For instance, sample sizes used for assaying were conspicuously small. Medals, Treasury and Fort Knox Internal Review and Audit Compliance. 'So many dead. As weve seen thus far there are many problems with the official story everything is fine, all the US official gold reserves all audited. Kinross - Fort Knox Mine April 22nd, 2021 Signature of Lead Auditor Page 2 of 47 . 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 last Congressional visit prior to this occurredin 1974. We are no longer accepting comments on this article. Several more examples of these blurry situations are shown in the released documents. 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. He attempted to pinpoint how the Treasury Department verifies that the gold in its vault is both present and real. 4. The audit announced, however, would include just 20% of the gold. 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. According to official statistics, the United States holds far and away the largest gold reserves of any sovereign nation or supranational institution. And there is more, a lot more. Government-owned Goldare not in our collection." The event, Sept. 23, 1974, is often inaccurately called the last audit of Fort Knox. . In an audit conducted at Fort Knox in 1953, 88 ingots were counted for verification. The speculation has also been amplified by the degree of secrecy surrounding the reserves: Since the depository opened seven decades ago, the only time any member of the public has been permitted inside the facility was when members of the media were (however briefly) invited in on September 23, 1974. You may consider submitting a FOIA request directly to the Treasury Department. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. 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). The answer is, he cant. From the 1985 report: Because there remains so little information about the contents of the gold vault, a lot of theories crop upregarding what's really inside Fort Knox. The US official gold reserves are the worlds greatest by far at 8,134 metric tonnes. Donald Trump Doesn't Think So. "good delivery" bricks of gold found gutted and filled with tungsten within the confines of LBMA approved vaults in Hong Kong. I personally believe that rumor and the bulk of it has been sold off to the rich elites. A Fort Knox physical gold audit in 1953 was anything but full, neither was the famous audit in 1974. 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. 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. "good delivery" gold bars. RSS Feeds . Questions: Then let's raise a glass to a slower, quieter 2022 . *In 1974 the New York assay office tested 95 bars. However, until the missing audit reports show up we can only look at this case as its presented by the US government through the documents that are publicly available. 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. 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? 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. I shall rest here. I can say that without any hesitation, because I have observed the gold and the security of the gold reserves myself. ', 'I assume the gold is still there,' he said. Koos mainly provides unique insights about Chinese gold market. The assay tests found no irregularities. The Fort Knox facility, a hyper-secure fortress in Kentucky that is part of quintessential American lore, is . And we attempted to contact a records management officer at the Treasury Department, but did not receive a reply as of the date of this letter. Between July 1983 and July 1985 the gold was audited in accordance with the plan approved by the Treasurer, as follows. 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. Answer (1 of 2): Who knows but it is rumored that the majority of the gold in Fort Knox no longer exists! Submitted to: . BY . 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! Lets recap what weve studied in the previous posts. 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. Built in 1936, security access for the facility make it difficult to get access. 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. 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. di I am glad to report that everything at the depository looked to be secure and in order. Then, something very strange happened in 1983. Fort Knox sits on over 100,000 acres and houses 30,000 military personnel. 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. The process would take about 30 minutes to verify the gold content of each bar, or 350,000 man hours; to do that . Interactive map reveals when you may see SNOW. Its glittering gold . Between 1933 and 1937, this increased . After some correspondence back and forth I finally got an email saying my FOIA was exported out of FOIAonline because myrequest was for access to historical records. Presidential Coins, Kennedy Half 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?' 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. The Treasury document says it would cost about $15 million to conduct an audit. Coins, Precious Coin . Revealed: The new '23' number plates the DVLA deems offensive and has banned including EU23 OFF and GO23 HEL, The secret WhatsApp mode that lets you EDIT texts after you've sent them. Fort Knox: "Glad Gold Is Safe!". However, if that intruder had turned to the west he would have . Also, the assay test results from last year's gold audits at Fort Knox and West Point were The Fort Knox Mine was initially certified in full compliance with the Cyanide Code in February 2008 and was recertified in September 2011, in February 2015, and in August 2018. "Dear US Mint, We Gave You The FOIA Funds, Now Give Us The Fort Knox Audit Documents!", November 2016 "US Mint Releases New Fort Knox "Audit Documentation". Shipping within New Zealand. 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. 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. It was nothing more than a peek-a-boo glance at the gold in fine Hollywood style. 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 was obvious that some of the records were missing (or not provided). They wrote me by email: Mr. Nieuwenhuijs our Office of Audit found: as well as GAOs 1974/1975 and 1978 reports. Shortly after I got an email that statedmy request had been received and was being processed. According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! Here is a rundown of some of Kooss key findings. 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. In October 1984, 4,136,046.924 fine ounces gold was reaudited. ALL COIN PROGRAMS, National Purple Heart Hall of 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. In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. Phone: +65 6284 4653, Chinas Secret Gold Supplier Is Singapore, Audits Of US Monetary Gold Severely Lack Credibility. There was nothing left to do but submit a Freedom Of Information Act (FOIA) request. Why havent we ever seen any assays of coin bars? Equal Employment Opportunity. In August 2017, US Treasury Secretary Steve Mnuchinvisited the gold vault at Fort Knox and, along with a few other politicians, surveyed the site. More false statements by the auditor have appeared, further eroding its credibility. 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 First Critical Observations. The auditors were bored and decided to re-audit 1,700 tonnes. We will discuss the remaining 4 audit reports at once, as they are very similar. Do you think it would be worthwhile, at least, to inventory and assay this portion of the Mint-held gold? 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. 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. I left school at 16 with six GCSEs - and became a self-made millionaire. 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. Currently the Office Inspector General of the Treasury is responsible for the audits of the gold reserves at the US Mint. The public may never know. These could be better understood, or clarified, if we could obtain all audit reports from 1974 1986. United States Mint All Rights Reserved. Fort Knox, major U.S. military reservation in Meade, Hardin, and Bullitt counties, northern Kentucky, U.S. More than half of . 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 facility also featuresvideo cameras, motion detectors, and secret microphones, all set to pick up the presence of anyone or anything that doesn't belong. The Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. 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). eonon change home screen. Newborns, Gifts Bevin, who said he collected coins as a child, compared it to 'seeing a leprechaun on a unicorn. Buy for Vault Storage in the United States In addition to the gold bricks, Bevin said he got to hold a 1933 double eagle, a $20 gold coin that was never circulated. 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. Kate and Prince William 'are keen' for Prince George to have official role in King Charles' coronation - but Royally hard work! The US government wished to open the vaults of audited gold to lease or sell the metal on the open market. There has not been any movement of inventoried gold since that time. Matt Bevin. In 1983 the OIG found out something was amiss with the audits performed 1974 1982. Determined to uncover more about the bullion stockpile, BullionStars Koos Jansen submitted a number of Freedom of Information Act (FOIA) requests to the U.S. Mint. Fort Knox Policies. Furthermore, these audits found no exceptions of any consequence. 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? I also want to assure you that the physical security over the gold reserves is absolute. Welcome to the Coronation! 312 tonnes of the total is 4 %. 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 The gold at Fort Knox is stored in one of the most secure facilities in the world. 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! 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. The other two-thirds, however, have not been inventoriedthat is according to my understandingor assayed since somewhere between 1975 and 1986. 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. 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!' Talkers Medals, Military Plus, US Mint Police remain a constant presence, and preside over the grounds from four machine gun towers placed around the perimeter. 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. Domestic and International Shipping from Singapore fort knox crisis phone numbers. 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. About 000% of them were weighed. For the sake of simplicity, lets say I have both audit reports, 1980 and 1981. In 1936, Fort Knox military base was chosen as the site to build a bullion depository to store this gold. Since 1993, when we assumed responsibility for the audit, my office has continued to directly observe the inventory and test the gold. 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. The committee was made up of staff from the Treasury, the Mint, and the Federal Reserve Bank of New York. 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. Approximately half the U.S. Treasury's gold is located in the storage facility at Fort Knox Buffalo Coins, American Eagle 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. Ideas, Gifts for At the congressional hearing of the Gold Transparency Act in 2011 Inspector General (IG) Eric Thorson stated: Before I discuss the details of the audits that are the topic of this hearing, I want to make one point very clear: 100 percent of the U.S. Governments gold reserves in the custody of the Mint has been inventoried and audited. July 21, 2017 7:24AM. This fits right into how the US government imposes audits on their official gold reserves; the audits are performed by the US government itself. Each and every bar there should be assayed in a full, independent audit. However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. 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. 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. 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. Official records claimed 20,000 tons in the 1950s. Experts weigh in as tremors hit Wales, Cornwall and the Are YOU eating the right colours? 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. Compared to the samples taken in the 1950s and 60s, the standards for the integrity of the sample size had fallen sharply. This is remarkable. In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. initial 1974 Fort Knox audit which was conducted by GAO and Treasury auditors. The assayer is unknown and no assay reports have been included in the audit reports. On this sheet 5 physical gold audit reports are listed, framed in red. This post is a sequel to A First Glance At US Official Gold Reserves Audits and Second Thoughts On US Official Gold Reserves Audits. I'm a vet, and here are five dog breeds most prone to cancer - including Golden Retrievers and Rottweilers. Exhibit 1. Kooss analysis of the procedures used found its rigor wanting in several key areas. Fort Knox history. 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. 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 Eisenhower Administration Conducted The Last Audit Of Fort Knox. FORT KNOX MINE ICMC SUMMARY AUDIT REPORT . The assay tests found no irregularities. The BGFO and Mint staff was replaced by the OIG and the revised audit procedures were invented as a reason to open several compartments. U.S. Treasury Secretary Steven Mnuchin initiated the visit, along with U.S. Rep. Brett Guthrie and Gov. However, in some instances, the rationale for moving gold from one compartment to another proved elusive. "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. . & Sales Figures. A second storage facility was built at the same time: . The One "Audit" Of Fort Knox. CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. www.smartaccess.us . The vault can withstand guns, blowtorches, and other incendiary devices. And the last time it was counted was actually in 1953." 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. previous, back to As a result, the gold at the Bank [FRBNY] is considered unaudited. Military/Civilian clock Examples of Civilian/Military time conversion. 1495,not enacted) in 2011 the Inspector General (IG) of the Treasury presented a case all is fine, but all is not fine. Fort Knox is in Romeo (R) time. In total there should be 13 reports (1974 1986), 2 already were in my possession (1974 and 1977). In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. 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. Representative Alex Mooney (R . Learn how your comment data is processed. In performing the audit, the gold bars are physically moved from one vault compartment to another. but American gold holdings were reportedly last audited in 1953 (which includes testing for purity); Fort Knox's gold was . At the hearing Thorson presented exhibits to support his case 100 % of the gold held at the US Mint has been audited. *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. We asked the experts - and their answers will terrify you Public Service Announcement, do NOT watch these ads!
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