And the last time it was counted was actually in 1953." If we carefully read the scarce audit reports available to us, wenotice the audit procedures were revised in 1983. I can say that without any hesitation, because I have observed the gold and the security of the gold reserves myself. Fort Knox Operation . *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. In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. The Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. Ive found many anomalies that well discuss. Several more examples of these blurry situations are shown in the released documents. Only one president has ever been inside -and the US Mint remains largely mum on the contents of the vault -making Fort Knox a hotbed for conspiracy theories. Lets have a look. Fort Knox is in Romeo (R) time. He attempted to pinpoint how the Treasury Department verifies that the gold in its vault is both present and real. For the sake of simplicity, lets say I have both audit reports, 1980 and 1981. 35 % first buy in bonus! 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). Ron Paul wants gold at Fort Knox audited - Jun. 24, 2011 - CNNMoney 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). Text Alerts, Contact It basically coveredby 1986, 97 percent of the Government-owned gold held by the Mint had been audited and placed under joint seal. in 2004 the assayer was Ledoux & Company, a private contractor (read their homepage). In 1953, the US Treasury Department audited Fort Knox, but only around5% of the goldunderwent testingfor purity. The last Congressional visit prior to this occurredin 1974. 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. eonon change home screen. : 201217896Z Fort Knox Gold - History of Fort Knox | BullionByPost The reports were not present at the National Archives, the OIG or at the Treasury Department. Fort Knox DPW team completes large audit ahead of deadline in support Find out what Uber drivers really think of you! Also, the assay test results from last year's gold audits at Fort Knox and West Point were "Glad the gold is safe!". Visitor Information :: U.S. Army Fort Knox: Gold Standard Army Installation 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. Plus, US Mint Police remain a constant presence, and preside over the grounds from four machine gun towers placed around the perimeter. 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. 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. Manyquestion the amount of gold that supposedly exists in the vault,and wonder what else hides within the building'swalls. initial 1974 Fort Knox audit which was conducted by GAO and Treasury auditors. 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! The vaults were last opened to the public in the 1970s, and the last treasury secretary visit was in 1948. ', 'All I will say is that it is freakishly well secured,' he said. Fort Knox - RationalWiki The target this time is the United States Treasury Assay Office in New York . 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. However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. The Mint and the GAO were sanctioned to audit a portion of the Treasury's gold. 312 tonnes of the total is 4 %. At its peak, 649.6 million ounces were stored at Fort Knox on December 31, 1941. Between 10 and 1974 about 1986% of the gold was weighed in, a big drop from 2. U.S. Mint Releases Fort Knox Audit - CoinWeek (in millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. 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 . Did The Dutch Central Bank Lie About Its Gold Bar List? In the meantime I will fire several new FOIAs at the Office of the Inspector General and others. More anomalies with regard to the audits of the US official gold reserves will be discussed in forthcoming posts. 211 votes, 25 comments. The committee was made up of staff from the Treasury, the Mint, and the Federal Reserve Bank of New York. Coins, Tours & To access the gold vault at Fort Knox, you'd need to make your way through a network of security measures. There was nothing left to do but submit a Freedom Of Information Act (FOIA) request. More from the 1985 report: The audit procedures followed [at the FRBNY] were essentially the same as those followed at Mint institutions except that assay samples were not taken to verify the purity of the gold and the audited gold was not under committee control after the audit. After 40 years, Fort Knox opens famed vault to civilians 15919 Avenida Venusto, Apt. For the other years we dont know whatoffice performed the checks. On September 24, 1974, a special settlement (audit) is scheduled to begin and at its conclusion a report on the audit will be issued. Buy, ship and store bullion with BullionStar in/from different countries. Jun 5th, 2022 . Ron Paul worries Fort Knox gold is gone. Interactive map reveals when you may see SNOW. 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. Should America's Gold Reserves Be Audited? - Sound Money Defense The gold is held as an asset at a value of $42.22 per ounce. Select stock location for your desired country in the dropdown to view our inventory available in that country. Ledoux & Company found no irregularities in 2004. Monetary Gold Stock of the United States Contact Us. The Great American Disaster: How Much Gold Remains In Fort Knox? PBOC Gold Purchases: Separating Facts from Speculation. Liberty, Bush We are a community that loves Silver, Period. 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). 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. Ultimately, the Mint concluded that Koos would need to pay over $3,000 in order to have the documents gathered and copied. 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. 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. According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! In 1974, after the US closed the gold window, congressional support grew for inquiring into the US gold stock. Pursuant to that order, the Committee for Continuing Audit of the U.S. As weve seen thus far there are many problems with the official story everything is fine, all the US official gold reserves all audited. I decided to send an email to the FOIA online Help Desk to ask what happened to my request. 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?' 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. Share this page: Army.mil. . 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 First Critical Observations. 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). 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. 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. McConnell said he had never thought about visiting Fort Knox before, but jumped at the chance when Mnuchin offered to take him. Despite continued inquiries, the US Mint refuses to offer up proof of the exact amount of gold held at Fort Knox. Inspection of Gold at Fort Knox | U.S. Mint - United States Mint They could only find 2 reports I didnt posses previously, of the audits conducted in 1985 and 1986. Shortly after I got an email that statedmy request had been received and was being processed. Former US Mint director Edmund Moy has stated in 2013 US reserves contain mainly coin bars because of the great confiscation in 1933 by President Roosevelt, when US citizens were forced to hand in all physical gold. 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. . Is the Coin Market Sleeping on Fairmont Collection Gold Coins? Join FORT KNOX code Axykp! By Jennifer Liberto @ CNNMoney June 24, 2011: 11:58 AM ET. We are no longer accepting comments on this article. But theories exist regarding other possiblecontents of the vault -like the body of Jimmy Hoffa. As a newcomer to Fort Knox, you are a part of the Gold Standard team that is making the Army's vision a reality. 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. 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. In addition to the gold bricks, Bevin said he got to hold a 1933 double eagle, a $20 gold coin that was never circulated.
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