments. Ive found many anomalies that well discuss. In an interview, McConnell said he could not say much about the visit for security reasons. & Facilities, Shop All On this sheet 5 physical gold audit reports are listed, framed in red. 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. *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.