Also, the assay test results from last year's gold audits at Fort Knox and West Point were There can be no world reserve currency without appropriate gold reserves supporting it, providing essential confidence and credibility. 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. In addition, the committee will include technicians from the Bureau of the Mint who are trained in assaying and weighing gold bullion. 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. Compared to the samples taken in the 1950s and 60s, the standards for the integrity of the sample size had fallen sharply. On April 28, 1943, President Franklin D. Roosevelt inspected the Bullion Depository, Mrs. Brooks said. 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. For the first time photographing is being permitted inside the Depository.. 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. Pursuant to that order, the Committee for Continuing Audit of the U.S. Between 1933 and 1937, this increased . 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. 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. Lets recap what weve studied in the previous posts. One of last year's uproars was the decision by US officials to carry out an audit of these gold vaults. 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. United States Mint All Rights Reserved. Single mother faces 170 parking fine after overstaying at McDonald's for just 14 minutes while she treated Man had sex with his wife on bollard in protest after it had been erected by neighbour to stop him parking What will the next pandemic be? Buy, ship and store bullion with BullionStar in/from different countries. ', 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. (in millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. Coins, American At this stage I havent been able to get my hands on any assay report from 1974 1986. Join FORT KNOX code Axykp! Try Army A-Z . According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! US Mint Releases New Fort Knox "Audit Documentation": First Critical 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). However, in some instances, the rationale for moving gold from one compartment to another proved elusive. In another dubious mix-up, a number of measurements were faulty because the auditors misread where the decimal point was on the scale. Let me show you an example of Fort Knox. 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. Conclusion. 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. There Is No Proof All Gold Is In Fort Knox. in 2004 the assayer was Ledoux & Company, a private contractor (read their homepage). Of course,strange things have been stored in the vault, like morphine and opiumduring the early '90s. di *In 1974 the New York assay office tested 95 bars. However, how trustworthy is this system of accounting? In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. For the sake of simplicity, lets say I have both audit reports, 1980 and 1981. 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. Monetary Gold Stock of the United States Fort Knox Gold - History of Fort Knox | BullionByPost They could only find 2 reports I didnt posses previously, of the audits conducted in 1985 and 1986. The last trial was a "hybrid" SAG, with one cyclopac underflow feeding the . President Reagan last spring demanding that this be looked into immediately. US Army Cadet Command Headquarters | Military Base Guide Secretary of the Treasury Steven Mnuchin visited Fort Knox on August 21. *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 will discuss the remaining 4 audit reports at once, as they are very similar. 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 Counsel to the Inspector General Department of the Treasury told me his department only had 4 of the 13 reports I was looking for. And there is more, a lot more. 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. If we carefully read the scarce audit reports available to us, wenotice the audit procedures were revised in 1983. All the benefits of simply switching from white to brown - AND how purple, Will El Salvador's new mega-prison turn into a bloodbath? In August 2017, US Treasury Secretary Steve Mnuchinvisited the gold vault at Fort Knox and, along with a few other politicians, surveyed the site. Dollars, Native Given all the protection, it seems obvious that billions of dollars worth of gold (or something) indeed resides at Fort Knox. Plus, US Mint Police remain a constant presence, and preside over the grounds from four machine gun towers placed around the perimeter. The gold stored in these compartments would get moved around if samples were taken for assaying during the audit. 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. To access the gold vault at Fort Knox, you'd need to make your way through a network of security measures. Military/Civilian clock Examples of Civilian/Military time conversion. The First Critical Observations. 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. Click on the links for more information:Buy for Vault Storage in Singapore Buy for Vault Storage in the United States 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. www.smartaccess.us . Thats 6 down, 7 more to go. The U.S. gold reserves at Fort Knox are broken into different numbered compartments within the gold vault. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. and until 2010, every member of . The Congressional inspection adheres to the new open door policy of the government announced by President Ford. In July 1985, 11,912,458.207 fine troy ounces of gold were reaudited at the Fort Knox Depository. At Fort Knox, we are about people - great service members, outstanding civilians . 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. 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. previous, Kids 3. Exhibit 2. 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. 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 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. Fort Knox Looted of 7,000 Tons of Gold in 1973-1974 says 1981 Article! Vault: Rare look inside gold vault at Fort Knox - WCPO Government-owned Gold, or my office, and placed under official joint seals. 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 . In an interview, McConnell said he could not say much about the visit for security reasons. This fits right into how the US government imposes audits on their official gold reserves; the audits are performed by the US government itself. EMPTY! Is there any gold in Fort Knox? Government's denial of audit Revealed: The top 10 fastest-growing destinations for UK pensioners retiring overseas. McConnell said he had never thought about visiting Fort Knox before, but jumped at the chance when Mnuchin offered to take him. Moving on to the assay tests conducted at the US Mint. 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. . 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! 'It would really be quite a movie if we walked in and there was no gold. Should America's Gold Reserves Be Audited? - Sound Money Defense 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. By Everett Millman Gainesville Coins . I did read one time that the queen of England a. . HOME; EVENTS; ABOUT; CONTACT; FOR ADULTS; FOR KIDS; accident on 9w marlboro, ny today The fact that 7 audit reports that should grant the existence of these reserves appear to be missing is problematic. The answer is, he cant. 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. 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. Government-owned Goldare not in our collection." ( 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. Ron Paul introduced a bill that would require the Fed to manually audit every U.S.-owned gold . eonon change home screen. 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. Jansen found instances in which the Treasurys auditors failed to follow the governments own procedures for the auditing process. What the Hell is This?: Mnuchin Tweets on Fort Knox Gold The vaults were last opened to the public in the 1970s, and the last treasury secretary visit was in 1948. How can the IG be positive if he did not have access to the most basic documentation? 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. A separate post will be dedicated to KPMG. 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. The intention in 1975 was to audit the gold at the FRBNY, but then, a few years down the road the gold at the New York Fed was mysteriouslyexempt from the continuing audits program. Republican frontrunner Donald Trump hinted at the idea that there just might be no gold in the U.S. US Government Lost 7 Fort Knox Gold Audit Reports I am glad to report that everything at the depository looked to be secure and in order. Fort Knox is also on the list of these 10 forbidden places that no one is ever allowed to visit. BREAKING: Fort Knox Audit Documentation Finally Released Find out what Uber drivers really think of you! The last time Fort Knox was audited was in 1953, immediately after President Eisenhower was inaugurated.
