One of last year's uproars was the decision by US officials to carry out an audit of these gold vaults. In 1936, Fort Knox military base was chosen as the site to build a bullion depository to store this gold. But theories exist regarding other possiblecontents of the vault -like the body of Jimmy Hoffa. Contact Us. It was a magnificent golden sunrise that inspired visions of glory, wealth, and beauty. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. 1495,not enacted) in 2011 the Inspector General (IG) of the Treasury presented a case all is fine, but all is not fine. 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. And there is more, a lot more. In July 1985, 11,912,458.207 fine troy ounces of gold were reaudited at the Fort Knox Depository. As a freebie trip for 4 select political insiders, last Monday's trip to Fort Knox was undoubtedly a memorable one . Coins, American So, what's really inside Fort Knox? 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. A second storage facility was built at the same time: . Not that it would be easy to even make it this far, but the door to the vault is made of steel and . 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. Save my name, email, and website in this browser for the next time I comment. Donald Trump Doesn't Think So. Maybe a room or two full of gold but the rest is gone. In 1983 the OIG found out something was amiss with the audits performed 1974 1982. 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. It was nothing more than a peek-a-boo glance at the gold in fine Hollywood style. Of course,strange things have been stored in the vault, like morphine and opiumduring the early '90s. Coin Two months later I still got no response. 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. By Everett Millman Gainesville Coins . Small quantities of gold are removed to test the purity during regularly scheduled audits. Bags, & Boxes, Code : 201217896Z 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. 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). 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. After writing it Ive been trying to collect all audit reports dating from1974 1986. 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 millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. and until 2010, every member of . The New Year kicked off . The Fort Knox Gold was last audited in the 1950s. . 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 August 2017, US Treasury Secretary Steve Mnuchinvisited the gold vault at Fort Knox and, along with a few other politicians, surveyed the site. Page Last Modified: 8/26/19, 2:56 PM Fort Knox, KY. Our Nation's Gold Standard Army Home. "We have approximately $200 billion of gold at Fort Knox," said Mnuchin. I can say that without any hesitation, because I have observed the gold and the security of the gold reserves myself. Every year the gold in Fort Knox is audited by checking the official joint seals that were placed on all vault compartments during the continuing audits of U.S.-owned gold from 1974 until 1986, when allegedly 97 % of the (Deep Storage) gold was inspected. walked past guards armed with submachine guns and through a 3-foot thick steel door into the . In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. When will the Beast from the East be at YOUR door? 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. The gold stored in these compartments would get moved around if samples were taken for assaying during the audit. The answer is, he cant. As a newcomer to Fort Knox, you are a part of the Gold Standard team that is making the Army's vision a reality. Theoretically, if the seal hasnt been tampered with, this is as good as verifying the metals themselves. Furthermore, these audits found no exceptions of any consequence. 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. Scales at the Mint used to weigh the bars often didnt work properly. Tiger Woods unleashes his lawyers on porn site after it Bannon is 'going to war' against Jared, 'crying Ivanka' and A whole hue world! However, as Ive written in my post Where Did The Gold In Fort Knox Come From? According to some sources, this is where most of the other Treasury's gold is located. Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. 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. . But Bevin, speaking on WHAS radio, divulged a few more details. In 2011 it was portrayed as if KPMG currently is the third party auditor (next to the owner and custodian), but this is not true. previous, back to 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. Since 1993, when we assumed responsibility for the audit, my office has continued to directly observe the inventory and test the gold. Audit report Fort Knox 1981. Built in 1936, security access for the facility make it difficult to get access. At its peak, 649.6 million ounces were stored at Fort Knox on December 31, 1941. 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. The public may never know. Remember, were investigating the audits of the greatest gold hoard on earth, which underpins the world reserve currency the US dollar. *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. Military/Civilian clock Examples of Civilian/Military time conversion. Manyquestion the amount of gold that supposedly exists in the vault,and wonder what else hides within the building'swalls. Experts weigh in as tremors hit Wales, Cornwall and the Are YOU eating the right colours? *Its likely 97 % of the audited gold by the continuing audits committee has not been assayed by an independent assayer. The last trial was a "hybrid" SAG, with one cyclopac underflow feeding the . 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 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. Compartments audited at Mint institutions and depositories are kept under official joint seal by representatives of the audit committee. 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. In performing the audit, the gold bars are physically moved from one vault compartment to another. According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. Weve focused on the first audits of the gold stored by the US Mint. Located in Kentucky, Fort Knox is a United States Army base whichhouses most of the US's gold reserves. 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. 'The gold is safe.'. Try Army A-Z . 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. Exhibit 7.3. Questions: There has not been any movement of inventoried gold since that time. It's going on right now as I say these words. The First Critical Observations. & Sales Figures. This is remarkable. The last time that Congress audited it was 2019. Exhibit 7.2. when was the last time fort knox was audited. Others claim the goldis actually justtungsten bricks painted to look like the precious metal. Weve barely come across any independent auditor that saw, counted, weighed or assayed the US official gold reserves. 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. Inside the famed vaults at Fort Knox, Senate Majority Leader Mitch McConnell held a 27-pound gold bar in his hands Monday as part of the first civilian delegation to see most of the country's bullion reserves in more than 40 years. 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 %. 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. Your request was received in this office on March 3, 2015 and assigned FOIA case number RD 45578. Gold verification at Fort Knox March 1998, page 3. The last time Fort Knox was audited was in 1953, immediately after President Eisenhower was inaugurated. Let me show you an example of Fort Knox. The documents also include new details about Mnuchin's activities at Fort Knox, where the Treasury stores a stockpile of gold with a market value it estimates at $190 billion. Exhibit 2. *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. 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. 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. 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. After the gold was audited by the Continuing Audit committee all compartments were placed under Official Joint Seal. The target this time is the United States Treasury Assay Office in New York . Between July 1983 and July 1985 the gold was audited in accordance with the plan approved by the Treasurer, as follows. Although the quality of the gold in the custody of the Federal Reserve Bank of New York cannot be readily assayed,. The audit will be performed by a committee of auditors from the U.S. General Accounting Office (GAO) and the Department of the Treasury. HOME; EVENTS; ABOUT; CONTACT; FOR ADULTS; FOR KIDS; accident on 9w marlboro, ny today U.S. Army Cadet Command Headquarters is located inside the Fort Knox installation which is located roughly 35 miles south of Louisville, Kentucky. Instead, I was advised to contact the Treasury. Ideas, Gifts for 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 . Even then only 5% of the examined bullion was weighed and assayed to determine its purity. The Mint estimated that as much as one-third of the gold reserves were examined during this period. New York man wears glasses that help him Isabel Oakeshott receives 'menacing' message from Matt Hancock, Ken Bruce: 'I always wanted to be a radio presenter from about 15', Pavement where disabled woman gestured at cyclist before fatal crash, Pro-Ukrainian drone lands on Russian spy planes exposing location, 'Buster is next!' Several more examples of these blurry situations are shown in the released documents. 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. random nose bleed covid. 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. Buy, ship and store bullion with BullionStar in/from different countries. And being surrounded by more than $186 billion worth of gold was no sweat for one of the country's most powerful politicians. Telephone: (502) 624-2386. Few people have ever entered the vault,and while147.3 million ounces of goldallegedly exists inside, the accuracy remains in doubt. McConnell said he had never thought about visiting Fort Knox before, but jumped at the chance when Mnuchin offered to take him. 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. 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. 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. 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. 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. ByI forget which date it was, I believe by 1986, wehold on just one second here, I got it. 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.. Coins, American 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. They could only find 2 reports I didnt posses previously, of the audits conducted in 1985 and 1986. 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. In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. 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. More than half of the total reserves4,582.95 tonnes, or 147,341,870.463 fine troy ounces of goldare kept at Fort Knox, while more than 1,000 tonnes are stored at West Point and Denver each. No irregularities were found. 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. The assay tests found no irregularities. 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. 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. Did audit reveal missing gold . However, no outside experts were allowed in during the audit, and only about 5% of the gold was actually tested. The Mint and the GAO were sanctioned to audit a portion of the Treasury's gold. 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. There was no assay report included in the audit report. 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. July 21, 2017 7:24AM. Kooss analysis of the procedures used found its rigor wanting in several key areas. 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. Its glittering gold . Kinross - Fort Knox Mine April 22nd, 2021 Signature of Lead Auditor Page 2 of 47 . *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. 147.3 million ounces of gold is stored at Fort Knox. 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. I personally believe that rumor and the bulk of it has been sold off to the rich elites. On this sheet 5 physical gold audit reports are listed, framed in red. The U.S. gold reserves at Fort Knox are broken into different numbered compartments within the gold vault. 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. This document also contains a summary of the 1980 audit which, by the way, isnt less detailed than the full 1981 report. Government-owned Gold, or my office, and placed under official joint seals. 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. In 1977 the New York assay office, which is a subsidiary of the US Mint, conducted the assays. The gold is held as an asset at a value of $42.22 per ounce. 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. The assay tests found no irregularities. 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. 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 vault compartments at Fort Knox Bullion Depository. Bevin, who said he collected coins as a child, compared it to 'seeing a leprechaun on a unicorn. 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. Schultz from the New York Fed was part of the continuing audits committee and therefor the FRBNY was supposed to be audited. The last full audit was done in 1953 . Fort Knox: "Glad Gold Is Safe!". Presidential Coins, Kennedy Half 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). In 1974, after the US closed the gold window, congressional support grew for inquiring into the US gold stock. The gold at Fort Knox is stored in one of the most secure facilities in the world. Engraved Prints, Shop All Gift Currency, Shop All 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.