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. Exhibit 2. At the hearing Thorson presented exhibits to support his case 100 % of the gold held at the US Mint has been audited. I will, however, submit a couple of new FOIAs at the US government regarding gold audits. We are no longer accepting comments on this article. When thinking about these re-audits, threescenarios pop to mind: Why else wouldso much gold have been re-audited? There has not been any movement of inventoried gold since that time. 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. 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. 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?' Representative Alex Mooney (R . 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 1983 the OIG found out something was amiss with the audits performed 1974 1982. ( 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. I'm a vet, and here are five dog breeds most prone to cancer - including Golden Retrievers and Rottweilers. Each gold bar is 7 inches x 3 and 5/8 inches x 1 and 3/4 . Let me show you an example of Fort Knox. Did The Dutch Central Bank Lie About Its Gold Bar List? It was nothing more than a peek-a-boo glance at the gold in fine Hollywood style. This would last until 2010 when the Armor School was relocated to Fort Benning, Georgia. Two tetrahedron-shaped chips were removed form the top and bottom of each bar assayed. U.S. President Franklin D. Roosevelt passed legislation outlawing private ownership of gold, and gave instruction to build the depository at . 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 Counsel to the Inspector General Department of the Treasury told me his department only had 4 of the 13 reports I was looking for. It basically coveredby 1986, 97 percent of the Government-owned gold held by the Mint had been audited and placed under joint seal. 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. The assay tests found no irregularities. To access the gold vault at Fort Knox, you'd need to make your way through a network of security measures. *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. The gold stored in these compartments would get moved around if samples were taken for assaying during the audit. 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. Given all the protection, it seems obvious that billions of dollars worth of gold (or something) indeed resides at Fort Knox. ', 'All I will say is that it is freakishly well secured,' he said. Gold verification at Fort Knox March 1998, page 2. His advice to me was to try at the General Accounting Office (GAO) and National Archives for more reports. 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. In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. Fort Knox Internal Review and Audit Compliance. Other problems sound laughable in their incompetence. As will conclusions and speculation. In June 1975, the Treasury Secretary authorized and directed a continuing audit of U.S. It was decided to destroy several audit and assay reports and no less than 1,700 tonnes needed to be re-audited. When will the Beast from the East be at YOUR door? Part of the Daily Mail, The Mail on Sunday & Metro Media Group. Schultz from the New York Fed was part of the continuing audits committee and therefor the FRBNY was supposed to be audited. Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold. In performing the audit, the gold bars are physically moved from one vault compartment to another. Thats 6 down, 7 more to go. Bevin, who said he collected coins as a child, compared it to 'seeing a leprechaun on a unicorn. In July 1985, 11,912,458.207 fine troy ounces of gold were reaudited at the Fort Knox Depository. Several more examples of these blurry situations are shown in the released documents. 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. Next, we can see Thorsons list he presented of physical gold audit reports of the continuingaudit program from 1974 to 1986. According to official statistics, the United States holds far and away the largest gold reserves of any sovereign nation or supranational institution. Koos Jansen is a precious metal analyst from the Netherlands. More anomalies with regard to the audits of the US official gold reserves will be discussed in forthcoming posts. 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. Weve focused on the first audits of the gold stored by the US Mint. 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 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. From the 1985 report: In 1974, WCPO Anchor Al Schottelkotte got a rare look inside the gold vault at Fort Knox, Kentucky. Same story at the US Mint and US National Archives. 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. That shipment required a convoy of 33 15-ton trailers to move the gold. Although the quality of the gold in the custody of the Federal Reserve Bank of New York cannot be readily assayed,. Since 1993, when we assumed responsibility for the audit, my office has continued to directly observe the inventory and test the gold. 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. The One "Audit" Of Fort Knox. 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. No outside experts were allowed on the site for the audit, either,providingfodder for all kinds of conspiracy theorists. By Jennifer Liberto @ CNNMoney June 24, 2011: 11:58 AM ET. Coin This is remarkable. Next was the GAO; unfortunately they couldnt deliver anything I was looking for. 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). previous, back to eonon change home screen. At the congressional hearing of the Gold Transparency Act (H.R. July 1986 12,477,777.638 [this number Icopied from the 1986 report]. 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! Ron Paul worries Fort Knox gold is gone. More false statements by the auditor have appeared, further eroding its credibility. 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. In a series of posts well continue to examine all there is to find regarding the audits of US official gold reserves. Exhibit 7.1. 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. More than half of . Phone: +65 6284 4653, Chinas Secret Gold Supplier Is Singapore, Audits Of US Monetary Gold Severely Lack Credibility. You may consider submitting a FOIA request directly to the Treasury Department. Government-owned Gold, or my office, and placed under official joint seals. 'The gold is safe.'. Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! An intruder standing on the roof of the Fort Knox Bullion Depository on the morning of September 11, 2015 would have seen the sunrise in the east. According to some sources, this is where most of the other Treasury's gold is located. for Dads, American Women's History Coins & However, no outside experts were allowed in during the audit, and only about 5% of the gold was actually tested. 26 Feb 2017 13:18. In addition to the gold bricks, Bevin said he got to hold a 1933 double eagle, a $20 gold coin that was never circulated. He said this, but there is no proof. Metal Coins, back to He tweeted " Glad gold is safe! A separate post will be dedicated to KPMG. 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. The reports were not present at the National Archives, the OIG or at the Treasury Department. An excuse was needed to break the seals. The missing audit reports and assay reports feed into our skepticism. Senator from Kentucky, where Fort Knox is located. How can the IG be positive if he did not have access to the most basic documentation? Manyquestion the amount of gold that supposedly exists in the vault,and wonder what else hides within the building'swalls. He attempted to pinpoint how the Treasury Department verifies that the gold in its vault is both present and real. Then let's raise a glass to a slower, quieter 2022 . As required under the Cyanide Code, the mine was again audited against ICMI's Verification Protocol by independent professional third-party auditors within three . Despite continued inquiries, the US Mint refuses to offer up proof of the exact amount of gold held at Fort Knox. Revealed: The top 10 fastest-growing destinations for UK pensioners retiring overseas. Exhibit 1. 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 There was nothing left to do but submit a Freedom Of Information Act (FOIA) request. Experts weigh in as tremors hit Wales, Cornwall and the Are YOU eating the right colours? If official documents come to surface I will report accordingly. 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 . 211 votes, 25 comments. 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. More from 1981 report: The continuing audit is being conducted on a cyclical basis because of the enormous quantity of gold to be handled and the related costs. The First Critical Observations. Talkers Medals, Military Between 10 and 1974 about 1986% of the gold was weighed in, a big drop from 2. *Its likely 97 % of the audited gold by the continuing audits committee has not been assayed by an independent assayer. 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. 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. The 1974 Fort Knox audit by the GAO has been acknowledged and adopted by the continuing audits committee, so this it becamepart of the continuing audits. Ultimately, the Mint concluded that Koos would need to pay over $3,000 in order to have the documents gathered and copied. 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). Shipping within New Zealand. Audit report Fort Knox 1981. The process would take about 30 minutes to verify the gold content of each bar, or 350,000 man hours; to do that . Fort Knox is supposedly filled with 400 oz. Much of this newfound gold came into government coffers as a result of President Franklin Roosevelts executive order confiscating privately held gold in 1933. 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. In 1977 the New York assay office, which is a subsidiary of the US Mint, conducted the assays. The official story from OIG is that 100 % of the gold stored at Fort Knox was audited in between 1974 and 1986, . One of last year's uproars was the decision by US officials to carry out an audit of these gold vaults. Medals, Treasury and ALL COIN PROGRAMS, National Purple Heart Hall of And being surrounded by more than $186 billion worth of gold was no sweat for one of the country's most powerful politicians. 4. . 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). 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. Furthermore, these audits found no exceptions of any consequence. As the last days tick away, let's take a moment to recap the top 12 stories at Fort Knox that shaped our 2021. I decided to send an email to the FOIA online Help Desk to ask what happened to my request. Located in Kentucky, Fort Knox is a United States Army base whichhouses most of the US's gold reserves. " He told an audience in Louisville, "I assume the gold is still there.". 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. 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. Ive found many anomalies that well discuss. Us, ALL Since there are far too many gold bars to count at once, the audit is carried out piecemeal and only small samples are taken for assaying. Koos takes a sharp jab at how the government bureaucracy operates, inveighing (with cause) that it should be clear that the Deep Storage gold has not been audited by professionals, but the precious metals have been verified by imbeciles.. Is the Coin Market Sleeping on Fairmont Collection Gold Coins? *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. A Fort Knox physical gold audit in 1953 was anything but full, neither was the famous audit in 1974. 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. 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. 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). & Facilities, Shop All Connecting thereto, from Thorsons opening statement: My office began conducting annual audits of the gold reserves in Fiscal Year 1993. 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. The last Congressional visit prior to this occurredin 1974. After 20 years of Democratic presidents, the American public wanted to be sure that the gold confiscated from them was still there. In the meantime I will fire several new FOIAs at the Office of the Inspector General and others. Fort Knox claims billions of dollars worth of gold are stored away in its secret vault. 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 . It seems that a portion of the Mint and the U.S. gold reserves were audited in an assay between 1993 and 2008, as you acknowledged. "We have approximately $200 billion of gold at Fort Knox," said Mnuchin. In another dubious mix-up, a number of measurements were faulty because the auditors misread where the decimal point was on the scale. 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. If we carefully read the scarce audit reports available to us, wenotice the audit procedures were revised in 1983. Lets have a look. However, a Freedom Of Information Act request Ive submitted in order to obtain all audit reports could not be honored. "good delivery" bricks of gold found gutted and filled with tungsten within the confines of LBMA approved vaults in Hong Kong. The reports I did find, and are now publicly available, are: Coincidentally, or not, these reports are exactly the same ones as listed by Thorson at the congressional hearing in 2011 (exhibit 1, framed in red). 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 controversial 'trauma expert' interviewing Prince Harry: Gabor Mat was warned by the Canadian A big Beckham birthday! The Fort Knox Gold was last audited in the 1950s. 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? In addition to facilities in West Point and Denver, the Fort Knox facility-known as the U.S. Bullion Depository -stands out for its reputation as an impenetrable fortress. Secretary of the Treasury Steven Mnuchin visited Fort Knox on August 21. Of course,strange things have been stored in the vault, like morphine and opiumduring the early '90s. One wonders: was this a simple oversight or some kind of conscious obfuscation effort? 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. & Medal Programs, Tours 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. These CDCs offer full-day care, part-day, and hourly care. Fort Knox Policies. Written by Jan Nieuwenhuijs, originally published at Voima Gold Insight. *In 1974 the New York assay office tested 95 bars. I left school at 16 with six GCSEs - and became a self-made millionaire. The vaults were last opened to the public in the 1970s, and the last treasury secretary visit was in 1948. The gold at Fort Knox is stored in one of the most secure facilities in the world. 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. Contact Us. Try Army A-Z . 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. Kooss analysis of the procedures used found its rigor wanting in several key areas. Try Army A-Z. 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. 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. 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). It seems these 6 reports (5 documents) are the only ones currently in existence and the remaining 7 have mysteriously disappeared. Exhibit 7.2. But, the OIG disclosed assay reports of the audits of 3 % of the US official gold reserves stored by the Mint at the congressional hearing in 2011 (exhibit 3 and 4). The assayer is unknown and there was no assay report included in the audit report. Remember, were investigating the audits of the greatest gold hoard on earth, which underpins the world reserve currency the US dollar. The event, Sept. 23, 1974, is often inaccurately called the last audit of Fort Knox. Government-owned Goldare not in our collection." The Fort Knox facility was opened within the year, and took its first shipment of gold in 1937. (in millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. The Mint and the GAO were sanctioned to audit a portion of the Treasury's gold. A barrel is worth about $1,200 or $2.88 per pound which is 10-18 times the value of U.S. crude oil. The OIG audited 3 % from 1993 2008. 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. Answer (1 of 2): Who knows but it is rumored that the majority of the gold in Fort Knox no longer exists! The compartments at the Mint were placed under official joint seal, whereas the FRBNY compartments were never placed under official joint seal (as we can read on page 11 of the 1980 audit report). His visit was the one and only time a gold vault was opened for inspection for anyone other than authorized personnel. Page Last Modified: 8/26/19, 2:56 PM Fort Knox, KY. Our Nation's Gold Standard Army Home. RSS Feeds . Koos mainly provides unique insights about Chinese gold market. 15919 Avenida Venusto, Apt. For the first time photographing is being permitted inside the Depository.. All your favorite.50 games all in one club! 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. BY . 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. When I logged in at my account at the FOIA website, I saw my request had disappeared. *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. The Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. 45 New Bridge Road, Singapore 059398 Singapore 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. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. Given the date range of your request 1975-1984, the nature of the report an annual audit of gold, and the fact that reports of similar type have been periodically published on the Internet, it is likely that copies and drafts of these reports are in the legal and physical custody of the Department of the Treasury. Jun 5th, 2022 . And there is more, a lot more. Kids, Gifts for 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 assayer is unknown and no assay reports have been included in the audit reports. 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 . Scales at the Mint used to weigh the bars often didnt work properly. China Gold Import Jan-Sep 797t. Shipping within the United States There can be no world reserve currency without appropriate gold reserves supporting it, providing essential confidence and credibility. The vault can withstand guns, blowtorches, and other incendiary devices. Here is a rundown of some of Kooss key findings. 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. 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. Part One, We use cookies to enhance the user experience and to analyse traffic. The New Year kicked off . In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. Select stock location for your desired country in the dropdown to view our inventory available in that country. 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.