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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. By Jennifer Liberto @ CNNMoney June 24, 2011: 11:58 AM ET. 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. One wonders: was this a simple oversight or some kind of conscious obfuscation effort? 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. FORT KNOX MINE ICMC SUMMARY AUDIT REPORT . 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. Over 640,000,000 ounces of real money sat behind those massive locked doors. Honor, Rolls, Gold verification at Fort Knox March 1998, page 3. Why havent we ever seen any assays of coin bars? So, what's really inside Fort Knox? The depository was built following U.S. President, Franklin D. Roosevelt's, controversial 1933 legislation - Executive Order 6102 - which outlawed the private ownership of gold bullion. I will, however, submit a couple of new FOIAs at the US government regarding gold audits. 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. For the other years we dont know whatoffice performed the checks. You can change the usage of cookies in your browser. 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. How can the IG be positive if he did not have access to the most basic documentation? There was no assay report included in the audit report. However, we were unable to locate records responsive to reports similarly titled or closely related to the subject annual gold audit 1975-1984. And being surrounded by more than $186 billion worth of gold was no sweat for one of the country's most powerful politicians. GAO stands for General Accounting Office, OIG stands for Office of Inspector General. 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. 26 Feb 2017 13:18. The missing audit reports and assay reports feed into our skepticism. In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. A congressional delegation and some journalists got a look at the gold in 1974. They could only find 2 reports I didnt posses previously, of the audits conducted in 1985 and 1986. 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. One of the mostsecure andinaccessible places in the world, the facility once held the Declaration of Independence and Bill of Rights. " He told an audience in Louisville, "I assume the gold is still there.". 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. *Its likely 97 % of the audited gold by the continuing audits committee has not been assayed by an independent assayer. Click on the links for more information:Buy for Vault Storage in Singapore Exhibit 1. Pursuant to that order, the Committee for Continuing Audit of the U.S. 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. July 1986 12,477,777.638 [this number Icopied from the 1986 report]. 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 . Coins, American 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. 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). 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. Since 1993, when we assumed responsibility for the audit, my office has continued to directly observe the inventory and test the gold. BY . Kinross - Fort Knox Mine April 22nd, 2021 Signature of Lead Auditor Page 2 of 47 . The Armored Force School and the Armored Force Replacement Center began operations at Fort Knox in October 1940. 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. In a series of posts well continue to examine all there is to find regarding the audits of US official gold reserves. 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. HOME; EVENTS; ABOUT; CONTACT; FOR ADULTS; FOR KIDS; accident on 9w marlboro, ny today Fort Knox is supposedly filled with 400 oz. Here is a rundown of some of Kooss key findings. 'So many dead. This is basically an affirmation that the bullion was up to snuff at the last audit, and has been sealed since. Ideas, Gifts for random nose bleed covid. Official joint seal number 932 put in place on September 2, 1982, under the continuing audits of U.S.-owned goldstored at the Mint. 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? Dollars, Native Find out what Uber drivers really think of you! 312 tonnes of the total is 4 %. At this stage I havent been able to get my hands on any assay report from 1974 1986. There can be no world reserve currency without appropriate gold reserves supporting it, providing essential confidence and credibility. Donald Trump Doesn't Think So. The assay tests found no irregularities. Whos Supplying? That shipment required a convoy of 33 15-ton trailers to move the gold. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. The First Critical Observations. 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 audit announced, however, would include just 20% of the gold. 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. eonon change home screen. 211 votes, 25 comments. when was the last time fort knox was 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 thebullion. 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. Secretary of the Treasury Steven Mnuchin visited Fort Knox on August 21. Plus, US Mint Police remain a constant presence, and preside over the grounds from four machine gun towers placed around the perimeter. Fort . 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. By Patrick A. Heller. Equal Employment Opportunity. Currently the Office Inspector General of the Treasury is responsible for the audits of the gold reserves at the US Mint. for Dads, American Women's History Coins & 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 . The Mint estimated that as much as one-third of the gold reserves were examined during this period. Alaska, USA . Shortly after I got an email that statedmy request had been received and was being processed. Few people have ever entered the vault,and while147.3 million ounces of goldallegedly exists inside, the accuracy remains in doubt. Audit report Fort Knox 1981. 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. Kate and Prince William 'are keen' for Prince George to have official role in King Charles' coronation - but Royally hard work! On September 24, 1974, a special settlement (audit) is scheduled to begin and at its conclusion a report on the audit will be issued. No irregularities were found. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Ive found many anomalies that well discuss. Daily free rolls! On this sheet 5 physical gold audit reports are listed, framed in red. 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! As a newcomer to Fort Knox, you are a part of the Gold Standard team that is making the Army's vision a reality. U.S. President Franklin D. Roosevelt passed legislation outlawing private ownership of gold, and gave instruction to build the depository at . 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 . U.S. Treasury Secretary Steven Mnuchin initiated the visit, along with U.S. Rep. Brett Guthrie and Gov. The next screen shot is from the reply by the FOIA help desk on May 6, 2015. Official records claimed 20,000 tons in the 1950s. Answer (1 of 2): Internally, it is done annually. . *In 1974 the New York assay office tested 95 bars. 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). Bureau of Government Financial Operations [BGFO]. 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 . ( Kitco News) - Although he made this assumption nearly one year ago, the Donald's comments on gold at Fort Knox - or lack thereof - are making the rounds on Twitter again Tuesday. Between July 1983 and July 1985 the gold was audited in accordance with the plan approved by the Treasurer, as follows. In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. Let me show you an example of Fort Knox. 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. Phone: +65 6284 4653, Chinas Secret Gold Supplier Is Singapore, Audits Of US Monetary Gold Severely Lack Credibility. From 1993 to 2008 the remaining 3 % of the gold reserves stored at the US Mint hasbeen audited I assume. 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. On April 28, 1943, President Franklin D. Roosevelt inspected the Bullion Depository, Mrs. Brooks said. 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. In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. & Facilities, Shop All Exhibit 7.2. The Congressional inspection adheres to the new open door policy of the government announced by President Ford. Furthermore, these audits found no exceptions of any consequence. Did The Dutch Central Bank Lie About Its Gold Bar List? 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. 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. 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. Donate here, Idaho House Votes to Authorize State Gold & Silver Holdings, 34 Wyoming House Members Thumb Their Noses at Sound Money, Catch-22: Rate Hikes May Fuel Even MORE Inflationary Deficit Spending, Vermont Seeks to Become 44th State to Roll Back Sales Tax on Sound Money, Mississippi Legislature Votes Overwhelmingly to End Sales Taxes on Gold and Silver, VIDEO: President of Money Metals Exchange Joins Gold Standard Podcast to Discuss Sound Money Legislation, Iowa Seeks to End Capital Gains Taxes on Gold and Silver, Mississippi Bill Would End All Taxes on, Invest State Funds in, Gold & Silver, Kentucky Lawmakers Aim to End Sales Taxes on Sound Money, Missouri Senate Votes to End Income Taxes on Gold and Silver, Hold Monetary Metals in Reserve, Legislators Seek Repeal of Wisconsins Controversial Sales Tax on Gold and Silver. In an audit conducted at Fort Knox in 1953, 88 ingots were counted for verification. Next, we can see Thorsons list he presented of physical gold audit reports of the continuingaudit program from 1974 to 1986. By and large, the vast majority of the verification is done by checking Official Joint Seals. In another dubious mix-up, a number of measurements were faulty because the auditors misread where the decimal point was on the scale. The door weighs 22 tons and is 21 inches thick, and the roof is bomb proof. The usage of cookies and the collection of customer information by BullionStar is guided by our. 12/ As of September 30, 1984, 99.9 percent of the gold stored at the United States Denver Mint had been audited under the initial continuing audit program. Its glittering gold . Also, the assay test results from last year's gold audits at Fort Knox and West Point were Medals, Email & Share this page: Army.mil. 1495,not enacted) in 2011 the Inspector General (IG) of the Treasury presented a case all is fine, but all is not fine. The assayer is unknown and no assay reports have been included in the audit reports. Shipping within New Zealand. . 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. 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. For instance, sample sizes used for assaying were conspicuously small. Kids, Gifts for 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. The fact that 7 audit reports that should grant the existence of these reserves appear to be missing is problematic. 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. Other problems sound laughable in their incompetence. US citizens were required to sell their gold bullion - bars and coins - back to the State. 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. At the congressional hearing of the Gold Transparency Act (H.R. The Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. 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. These could be better understood, or clarified, if we could obtain all audit reports from 1974 1986. The US government wished to open the vaults of audited gold to lease or sell the metal on the open market. Published: 22:22 GMT, 21 August 2017 | Updated: 06:57 GMT, 22 August 2017, Honored guests: Treasury Secretary Steve Mnuchin (left) and Senate Majority Leader Mitch McConnell (right) outside the main door to the United States Bullion Depository at Fort Knox on Monday. There Is No Proof All Gold Is In Fort Knox. No photographs were allowed, of course. ByI forget which date it was, I believe by 1986, wehold on just one second here, I got it. Lets have a look. previous, back to 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. 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?' Buy for Vault Storage in the United States 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. Given all the protection, it seems obvious that billions of dollars worth of gold (or something) indeed resides at 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. Welcome to the Coronation! We will discuss the remaining 4 audit reports at once, as they are very similar. Us, ALL It was also the first visit by a serving US Treasury Secretary since 1948. I did read one time that the queen of England a. Prince Andrew chuckles as he encounters female jogger on way to his weekly Windsor horse-riding trip. 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. COIN & MEDAL PROGRAMS, History of U.S. 'It just kind of came up as a result of a casual conversation,' McConnell said. 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. Between 1933 and 1937, this increased . I left school at 16 with six GCSEs - and became a self-made millionaire. 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. The comments below have not been moderated. 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 . Government-owned Gold" for the years 1975, 1976, 1978, 1979, and 1981-1984. Koos Jansen. Fort Knox Internal Review and Audit Compliance.