97 percent of the gold was checked and sealed in an audit that ended in 1986, and annual partial audits by a third-party accounting firm continued after that, he said. The inspection by Members of Congress on September 23, 1974, of U.S. gold stocks stored at the Fort Knox (Ky.) Bullion Depository marks a unique departure from the long standing and rigidly enforced policy of absolutely no visitors, Mrs. Mary Brooks, Director of the Mint, announced today. Written by Jan Nieuwenhuijs, originally published at Voima Gold Insight. FORT KNOX MINE ICMC SUMMARY AUDIT REPORT . Built in 1936, security access for the facility make it difficult to get access. Next was the GAO; unfortunately they couldnt deliver anything I was looking for. *Its likely 97 % of the audited gold by the continuing audits committee has not been assayed by an independent assayer. 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. At Fort Knox, we are about people - great service members, outstanding civilians . These could be better understood, or clarified, if we could obtain all audit reports from 1974 1986. As will conclusions and speculation. Exhibit 7.2. 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. Fort Knox Gold: Once upon a time, the Fort Knox Bullion Depository was a vast storehouse for American gold. The First Critical Observations. ', 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. Dollars, Native 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. The last time Fort Knox was audited was in 1953, immediately after President Eisenhower was inaugurated. We are a community that loves Silver, Period. & Medal Programs, Tours He said this, but there is no proof. ByI forget which date it was, I believe by 1986, wehold on just one second here, I got it. The other two-thirds, however, have not been inventoriedthat is according to my understandingor assayed since somewhere between 1975 and 1986. Buy for Vault Storage in the United States 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). However, as Ive written in my post Where Did The Gold In Fort Knox Come From? PBOC Gold Purchases: Separating Facts from Speculation. 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). More anomalies with regard to the audits of the US official gold reserves will be discussed in forthcoming posts. 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. 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. On top of this, a decades worth (1993-2003) of Joint Seal inspections from the Denver and West Point depositories are not accounted for. Furthermore, these audits found no exceptions of any consequence. Ledoux & Company found no irregularities in 2004. 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. 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. Representative Alex Mooney (R . As a freebie trip for 4 select political insiders, last Monday's trip to Fort Knox was undoubtedly a memorable one . 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. The OIG audited 3 % from 1993 2008. 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. On September 24, 1974, a special settlement (audit) is scheduled to begin and at its conclusion a report on the audit will be issued. 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! As the last days tick away, let's take a moment to recap the top 12 stories at Fort Knox that shaped our 2021. . You can change the usage of cookies in your browser. 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. An excuse was needed to break the seals. July 21, 2017 7:24AM. The vault can withstand guns, blowtorches, and other incendiary devices. Weve barely come across any independent auditor that saw, counted, weighed or assayed the US official gold reserves. In performing the audit, the gold bars are physically moved from one vault compartment to another. The results of the assays by Ledoux & Company and White Sands Missile Range presented by the OIG at the congressional hearing show nearly all 9999 fine gold (see exhibit 3, or read page 62 to 124 from this document). Government-owned gold for which Treasury is accountable. 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. It was decided to destroy several audit and assay reports and no less than 1,700 tonnes needed to be re-audited. Schultz from the New York Fed was part of the continuing audits committee and therefor the FRBNY was supposed to be audited. 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 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. 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. By using our website, you accept that cookies are used. This fits right into how the US government imposes audits on their official gold reserves; the audits are performed by the US government itself. At various times, it has been used to store other valuable items, such as the Declaration of Independence, one of the four copies of the Magna Carta, and the crown jewels of foreign nations. Small quantities of gold are removed to test the purity during regularly scheduled audits. Scales at the Mint used to weigh the bars often didnt work properly. ALL COIN PROGRAMS, National Purple Heart Hall of Did The Dutch Central Bank Lie About Its Gold Bar List? In an audit conducted at Fort Knox in 1953, 88 ingots were counted for verification. Remember, were investigating the audits of the greatest gold hoard on earth, which underpins the world reserve currency the US dollar. The US government wished to open the vaults of audited gold to lease or sell the metal on the open market. . However, a Freedom Of Information Act request Ive submitted in order to obtain all audit reports could not be honored. Tuesday March 22, 2016 13:20. 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?' 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. That shipment required a convoy of 33 15-ton trailers to move the gold. 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. . China Gold Import Jan-Sep 797t. Train fares will rise by 5.9% TOMORROW - but travellers can still get cheaper tickets if they buy them Why is Britain experiencing so many earthquakes? Koos mainly provides unique insights about Chinese gold market. The Fort Knox facilitys reputation is thanks to its world-renowned system of security measures, from countless cameras to U.S. Mint Police guards, military helicopters, land mines, fences of barbed and electric wire, and a virtually impregnable vault door. Exhibit 1. The Mint and the GAO were sanctioned to audit a portion of the Treasury's gold. If official documents come to surface I will report accordingly. Although the quality of the gold in the custody of the Federal Reserve Bank of New York cannot be readily assayed,. 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 . 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. And being surrounded by more than $186 billion worth of gold was no sweat for one of the country's most powerful politicians. How can the IG be positive if he did not have access to the most basic documentation? 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. Koos is in the company of monetary scholar Jim Rickards and former U.S. Representative Ron Paul in publicly campaigning for more transparency in the financial system and the gold market. The Fort Knox facility was opened within the year, and took its first shipment of gold in 1937. 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. For the best and most secure experience in our catalog, please update your browser. The answer is, he cant. His analysis has helped fill in the gaps about how much gold is passing into China each year, which is treated tantamount to a state secret by the Peoples Republic. *In 1974 the New York assay office tested 95 bars. Government-owned Gold, or my office, and placed under official joint seals. Then, something very strange happened in 1983. 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. A waiting list may be required and part-time or hourly care may need special planning depending on demand, mission requirements, etc . . 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. 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. 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. The last time that Congress audited it was 2019. 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). 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. 4. My FOIA request had disappeared, or did it? Prince Andrew chuckles as he encounters female jogger on way to his weekly Windsor horse-riding trip. At its peak, 649.6 million ounces were stored at Fort Knox on December 31, 1941. You may consider submitting a FOIA request directly to the Treasury Department. Sets, Commemorative document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. 'It would really be quite a movie if we walked in and there was no gold. Ultimately, the Mint concluded that Koos would need to pay over $3,000 in order to have the documents gathered and copied. However, no outside experts were allowed in during the audit, and only about 5% of the gold was actually tested. 45 New Bridge Road, Singapore 059398 Singapore *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. US citizens were required to sell their gold bullion - bars and coins - back to the State. *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. Questions: An overview starting from 1953: *In the 1953 report we could read 26 bars (0.00002 % of the total stash at that time) were assayed from bore samples. All the golden coins that were handed in supposedly accumulated to the greatest gold pile on earth. Several more examples of these blurry situations are shown in the released documents. And there is more, a lot more. 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. Fort Knox, major U.S. military reservation in Meade, Hardin, and Bullitt counties, northern Kentucky, U.S. Fort Knox, Kentucky is an Army base with more than one hundred thousand acres stretching across three counties. 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 I also want to assure you that the physical security over the gold reserves is absolute. In another dubious mix-up, a number of measurements were faulty because the auditors misread where the decimal point was on the scale. Technically its possible the OIG assayed exactly the remaining stash of 9999 gold, though chances are slim given the fact the 9999 gold wasspread over multiple compartments at multiple depositories. "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. Ron Paul (R-Texas) says his measure to audit the Federal Reserve, which passed the House last December, would force the first open audit of Ft. Knox in decades. . 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. Given all the protection, it seems obvious that billions of dollars worth of gold (or something) indeed resides at Fort Knox. The last time Fort Knox had opened its vault to civilians was more than 40 years earlier. $800 weekly hand count free roll. However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. If you subscribe to this theory, the incredible amount of protection at the U.S. Bullion Depository is for little more than a pile of IOUs. In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. Moving on to the assay tests conducted at the US Mint. He ought to have known precisely how many pages were needed and presumably where to find them. The First Critical Observations. Fort Knox sits on over 100,000 acres and houses 30,000 military personnel. "Glad the gold is safe!". Fort Knox is used to store a large portion of United States official gold reserves and occasionally other precious . Fort Knox Operation . Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. McConnell said he had never thought about visiting Fort Knox before, but jumped at the chance when Mnuchin offered to take him. The controversial 'trauma expert' interviewing Prince Harry: Gabor Mat was warned by the Canadian A big Beckham birthday! In an interview, McConnell said he could not say much about the visit for security reasons. 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 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. Each and every bar there should be assayed in a full, independent audit. Domestic and International Shipping from Singapore
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