when was the last time fort knox was audited when was the last time fort knox was audited

By using our website, you accept that cookies are used. Although gold bars tested to be out of tolerance during a Fort Knox audit in 1977 at a sample size of 2 %, by 1998 the sample size had been further debased to 0.53 %. Liberty, Bush There can be no world reserve currency without appropriate gold reserves supporting it, providing essential confidence and credibility. When thinking about these re-audits, threescenarios pop to mind: Why else wouldso much gold have been re-audited? 1126, San Diego, CA, 92128, USA . United States Mint All Rights Reserved. In short, the US National Archives could not extradite the 7 audit reports I requested. It lies 30 miles (48 km) southwest of Louisville and occupies an area of 172 square miles (445 square km). 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). BY . Official joint seal number 932 put in place on September 2, 1982, under the continuing audits of U.S.-owned goldstored at the Mint. But Bevin, speaking on WHAS radio, divulged a few more details. Exhibit 7.1. In performing the audit, the gold bars are physically moved from one vault compartment to another. RSS Feeds . Cookies are also used for the purpose of handling our system and services. As will conclusions and speculation. 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. 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? The usage of cookies and the collection of customer information by BullionStar is guided by our. Furthermore, these audits found no exceptions of any consequence. My FOIA request had disappeared, or did it? The assay tests found no irregularities. COIN & MEDAL PROGRAMS, History of U.S. In 1936, Fort Knox military base was chosen as the site to build a bullion depository to store this gold. Jansen found instances in which the Treasurys auditors failed to follow the governments own procedures for the auditing process. 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. Then, something very strange happened in 1983. As a freebie trip for 4 select political insiders, last Monday's trip to Fort Knox was undoubtedly a memorable one . "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. On this sheet 5 physical gold audit reports are listed, framed in red. . The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. After the gold was audited by the Continuing Audit committee all compartments were placed under Official Joint Seal. I can say that without any hesitation, because I have observed the gold and the security of the gold reserves myself. 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. Ultimately, the Mint concluded that Koos would need to pay over $3,000 in order to have the documents gathered and copied. 213K subscribers in the Wallstreetsilver community. The One "Audit" Of Fort Knox. for Dads, American Women's History Coins & Secretary of the Treasury Steven Mnuchin visited Fort Knox on August 21. 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. The reports were not present at the National Archives, the OIG or at the Treasury Department. But theories exist regarding other possiblecontents of the vault -like the body of Jimmy Hoffa. Fort Knox: "Glad Gold Is Safe!". The Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. A waiting list may be required and part-time or hourly care may need special planning depending on demand, mission requirements, etc . 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. Our staff conducted a search using the National Archives Holdings Management System under the following records group numbers: RG 50 Treasurer of the United States, RG 56 General Records of the Department of the Treasury, RG 82 Federal Reserve System, RG 101 Office of the Comptroller of the Currency, RG 104 U.S. Mint, and RG 425 Financial Management Service. I will, however, submit a couple of new FOIAs at the US government regarding gold audits. 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. At the hearing Thorson presented exhibits to support his case 100 % of the gold held at the US Mint has been audited. It was obvious that some of the records were missing (or not provided). 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 Fort Knox facility was opened within the year, and took its first shipment of gold in 1937. In addition to the gold bricks, Bevin said he got to hold a 1933 double eagle, a $20 gold coin that was never circulated. 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.). Why havent we ever seen any assays of coin bars? & Medal Programs, Tours eonon change home screen. The First Critical Observations", February 2017. fort knox crisis phone numbers. walked past guards armed with submachine guns and through a 3-foot thick steel door into the . Here is a rundown of some of Kooss key findings. The Fort Knox facility, a hyper-secure fortress in Kentucky that is part of quintessential American lore, is . But by 1986, you had 97 percent was audited. The Treasury document says it would cost about $15 million to conduct an audit. McConnell was part of a delegation of Kentucky politicians allowed inside the United States Bullion Depository at Fort Knox for the first time since 1974. 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. 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. 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. Your browser is out of date. The Congressional inspection adheres to the new open door policy of the government announced by President Ford. Lets have a look. It's going on right now as I say these words. 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. Gold verification at Fort Knox March 1998, page 2. The OIG audited 3 % from 1993 2008. 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. 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. There was no assay report included in the audit report. As weve seen thus far there are many problems with the official story everything is fine, all the US official gold reserves all audited. " He told an audience in Louisville, "I assume the gold is still there.". Thank you for signing up with United States Mint! Miles Franklin sponsored this article by Gary Christenson.The opinions are his, and they are not investment advice. Even then only 5% of the examined bullion was weighed and assayed to determine its purity. It saves time and labor costs. Connecting thereto, from Thorsons opening statement: My office began conducting annual audits of the gold reserves in Fiscal Year 1993. 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. 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. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. In 1953, the US Treasury Department audited Fort Knox, but only around5% of the goldunderwent testingfor purity. 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. The target this time is the United States Treasury Assay Office in New York . However, we were unable to locate records responsive to reports similarly titled or closely related to the subject annual gold audit 1975-1984. The fact that 7 audit reports that should grant the existence of these reserves appear to be missing is problematic. On September 24, 1974, a special settlement (audit) is scheduled to begin and at its conclusion a report on the audit will be issued. 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. *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. Metal Coins, back to Koos mainly provides unique insights about Chinese gold market. In July 1985, 11,912,458.207 fine troy ounces of gold were reaudited at the Fort Knox Depository. Fort Knox is in Romeo (R) time. Two tetrahedron-shaped chips were removed form the top and bottom of each bar assayed. 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. Answer (1 of 2): Internally, it is done annually. July 21, 2017 7:24AM. Each gold bar is 7 inches x 3 and 5/8 inches x 1 and 3/4 . 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 audit announced, however, would include just 20% of the 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. US Mint Releases New Fort Knox Audit Documentation. The gold stored in these compartments would get moved around if samples were taken for assaying during the audit. No need to read about these fascinating facts and important events that have shaped the U.S. as we know it today. The U.S. gold reserves at Fort Knox are broken into different numbered compartments within the gold vault. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. 26 Feb 2017 13:18. Schultz from the New York Fed was part of the continuing audits committee and therefor the FRBNY was supposed to be audited. The assayer is unknown and no assay reports have been included in the audit reports. By Jennifer Liberto @ CNNMoney June 24, 2011: 11:58 AM ET. Donald Trump Doesn't Think So. Telephone: (502) 624-2386. 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. Medals, Treasury and Page Last Modified: 8/26/19, 2:56 PM Fort Knox, KY. Our Nation's Gold Standard Army Home. Talkers Medals, Military 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. Answer (1 of 2): Who knows but it is rumored that the majority of the gold in Fort Knox no longer exists! 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. Government-owned gold for which Treasury is accountable. In an interview, McConnell said he could not say much about the visit for security reasons. Mistakes That Created America As You Know It, What It Was Like to Enter Through Ellis Island, Uncivilized Moments on the Congress Floor, Heinous Policies Toward Children and Families, Times Another US Civil Conflict Almost Began, Proposed States and Territories That Almost Were, A History of Foreign Meddling in US Elections, 1812: The Biggest Mess in the Country's History, Fort Knox Is So Mysterious And Heavily Guarded, Only One US President Has Ever Been Inside, video cameras, motion detectors, and secret microphones. 312 tonnes of the total is 4 %. It was nothing more than a peek-a-boo glance at the gold in fine Hollywood style. 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 vault compartments at Fort Knox Bullion Depository. Others claim the goldis actually justtungsten bricks painted to look like the precious metal. The 1974/1975 and 1978 reports refer to the audits conducted in 1974 and 1977. 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. As the last days tick away, let's take a moment to recap the top 12 stories at Fort Knox that shaped our 2021. Over 640,000,000 ounces of real money sat behind those massive locked doors. ( 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. Exhibit 7.2. So, what's really inside Fort Knox? 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 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 and until 2010, every member of . 3. The US government wished to open the vaults of audited gold to lease or sell the metal on the open market. At its peak, 649.6 million ounces were stored at Fort Knox on December 31, 1941. 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. According to some sources, this is where most of the other Treasury's gold is located. The last time any gold was removed from deep storage at Fort Knox came in 1971, when $500 million worth of gold was delivered to the New York Assay Office. : 201217896Z Because this is the department currently responsible for the audits I was surprised my request to obtain all audit reports wasnt honored. previous, back to Although the quality of the gold in the custody of the Federal Reserve Bank of New York cannot be readily assayed,. *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. there has not been anyone allowed access to confirm the gold amounts that are supposedly stored at the Fort. 'The gold is safe.'. 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 . In October 1984, 4,136,046.924 fine ounces gold was reaudited. 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. 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. In another dubious mix-up, a number of measurements were faulty because the auditors misread where the decimal point was on the scale. The Mint estimated that as much as one-third of the gold reserves were examined during this period. 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. 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. Domestic and International Shipping from Singapore 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. In 1977 the New York assay office, which is a subsidiary of the US Mint, conducted the assays. American $1 Coins, SHOP He attempted to pinpoint how the Treasury Department verifies that the gold in its vault is both present and real. Jun 5th, 2022 . 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..