Welcome to the Coronation! previous, back to I have copied as much quotes in this post as I can to minimize the possibility of an erroneous interpretation of the official text in the audit reports. 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. Then, something very strange happened in 1983. According to official statistics, the United States holds far and away the largest gold reserves of any sovereign nation or supranational institution. 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. Despite continued inquiries, the US Mint refuses to offer up proof of the exact amount of gold held at Fort Knox. 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. Interactive map reveals when you may see SNOW. In October 1984, 4,136,046.924 fine ounces gold was reaudited. The reports were not present at the National Archives, the OIG or at the Treasury Department. However, as Ive written in my post Where Did The Gold In Fort Knox Come From? Built in 1936, security access for the facility make it difficult to get access. 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). The depository holds more than 147 million ounces of gold, which puts its market value at more than $186 billion. 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 facility also featuresvideo cameras, motion detectors, and secret microphones, all set to pick up the presence of anyone or anything that doesn't belong. Fort Knox sits on over 100,000 acres and houses 30,000 military personnel. 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. . 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. For the sake of simplicity, lets say I have both audit reports, 1980 and 1981. Fort Knox is supposedly filled with 400 oz. We are no longer accepting comments on this article. By Everett Millman Gainesville Coins . The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. 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. 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.). And the last time it was counted was actually in 1953." 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. *For all other publicly available audit reports (1980, 1981, 1985, 1986) its very briefly mentioned assay tests were conducted, presumably for one in every fiftieth melt. 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. Not only were the vault compartments at the FRBNY exempt from being sealed, in addition, for an unknown reason assay tests were never performed at the FRBNY! The last full audit was done in 1953 . & Sales Figures. 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. According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! Questions: 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. And being surrounded by more than $186 billion worth of gold was no sweat for one of the country's most powerful politicians. Official records claimed 20,000 tons in the 1950s. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. When will the Beast from the East be at YOUR door? The New Year kicked off . According to some sources, this is where most of the other Treasury's gold is located. However, in some instances, the rationale for moving gold from one compartment to another proved elusive. Newborns, Gifts Did The Dutch Central Bank Lie About Its Gold Bar List? 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. Revealed: The top 10 fastest-growing destinations for UK pensioners retiring overseas. Furthermore, these audits found no exceptions of any consequence. Royal Mint Launches First Coin in Myths and Legends Collection, Numismatic Crime Counterfeit Notes Sold Over Facebook, 1776 Continental Dollar Offered by David Lawrence Rare Coins, Grade This 1936-S Cincinnati Commemorative Silver Half Dollar, First King Charles III Coin From Pobjoy Celebrating the Accession, Dakota 1875 $5 Bank Note in Stacks Bowers Spring Auction. It was established in 1918 as Camp Knox (named for Major General Henry Knox, first U.S. secretary of war), and it became a permanent military post in 1932. In an audit conducted at Fort Knox in 1953, 88 ingots were counted for verification. The Counsel to the Inspector General Department of the Treasury told me his department only had 4 of the 13 reports I was looking for. A barrel is worth about $1,200 or $2.88 per pound which is 10-18 times the value of U.S. crude oil. I personally believe that rumor and the bulk of it has been sold off to the rich elites. In 1953, the US Treasury Department audited Fort Knox, but only around5% of the goldunderwent testingfor purity. 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. The controversial 'trauma expert' interviewing Prince Harry: Gabor Mat was warned by the Canadian A big Beckham birthday! Even then only 5% of the examined bullion was weighed and assayed to determine its purity. Located in Kentucky, Fort Knox is a United States Army base whichhouses most of the US's gold reserves. In 2011 it was portrayed as if KPMG currently is the third party auditor (next to the owner and custodian), but this is not true. Fort Knox history. "We have approximately $200 billion of gold at Fort Knox," said Mnuchin. There has not been any movement of inventoried gold since that time. Connecting thereto, from Thorsons opening statement: My office began conducting annual audits of the gold reserves in Fiscal Year 1993. There can be no world reserve currency without appropriate gold reserves supporting it, providing essential confidence and credibility. The event, Sept. 23, 1974, is often inaccurately called the last audit of Fort Knox. United States Mint All Rights Reserved. Secretary of the Treasury Steven Mnuchin visited Fort Knox on August 21. This is remarkable. 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. 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. By and large, the vast majority of the verification is done by checking Official Joint Seals. 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 First Critical Observations", February 2017. The last trial was a "hybrid" SAG, with one cyclopac underflow feeding the . 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!' there has not been anyone allowed access to confirm the gold amounts that are supposedly stored at the Fort. Lets recap what weve studied in the previous posts. Jansen found instances in which the Treasurys auditors failed to follow the governments own procedures for the auditing process. The target this time is the United States Treasury Assay Office in New York . Approximately half the U.S. Treasury's gold is located in the storage facility at Fort Knox Audit report Fort Knox 1981. The other two-thirds, however, have not been inventoriedthat is according to my understandingor assayed since somewhere between 1975 and 1986. 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. In addition to the gold bricks, Bevin said he got to hold a 1933 double eagle, a $20 gold coin that was never circulated. By Patrick A. Heller. 35 % first buy in bonus! On top of this, a decades worth (1993-2003) of Joint Seal inspections from the Denver and West Point depositories are not accounted for. The Fort Knox facility was opened within the year, and took its first shipment of gold in 1937. ALL COIN PROGRAMS, National Purple Heart Hall of 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. Join FORT KNOX code Axykp! 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 vault compartments at Fort Knox Bullion Depository. 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. Beginning in 1974, the auditors of the U.S. government's gold reserves held at Fort Knox, Ky., and at the U.S. Mint facilities in Denver, Colo., and West Point, N.Y. (which was named the West Point Bullion Depository from its opening in 1937 until it gained status as an official Mint in 1988), started a 10-year program to verify 100 percent of the gold reserves. The Eisenhower Administration Conducted The Last Audit Of Fort Knox. 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). Military/Civilian clock Examples of Civilian/Military time conversion. Share this page: Army.mil. 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. ( 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. Senate Majority Leader Mitch McConnell and other Kentucky politicians went to the United States Bullion Depository at Fort Knox for the first time since 1974, Reassurance: Treasury Secretary Steve Mnuchin tweeted out thanks to the US Mint and confirmed that the gold is all safe. In total there should be 13 reports (1974 1986), 2 already were in my possession (1974 and 1977). Koos Jansen. Submitted to: . Dollars, Native It was obvious that some of the records were missing (or not provided). However, a Freedom Of Information Act request Ive submitted in order to obtain all audit reports could not be honored. The gold at Fort Knox is stored in one of the most secure facilities in the world. Over 640,000,000 ounces of real money sat behind those massive locked doors. The committee was made up of staff from the Treasury, the Mint, and the Federal Reserve Bank of New York. . Alaska, USA . Presidential Coins, Kennedy Half Fort Knox, Kentucky is an Army base with more than one hundred thousand acres stretching across three counties. It was a magnificent golden sunrise that inspired visions of glory, wealth, and beauty. Jun 5th, 2022 . We are a community that loves Silver, Period. While investigating facts about Fort Knox Federal Credit Union and Fort Knox Safes, I found out little known, but curios details like: The Federation of Quebec Maple Syrup Producers has a "Fort Knox" vault of Maple Syrup. On April 28, 1943, President Franklin D. Roosevelt inspected the Bullion Depository, Mrs. Brooks said. More anomalies with regard to the audits of the US official gold reserves will be discussed in forthcoming posts. Same story at the US Mint and US National Archives. Exhibit 7.1. The U.S. gold reserves at Fort Knox are broken into different numbered compartments within the gold vault. 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 . In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. *Its likely 97 % of the audited gold by the continuing audits committee has not been assayed by an independent assayer. The BGFO and Mint staff was replaced by the OIG and the revised audit procedures were invented as a reason to open several compartments. Not that it would be easy to even make it this far, but the door to the vault is made of steel and . Answer (1 of 2): Who knows but it is rumored that the majority of the gold in Fort Knox no longer exists! 211 votes, 25 comments. Written by Jan Nieuwenhuijs, originally published at Voima Gold Insight. A waiting list may be . Monetary Gold Stock of the United States *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. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. Coins, Tours & Thats 6 down, 7 more to go. Currently the Office Inspector General of the Treasury is responsible for the audits of the gold reserves at the US Mint. ', 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. Shipping within the United States Equal Employment Opportunity. Medals, Email & Fort Knox: "Glad Gold Is Safe!". I also want to assure you that the physical security over the gold reserves is absolute. After writing it Ive been trying to collect all audit reports dating from1974 1986. As required under the Cyanide Code, the mine was again audited against ICMI's Verification Protocol by independent professional third-party auditors within three . Select stock location for your desired country in the dropdown to view our inventory available in that country. 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. 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. This is largely due to a well-circulated rumor during the 1970s that the vaults had been emptied by elites in banking in government, either leased out or confiscated. 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. For the best and most secure experience in our catalog, please update your browser. US citizens were required to sell their gold bullion - bars and coins - back to the State. Site, Coin 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. Telephone: (502) 624-2386. Koos Jansen is a precious metal analyst from the Netherlands. After the gold was audited by the Continuing Audit committee all compartments were placed under Official Joint Seal. This would last until 2010 when the Armor School was relocated to Fort Benning, Georgia. Although the quality of the gold in the custody of the Federal Reserve Bank of New York cannot be readily assayed,. It was decided to destroy several audit and assay reports and no less than 1,700 tonnes needed to be re-audited. For the first time photographing is being permitted inside the Depository.. Given all the protection, it seems obvious that billions of dollars worth of gold (or something) indeed resides at Fort Knox. Your browser is out of date. 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? 'It would really be quite a movie if we walked in and there was no gold. He attempted to pinpoint how the Treasury Department verifies that the gold in its vault is both present and real. More than half of . 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 1983 the OIG found out something was amiss with the audits performed 1974 1982. The next screen shot is from the reply by the FOIA help desk on May 6, 2015. 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. The Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. No need to read about these fascinating facts and important events that have shaped the U.S. as we know it today. In an interview, McConnell said he could not say much about the visit for security reasons. Tuesday March 22, 2016 13:20. 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. Prince Andrew chuckles as he encounters female jogger on way to his weekly Windsor horse-riding trip. Then let's raise a glass to a slower, quieter 2022 . Each and every bar there should be assayed in a full, independent audit. I can say that without any hesitation, because I have observed the gold and the security of the gold reserves myself. Fort Knox gold subject of hearing. The usage of cookies and the collection of customer information by BullionStar is guided by our. Instead, I was advised to contact the Treasury. Buy, ship and store bullion with BullionStar in/from different countries. U.S. Army Cadet Command Headquarters is located inside the Fort Knox installation which is located roughly 35 miles south of Louisville, Kentucky. The US government wished to open the vaults of audited gold to lease or sell the metal on the open market. As will conclusions and speculation. They could only find 2 reports I didnt posses previously, of the audits conducted in 1985 and 1986. 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. Facilities, Production 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 . As a freebie trip for 4 select political insiders, last Monday's trip to Fort Knox was undoubtedly a memorable one . One wonders: was this a simple oversight or some kind of conscious obfuscation effort? Ultimately, the Mint concluded that Koos would need to pay over $3,000 in order to have the documents gathered and copied. 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. No irregularities were found. However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. 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. In performing the audit, the gold bars are physically moved from one vault compartment to another. 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. *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. 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. 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. However, how trustworthy is this system of accounting? Government-owned Gold, or my office, and placed under official joint seals. 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). This fits right into how the US government imposes audits on their official gold reserves; the audits are performed by the US government itself. 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). 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. 1126, San Diego, CA, 92128, USA . American $1 Coins, SHOP And there is more, a lot more. This post is a sequel to A First Glance At US Official Gold Reserves Audits and Second Thoughts On US Official Gold Reserves Audits. ByI forget which date it was, I believe by 1986, wehold on just one second here, I got it. Page Last Modified: 8/26/19, 2:56 PM Fort Knox, KY. Our Nation's Gold Standard Army Home. It basically coveredby 1986, 97 percent of the Government-owned gold held by the Mint had been audited and placed under joint seal. Ive found many anomalies that well discuss. Text Alerts, Contact Buffalo Coins, American Eagle Former US Mint director Edmund Moy has stated in 2013 US reserves contain mainly coin bars because of the great confiscation in 1933 by President Roosevelt, when US citizens were forced to hand in all physical gold. "good delivery" gold bars. The public may never know. Fort Knox claims billions of dollars worth of gold are stored away in its secret vault. 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. when was the last time fort knox was audited. 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. 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. The answer is, he cant. Official Joint Seal inspection records from Fort Knox, June 1998 (courtesy of Koos Jansen through Freedom of Information Act). (in millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. The last time Fort Knox had opened its vault to civilians was more than 40 years earlier. Donald Trump Doesn't Think So. 45 New Bridge Road, Singapore 059398 Singapore Remember, were investigating the audits of the greatest gold hoard on earth, which underpins the world reserve currency the US dollar. $800 weekly hand count free roll. Currency, Shop All ', 'I assume the gold is still there,' he said. By using our website, you accept that cookies are used. No outside experts were allowed on the site for the audit, either,providingfodder for all kinds of conspiracy theorists. They wrote me by email: Mr. Nieuwenhuijs our Office of Audit found: as well as GAOs 1974/1975 and 1978 reports. 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. 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. The Fort Knox Gold was last audited in the 1950s. Between 1933 and 1937, this increased . Because this is the department currently responsible for the audits I was surprised my request to obtain all audit reports wasnt honored. 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.