Thats everything we have, or are aware of. The gold vault at Fort Knox is "encased in 16,000 cubic feet of granite and 4,200 cubic yards of cement." . 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. It was a magnificent golden sunrise that inspired visions of glory, wealth, and beauty. I can say that without any hesitation, because I have observed the gold and the security of the gold reserves myself. In June 1975, the Treasury Secretary authorized and directed a continuing audit of U.S. 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. If we carefully read the scarce audit reports available to us, wenotice the audit procedures were revised in 1983. In performing the audit, the gold bars are physically moved from one vault compartment to another. U.S. President Franklin D. Roosevelt passed legislation outlawing private ownership of gold, and gave instruction to build the depository at . Did audit reveal missing gold . Select stock location for your desired country in the dropdown to view our inventory available in that country. Ideas, Gifts for in 2004 the assayer was Ledoux & Company, a private contractor (read their homepage). The monetary gold stock of the United States totals 276.0 million fine troy ounces valued at $11.7 billion at the official rate of $42.2222 per fine troy ounce, and is stored in various federal depositories (table attached), the largest of which is at Fort Knox, Kentucky. However, a Freedom Of Information Act request Ive submitted in order to obtain all audit reports could not be honored. Government-owned gold for which Treasury is accountable. Weve barely come across any independent auditor that saw, counted, weighed or assayed the US official gold reserves. Fort Knox facts. Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. The event, Sept. 23, 1974, is often inaccurately called the last audit of Fort Knox. (in millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. And being surrounded by more than $186 billion worth of gold was no sweat for one of the country's most powerful politicians. The last Congressional visit prior to this occurredin 1974. Conclusion. The target this time is the United States Treasury Assay Office in New York . 4. 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. It was decided to destroy several audit and assay reports and no less than 1,700 tonnes needed to be re-audited. & Sales Figures. 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). However, how trustworthy is this system of accounting? In addition, the committee will include technicians from the Bureau of the Mint who are trained in assaying and weighing gold bullion. For the best and most secure experience in our catalog, please update your browser. After writing it Ive been trying to collect all audit reports dating from1974 1986. I decided to send an email to the FOIA online Help Desk to ask what happened to my request. "good delivery" gold bars. Jun 5th, 2022 . He said it took 'quite a bit of time' to get in and out of the facility, and said officials had to cut a seal to open the vault for them. His advice to me was to try at the General Accounting Office (GAO) and National Archives for more reports. . Great! Buy, ship and store bullion with BullionStar in/from different countries. Ledoux & Company found no irregularities in 2004. 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. 1126, San Diego, CA, 92128, USA . 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. Miles Franklin sponsored this article by Gary Christenson.The opinions are his, and they are not investment advice. The novel begins: 7:20 am, September 11, 2015. Submitted to: . At this stage I havent been able to get my hands on any assay report from 1974 1986. Whos Supplying? In August 2017, US Treasury Secretary Steve Mnuchinvisited the gold vault at Fort Knox and, along with a few other politicians, surveyed the site. Thats 6 down, 7 more to go. Medals, Treasury and On April 28, 1943, President Franklin D. Roosevelt inspected the Bullion Depository, Mrs. Brooks said. The assayer is unknown and there was no assay report included in the audit report. Schultz from the New York Fed was part of the continuing audits committee and therefor the FRBNY was supposed to be audited. *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. Exhibit 1. Day trip: Steve Mnuchin and his wife Louise Linton touched down in Kentucky earlier on Monday prior to the Treasury Secretary's tour of Fort Knox. GAO stands for General Accounting Office, OIG stands for Office of Inspector General. 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. Sevenreports are missing. 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. In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. To date,only one US president has been inside the vault - Franklin Delano Roosevelt, who served as president when the US Bullion Depositorywithin Fort Knoxwas established. After 20 years of Democratic presidents, the American public wanted to be sure that the gold confiscated from them was still there. It saves time and labor costs. walked past guards armed with submachine guns and through a 3-foot thick steel door into the . President Reagan last spring demanding that this be looked into immediately. and until 2010, every member of . Based on glaring conflicts among the Treasury's own documents, this staggering amount of gold disappeared without a trace from 1961 to 1971. . 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. 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? McConnell said he had never thought about visiting Fort Knox before, but jumped at the chance when Mnuchin offered to take him. Bags, & Boxes, Code As a result, the gold at the Bank [FRBNY] is considered unaudited. COIN & MEDAL PROGRAMS, History of U.S. FORT KNOX MINE ICMC SUMMARY AUDIT REPORT . The gold stored in these compartments would get moved around if samples were taken for assaying during the audit. Shipping within New Zealand. In 1953, the US Treasury Department audited Fort Knox, but only around5% of the goldunderwent testingfor purity. 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. All the golden coins that were handed in supposedly accumulated to the greatest gold pile on earth. The Fort Knox facility was opened within the year, and took its first shipment of gold in 1937. It basically coveredby 1986, 97 percent of the Government-owned gold held by the Mint had been audited and placed under joint seal. In the meantime I will fire several new FOIAs at the Office of the Inspector General and others. Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold. The BGFO and Mint staff was replaced by the OIG and the revised audit procedures were invented as a reason to open several compartments. Bureau of Government Financial Operations [BGFO]. 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. They wrote me by email: Mr. Nieuwenhuijs our Office of Audit found: as well as GAOs 1974/1975 and 1978 reports. 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). After the Congressional inspection, the Bullion Depository will once again be closed to visitors. 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. 312 tonnes of the total is 4 %. 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. Then, something very strange happened in 1983. Site, Coin Click on the links for more information:Buy for Vault Storage in Singapore By using our website, you accept that cookies are used. previous, back to His analysis has helped fill in the gaps about how much gold is passing into China each year, which is treated tantamount to a state secret by the Peoples Republic. When I logged in at my account at the FOIA website, I saw my request had disappeared. Coins, American To access the gold vault at Fort Knox, you'd need to make your way through a network of security measures. HOME; EVENTS; ABOUT; CONTACT; FOR ADULTS; FOR KIDS; accident on 9w marlboro, ny today About 000% of them were weighed. 211 votes, 25 comments. Its glittering gold . As will conclusions and speculation. The Treasury document says it would cost about $15 million to conduct an audit. This post is a sequel to A First Glance At US Official Gold Reserves Audits and Second Thoughts On US Official Gold Reserves Audits. It was nothing more than a peek-a-boo glance at the gold in fine Hollywood style. 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. Sets, Commemorative Fort Knox is in Romeo (R) time. For instance, sample sizes used for assaying were conspicuously small. The U.S. gold reserves at Fort Knox are broken into different numbered compartments within the gold vault. RSS Feeds . One of the most sensitive secrets protected by the Washington establishment is the massive cache of gold reserves held at the federal depository in Fort Knox, Kentucky. Between 10 and 1974 about 1986% of the gold was weighed in, a big drop from 2. At Fort Knox, we are about people - great service members, outstanding civilians . Fort Knox is used to store a large portion of United States official gold reserves and occasionally other precious . The OIG audited 3 % from 1993 2008. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. The missing audit reports and assay reports feed into our skepticism. There was nothing left to do but submit a Freedom Of Information Act (FOIA) request. 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 . 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. Share this page: Army.mil. I also want to assure you that the physical security over the gold reserves is absolute. And there is more, a lot more. Part One, all golden coins that circulated in the US before 1933 could not have supplied the US official gold reserves to the extent Mr Moy has stated. American $1 Coins, SHOP 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. Newborns, Gifts for Dads, American Women's History Coins & Fort Knox history. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Even then only 5% of the examined bullion was weighed and assayed to determine its purity. 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. According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! In addition to the gold bricks, Bevin said he got to hold a 1933 double eagle, a $20 gold coin that was never circulated. Kooss analysis of the procedures used found its rigor wanting in several key areas.