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. For the first time photographing is being permitted inside the Depository.. I decided to send an email to the FOIA online Help Desk to ask what happened to my request. Then, the official response from the offline department to my request I received on May 13 as a PDF attachment (click here to view) oddly enough itsdated March 25, 2015 but not sent to me at thetime. 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 gold vault at Fort Knox is "encased in 16,000 cubic feet of granite and 4,200 cubic yards of cement." 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. However, there has been considerable doubt over the years as to whether the depository actually held any gold. As a result, the gold at the Bank [FRBNY] is considered unaudited. 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. Fort . 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! 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. Government-owned gold for which Treasury is accountable. Weve focused on the first audits of the gold stored by the US Mint. The answer is, he cant. 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 US Treasury currently owns 8,134 tonnes of gold of which 7,716 tonnes is stored by the US Mint (4,583 tonnes at Fort Knox, 1,364 tonnes in Denver, 1,682 at West Point) and 418 tonnes at the Federal Reserve Bank Of New York. The assay tests found no irregularities. In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. Shipping within New Zealand. The Eisenhower Administration Conducted The Last Audit Of Fort Knox. 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. This post is a sequel to A First Glance At US Official Gold Reserves Audits and Second Thoughts On US Official Gold Reserves Audits. 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. The door weighs 22 tons and is 21 inches thick, and the roof is bomb proof. McConnell said he had never thought about visiting Fort Knox before, but jumped at the chance when Mnuchin offered to take him. 1495,not enacted) in 2011 the Inspector General (IG) of the Treasury presented a case all is fine, but all is not fine. Jansen is a longtime gold insider and journalist reporting on, for example, the goings-on of the incipient Shanghai Gold Exchange (SGE). 213K subscribers in the Wallstreetsilver community. The last time Fort Knox was audited was in 1953, immediately after President Eisenhower was inaugurated. 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. Submitted to: . A Fort Knox physical gold audit in 1953 was anything but full, neither was the famous audit in 1974. 211 votes, 25 comments. BY . We are a community that loves Silver, Period. One wonders: was this a simple oversight or some kind of conscious obfuscation effort? According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! No irregularities were found. previous, back to 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. The Fort Knox facility, a hyper-secure fortress in Kentucky that is part of quintessential American lore, is . Hisstatement 100 percent of the U.S. Governments gold reserves in the custody of the Mint has been inventoried and audited is impossible to confirm, as well see later on. The One "Audit" Of Fort Knox. Your browser is out of date. 3. Currency, Shop All The OIG audited 3 % from 1993 2008. in 2004 the assayer was Ledoux & Company, a private contractor (read their homepage). Answer (1 of 2): Who knows but it is rumored that the majority of the gold in Fort Knox no longer exists! By using our website, you accept that cookies are used. The other two-thirds, however, have not been inventoriedthat is according to my understandingor assayed since somewhere between 1975 and 1986. Bevin, who said he collected coins as a child, compared it to 'seeing a leprechaun on a unicorn. Experts weigh in as tremors hit Wales, Cornwall and the Are YOU eating the right colours? At the congressional hearing of the Gold Transparency Act (H.R. Gold verification at Fort Knox March 1998, page 3. Kinross - Fort Knox Mine April 22nd, 2021 Signature of Lead Auditor Page 2 of 47 . Given all the protection, it seems obvious that billions of dollars worth of gold (or something) indeed resides at Fort Knox. They wrote me by email: Mr. Nieuwenhuijs our Office of Audit found: as well as GAOs 1974/1975 and 1978 reports. Currently the Office Inspector General of the Treasury is responsible for the audits of the gold reserves at the US Mint. 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 %. 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. Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. The depository holds more than 147 million ounces of gold, which puts its market value at more than $186 billion. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. 147.3 million ounces of gold is stored at Fort Knox. 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. 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. but American gold holdings were reportedly last audited in 1953 (which includes testing for purity); Fort Knox's gold was . When thinking about these re-audits, threescenarios pop to mind: Why else wouldso much gold have been re-audited? Let me show you an example of Fort Knox. Between 10 and 1974 about 1986% of the gold was weighed in, a big drop from 2. 1126, San Diego, CA, 92128, USA . The First Critical Observations", February 2017. 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. I can say that without any hesitation, because I have observed the gold and the security of the gold reserves myself. He said this, but there is no proof. 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. To access the gold vault at Fort Knox, you'd need to make your way through a network of security measures. Built in 1936, security access for the facility make it difficult to get access. Military/Civilian clock Examples of Civilian/Military time conversion. Bureau of Government Financial Operations [BGFO]. Official records claimed 20,000 tons in the 1950s. Cleverly located at the intersection of Gold Vault Road and Bullion Boulevard, the bullion depository at Fort Knox was constructed and housing the growing government stock of gold by 1937. As will conclusions and speculation. Maybe a room or two full of gold but the rest is gone. If official documents come to surface I will report accordingly. 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. At its peak, 649.6 million ounces were stored at Fort Knox on December 31, 1941. "We have approximately $200 billion of gold at Fort Knox," said Mnuchin. Coin 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. The annual audits by the committee ended in 1986 after 97 per cent of the Government owned gold held by the Mint had been audited and placed under official joint seal. In 1936, Fort Knox military base was chosen as the site to build a bullion depository to store this gold. We are no longer accepting comments on this article. 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. Facilities, Production 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? His advice to me was to try at the General Accounting Office (GAO) and National Archives for more reports. Prince Andrew chuckles as he encounters female jogger on way to his weekly Windsor horse-riding trip. Welcome to the Coronation! It was a magnificent golden sunrise that inspired visions of glory, wealth, and beauty. "good delivery" gold bars. US Mint Releases New Fort Knox Audit Documentation. GAO stands for General Accounting Office, OIG stands for Office of Inspector General. Moving on to the assay tests conducted at the US Mint. Monetary Gold Stock of the United States More false statements by the auditor have appeared, further eroding its credibility. From 1993 to 2008 the remaining 3 % of the gold reserves stored at the US Mint hasbeen audited I assume. 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. U.S. Army Cadet Command Headquarters is located inside the Fort Knox installation which is located roughly 35 miles south of Louisville, Kentucky. In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. In addition to facilities in West Point and Denver, the Fort Knox facilityknown as the U.S. Bullion Depositorystands out for its reputation as an impenetrable fortress. 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. Koos mainly provides unique insights about Chinese gold market. 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. 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. . Mint Medals, Shop All Paper 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?' And the last time it was counted was actually in 1953." In addition to the gold bricks, Bevin said he got to hold a 1933 double eagle, a $20 gold coin that was never circulated. A congressional delegation and some journalists got a look at the gold in 1974. In August 2017, US Treasury Secretary Steve Mnuchinvisited the gold vault at Fort Knox and, along with a few other politicians, surveyed the site. All your favorite.50 games all in one club! Until 1953, there were serial number audits of the gold and some assaying as I explain but that became costly and time intensive. Despite continued inquiries, the US Mint refuses to offer up proof of the exact amount of gold held at Fort Knox. Manyquestion the amount of gold that supposedly exists in the vault,and wonder what else hides within the building'swalls. Honor, Rolls, Fort Knox: "Glad Gold Is Safe!". In the meantime I will fire several new FOIAs at the Office of the Inspector General and others. 'It's not even the annual funding level for some of our large departments in the federal government,' he said. But Bevin, speaking on WHAS radio, divulged a few more details. No need to read about these fascinating facts and important events that have shaped the U.S. as we know it today. 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. I shall rest here. Official joint seal number 932 put in place on September 2, 1982, under the continuing audits of U.S.-owned goldstored at the Mint. 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. When will the Beast from the East be at YOUR door? This effort to audit the Fort Knox gold, the Federal Reserve, and its policies toward gold is now carried on by the younger Paul, Rand, who currently serves as a U.S. Test yourself with this Cockney Rhyming Slang quiz. 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. 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. 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. www.smartaccess.us . *Its likely 97 % of the audited gold by the continuing audits committee has not been assayed by an independent assayer. Official Joint Seal inspection records from Fort Knox, June 1998 (courtesy of Koos Jansen through Freedom of Information Act). when was the last time fort knox was audited. ', 'All I will say is that it is freakishly well secured,' he said. Metal Coins, back to As required under the Cyanide Code, the mine was again audited against ICMI's Verification Protocol by independent professional third-party auditors within three . 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 . Kate and Prince William 'are keen' for Prince George to have official role in King Charles' coronation - but Royally hard work! 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. By Patrick A. Heller. I did read one time that the queen of England a. 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). Between July 1983 and July 1985 the gold was audited in accordance with the plan approved by the Treasurer, as follows. The Armored Force School and the Armored Force Replacement Center began operations at Fort Knox in October 1940. 312 tonnes of the total is 4 %. Plus, US Mint Police remain a constant presence, and preside over the grounds from four machine gun towers placed around the perimeter. Jun 5th, 2022 . On September 24, 1974, a special settlement (audit) is scheduled to begin and at its conclusion a report on the audit will be issued. Engraved Prints, Shop All Gift In addition, the committee will include technicians from the Bureau of the Mint who are trained in assaying and weighing gold bullion. 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. 26 Feb 2017 13:18. *In 1974 the New York assay office tested 95 bars. This is remarkable. Whos Supplying? And there is more, a lot more. 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. 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. Fort Knox, major U.S. military reservation in Meade, Hardin, and Bullitt counties, northern Kentucky, U.S. The last Congressional visit prior to this occurredin 1974. . & Medal Programs, Tours Secretary of the Treasury Steven Mnuchin visited Fort Knox on August 21. Senator from Kentucky, where Fort Knox is located. Thank you for signing up with United States Mint! 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. Revealed: The top 10 fastest-growing destinations for UK pensioners retiring overseas. ', 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, 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. The Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. Pursuant to that order, the Committee for Continuing Audit of the U.S. "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. eonon change home screen. 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. US citizens were required to sell their gold bullion - bars and coins - back to the State.