The auditors were bored and decided to re-audit 1,700 tonnes. To access the gold vault at Fort Knox, you'd need to make your way through a network of security measures. The gold stored in these compartments would get moved around if samples were taken for assaying during the audit. When the mint finally produced the audit documentation, Jansen received 134 lightly redacted pages (rather than the estimated total of 1,200 pages). According to the excel sheet the US Mint stores 312 tonnes in 9999 fine gold, spread over 3 depositories; Fort Knox 15 tonnes, Denver 100 tonnes, West Point 197 tonnes. Exhibit 7.1. 213K subscribers in the Wallstreetsilver community. 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. Between 10 and 1974 about 1986% of the gold was weighed in, a big drop from 2. 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!' Jansen found instances in which the Treasurys auditors failed to follow the governments own procedures for the auditing process. Find out what Uber drivers really think of you! More than half of . My assumption is, these assays from 2004 2008 are all assays authorized by the OIG from 1993 2008 and therefor cover 3 % of the gold stored at the US Mint. In 1983 the OIG found out something was amiss with the audits performed 1974 1982. Answer (1 of 2): Internally, it is done annually. Did The Dutch Central Bank Lie About Its Gold Bar List? 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. On September 24, 1974, a special settlement (audit) is scheduled to begin and at its conclusion a report on the audit will be issued. Revealed: The top 10 fastest-growing destinations for UK pensioners retiring overseas. However, a Freedom Of Information Act request Ive submitted in order to obtain all audit reports could not be honored. Why havent we ever seen any assays of coin bars? 211 votes, 25 comments. 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. . Fort Knox claims billions of dollars worth of gold are stored away in its secret vault. Let me show you an example of Fort Knox. 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. Miles Franklin sponsored this article by Gary Christenson.The opinions are his, and they are not investment advice. It was nothing more than a peek-a-boo glance at the gold in fine Hollywood style. 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. Phone: +65 6284 4653, Chinas Secret Gold Supplier Is Singapore, Audits Of US Monetary Gold Severely Lack Credibility. According to some sources, this is where most of the other Treasury's gold is located. Fort . Dollars, Native Then, from 2005 to 2008 the assay tests were conducted by White Sands Missile Range, which is a subsidiary of the US army. He attempted to pinpoint how the Treasury Department verifies that the gold in its vault is both present and real. Click on the links for more information:Buy for Vault Storage in Singapore Kooss analysis of the procedures used found its rigor wanting in several key areas. What his dogged FOIA requests have failed to reveal, unfortunately, is anything that would put the questions about the Fort Knox gold to rest. "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. 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. Although the quality of the gold in the custody of the Federal Reserve Bank of New York cannot be readily assayed,. ByI forget which date it was, I believe by 1986, wehold on just one second here, I got it. The assayer is unknown and there was no assay report included in the audit report. After the gold was audited by the Continuing Audit committee all compartments were placed under Official Joint Seal. Kids, Gifts for Here is a rundown of some of Kooss key findings. Shipping within New Zealand. In short, the US National Archives could not extradite the 7 audit reports I requested. fort knox crisis phone numbers. Same story at the US Mint and US National Archives. After some correspondence back and forth I finally got an email saying my FOIA was exported out of FOIAonline because myrequest was for access to historical records. However, no outside experts were allowed in during the audit, and only about 5% of the gold was actually tested. However, until the missing audit reports show up we can only look at this case as its presented by the US government through the documents that are publicly available. When I logged in at my account at the FOIA website, I saw my request had disappeared. It is surrounded by an active U.S. Army fort, guarded by the U.S. Mint Police and protected by layers of security measures, including a blast proof 22-ton door, 16,000 cubic feet of granite, 4,200 cubic yards of concrete, 750 tons of reinforcing steel and 670 . 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. Fort Knox: "Glad Gold Is Safe!". Is the Coin Market Sleeping on Fairmont Collection Gold Coins? In 1977 the New York assay office, which is a subsidiary of the US Mint, conducted the assays. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. The audit announced, however, would include just 20% of the gold. That shipment required a convoy of 33 15-ton trailers to move the gold. 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. 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. However, how trustworthy is this system of accounting? The BGFO and Mint staff was replaced by the OIG and the revised audit procedures were invented as a reason to open several compartments. Official records claimed 20,000 tons in the 1950s. More false statements by the auditor have appeared, further eroding its credibility. 4. The novel begins: 7:20 am, September 11, 2015. On top of this, a decades worth (1993-2003) of Joint Seal inspections from the Denver and West Point depositories are not accounted for. They wrote me by email: Mr. Nieuwenhuijs our Office of Audit found: as well as GAOs 1974/1975 and 1978 reports. Honor, Rolls, A congressional delegation and some journalists got a look at the gold in 1974. 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. ( 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. Fort Knox sits on over 100,000 acres and houses 30,000 military personnel. Government-owned gold for which Treasury is accountable. At the congressional hearing of the Gold Transparency Act (H.R. Fort Knox is also on the list of these 10 forbidden places that no one is ever allowed to visit. Join FORT KNOX code Axykp! The last trial was a "hybrid" SAG, with one cyclopac underflow feeding the . A movie producer before becoming treasury secretary, Mnuchin told a group of Louisville business leaders earlier in the day it was important for him to see the gold to attest that 'it is part of our national assets. Plus, US Mint Police remain a constant presence, and preside over the grounds from four machine gun towers placed around the perimeter. Fort Knox history. Few people have ever entered the vault,and while147.3 million ounces of goldallegedly exists inside, the accuracy remains in doubt. The First Critical Observations. In addition, the committee will include technicians from the Bureau of the Mint who are trained in assaying and weighing gold bullion. Coins, Precious Medals, Treasury and McConnell said he had never thought about visiting Fort Knox before, but jumped at the chance when Mnuchin offered to take him. I shall rest here. 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. As weve seen thus far there are many problems with the official story everything is fine, all the US official gold reserves all audited. Government-owned Gold, or my office, and placed under official joint seals. Over 640,000,000 ounces of real money sat behind those massive locked doors. In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. Facilities, Production ', 'I assume the gold is still there,' he said. Matt Bevin. 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. During fiscal year 1986, gold was audited at the West Point Bullion Depository, and the San Francisco Old Mint under the initial continuing audit program. However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. In October 1984, 4,136,046.924 fine ounces gold was reaudited. The last full audit was done in 1953 . Prince Andrew chuckles as he encounters female jogger on way to his weekly Windsor horse-riding trip. Exhibit 2. The vaults were last opened to the public in the 1970s, and the last treasury secretary visit was in 1948. previous, Kids 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. Fort Knox, Kentucky is an Army base with more than one hundred thousand acres stretching across three counties. I decided to send an email to the FOIA online Help Desk to ask what happened to my request. 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. Are you already an expert in everything America? 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. The Fort Knox Mine was initially certified in full compliance with the Cyanide Code in February 2008 and was recertified in September 2011, in February 2015, and in August 2018.