when was the last time fort knox was audited

No need to read about these fascinating facts and important events that have shaped the U.S. as we know it today. By also inviting the press to witness the Congressional inspection, the Mint is clearing away cobwebs and re-assuring the public that their gold is intact and safe. Why might the government entrust such inexperienced employees with this important task? 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 . 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. Buy for Vault Storage in New Zealand At the congressional hearing of the Gold Transparency Act (H.R. Kate and Prince William 'are keen' for Prince George to have official role in King Charles' coronation - but Royally hard work! The answer is, he cant. Currency, Shop All In an audit conducted at Fort Knox in 1953, 88 ingots were counted for verification. Daily free rolls! Koos Jansen is a precious metal analyst from the Netherlands. "We have approximately $200 billion of gold at Fort Knox," said Mnuchin. Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. For the sake of simplicity, lets say I have both audit reports, 1980 and 1981. Liberty, Bush The assayer is unknown and no assay reports have been included in the audit reports. A waiting list may be required and part-time or hourly care may need special planning depending on demand, mission requirements, etc . According to some sources, this is where most of the other Treasury's gold is located. . Three out of thirteen compartments at Fort Knox were audited for inventory and samples were assayed and compared to records currently held by the Mint. Weve focused on the first audits of the gold stored by the US Mint. Theoretically, if the seal hasnt been tampered with, this is as good as verifying the metals themselves. As will conclusions and speculation. Two months later I still got no response. I also want to assure you that the physical security over the gold reserves is absolute. Compared to the samples taken in the 1950s and 60s, the standards for the integrity of the sample size had fallen sharply. Join FORT KNOX code Axykp! 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. How can the IG be positive if he did not have access to the most basic documentation? 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 . On the way to the vault, a literal mine field and an electric fence protectthe gold. There has not been any movement of inventoried gold since that time. 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. Is the Coin Market Sleeping on Fairmont Collection Gold Coins? Circulating Paul has introduced legislation that would require an independent audit of the 5,000 plus tons of gold bullion that is believed to stored in the Fort Knox, Kentucky vault. Coins, American 4. HOME; EVENTS; ABOUT; CONTACT; FOR ADULTS; FOR KIDS; accident on 9w marlboro, ny today but American gold holdings were reportedly last audited in 1953 (which includes testing for purity); Fort Knox's gold was . When will the Beast from the East be at YOUR door? BY . . In performing the audit, the gold bars are physically moved from one vault compartment to another. Domestic and International Shipping from Singapore On April 28, 1943, President Franklin D. Roosevelt inspected the Bullion Depository, Mrs. Brooks said. Fort Knox: "Glad Gold Is Safe!". The usage of cookies and the collection of customer information by BullionStar is guided by our. President Reagan last spring demanding that this be looked into immediately. 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. Not only were Kooss requests met with a reluctant response from government officials, but the mint claimed it would have to spend countless labor hours searching through dozens of boxes for hundreds of pages that might be what Koos was looking for: the annual gold audit records that were carried out between 1993 and 2008. Fort Knox history. In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. Exhibit 2. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. Maybe a room or two full of gold but the rest is gone. Newborns, Gifts 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. Donald Trump Doesn't Think So. The 1974/1975 and 1978 reports refer to the audits conducted in 1974 and 1977. According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! 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. There Is No Proof All Gold Is In Fort Knox. It saves time and labor costs. Even then only 5% of the examined bullion was weighed and assayed to determine its purity. 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. 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. Each and every bar there should be assayed in a full, independent audit. Ultimately, the Mint concluded that Koos would need to pay over $3,000 in order to have the documents gathered and copied. The committee was made up of staff from the Treasury, the Mint, and the Federal Reserve Bank of New York. But theories exist regarding other possiblecontents of the vault -like the body of Jimmy Hoffa. 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. After the gold was audited by the Continuing Audit committee all compartments were placed under Official Joint Seal. The vault can withstand guns, blowtorches, and other incendiary devices. An intruder standing on the roof of the Fort Knox Bullion Depository on the morning of September 11, 2015 would have seen the sunrise in the east. 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.. At this stage I havent been able to get my hands on any assay report from 1974 1986. Interactive map reveals when you may see SNOW. 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 Audit report Fort Knox 1981. 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). For instance, sample sizes used for assaying were conspicuously small. . 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. Based on glaring conflicts among the Treasury's own documents, this staggering amount of gold disappeared without a trace from 1961 to 1971. . Exhibit 7.3. In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold. It seems these 6 reports (5 documents) are the only ones currently in existence and the remaining 7 have mysteriously disappeared. Here is a rundown of some of Kooss key findings. ( 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 is a U.S. army base in Kentucky, best known for the United States Bullion Depository which holds a large part of the U.S. government's reserves of gold. 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. In 1953, the US Treasury Department audited Fort Knox, but only around5% of the goldunderwent testingfor purity. Fort Knox sits on over 100,000 acres and houses 30,000 military personnel. United States Mint All Rights Reserved. Fort Knox facts. Fort Knox, major U.S. military reservation in Meade, Hardin, and Bullitt counties, northern Kentucky, U.S. (Back to top) CIVILIAN TIME MILITARY TIME CIVILIAN TIME MILITARY TIME 12:01 AM 0001 5:00 PM 1700 (Seventeen hundred) 5:00 AM 0500 10:00 PM 2200 10:00 AM 1000 (Ten hundred) 11:30 PM 2330 12:00 PM (Noon) 1200 12:00 AM . Us, ALL Exhibit 7.2. 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. 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. More anomalies with regard to the audits of the US official gold reserves will be discussed in forthcoming posts. teaching assistant pay netmums; when was the last time fort knox was audited. 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. Quoting from the 1981 report: Gold at the Federal Reserve Bank of New York is audited periodically by examiners of the Board of Governors of the Federal Reserve System, Members of the Committee for Continuing Audits of United States Government-owned Gold representing the Mint and BGFO observed the audits at the invitation of the Board and the Federal Reserve Bank. As a freebie trip for 4 select political insiders, last Monday's trip to Fort Knox was undoubtedly a memorable one . Tuesday March 22, 2016 13:20. However, as Ive written in my post Where Did The Gold In Fort Knox Come From? The reports were not present at the National Archives, the OIG or at the Treasury Department. Mint Medals, Shop All Paper A waiting list may be . It was decided to destroy several audit and assay reports and no less than 1,700 tonnes needed to be re-audited. 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. The assay tests found no irregularities. Then, something very strange happened in 1983. I decided to send an email to the FOIA online Help Desk to ask what happened to my request. Ron Paul worries Fort Knox gold is gone. The first screen shots below are from a gold verification at Fort Knox in March 1998. Gold verification at Fort Knox March 1998, page 1. So, what's really inside Fort Knox? Government-owned Gold performed annual audits of Treasurys gold reserves from 1975 to 1986, placing all inventoried gold that it observed and tested under an official joint seal. in 2004 the assayer was Ledoux & Company, a private contractor (read their homepage). It was established in 1918 as Camp Knox (named for Major General Henry Knox, first U.S. secretary of war), and it became a permanent military post in 1932. "Glad the gold is safe!". 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. In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. 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! Jun 5th, 2022 . Train fares will rise by 5.9% TOMORROW - but travellers can still get cheaper tickets if they buy them Why is Britain experiencing so many earthquakes? 'It just kind of came up as a result of a casual conversation,' McConnell said. An excuse was needed to break the seals. Coin Fort Knox is supposedly filled with 400 oz. 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. Gold verification at Fort Knox March 1998, page 3. McConnell said he had never thought about visiting Fort Knox before, but jumped at the chance when Mnuchin offered to take him. 'So many dead. I did read one time that the queen of England a. In one case, the auditors were allegedly unaware that the scale was showing standard ounces rather than troy ounces, which all precious metals are weighed in, throwing an entire days worth of measurements out of whack (that a scale used for precious metals would ever be set to anything besides troy ounces is questionable). In short, the US National Archives could not extradite the 7 audit reports I requested. The Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. You may consider submitting a FOIA request directly to the Treasury Department. The US government wished to open the vaults of audited gold to lease or sell the metal on the open market. Connecting thereto, from Thorsons opening statement: My office began conducting annual audits of the gold reserves in Fiscal Year 1993. Your request was received in this office on March 3, 2015 and assigned FOIA case number RD 45578. All the golden coins that were handed in supposedly accumulated to the greatest gold pile on earth. However, we were unable to locate records responsive to reports similarly titled or closely related to the subject annual gold audit 1975-1984. Your browser is out of date. Then, from 2005 to 2008 the assay tests were conducted by White Sands Missile Range, which is a subsidiary of the US army. If we carefully read the scarce audit reports available to us, wenotice the audit procedures were revised in 1983. I left school at 16 with six GCSEs - and became a self-made millionaire. I shall rest here. July 1986 12,477,777.638 [this number Icopied from the 1986 report]. One of last year's uproars was the decision by US officials to carry out an audit of these gold vaults. ', 'All I will say is that it is freakishly well secured,' he said. Bureau of Government Financial Operations [BGFO]. In 1983 the OIG found out something was amiss with the audits performed 1974 1982. "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. We are a community that loves Silver, Period. . Bags, & Boxes, Code 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. Text Alerts, Contact From the 1985 report: The Facebook predator who lured schoolgirls to run away with him is one of 7,000 sex fiends who offended Do not sell or share my personal information. 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. Government-owned Goldare not in our collection." Submitted to: . Bear in mind that another FOIA request for internal email correspondence relating to the initial inquiries revealed that the official who provided this exaggerated estimate of how difficult the task of producing the documents would be was an auditor himself and among the authors of the documents that Jansen sought in the first place! 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 . Next was the GAO; unfortunately they couldnt deliver anything I was looking for. PBOC Gold Purchases: Separating Facts from Speculation. Moreover, it showed a number of (at best) inconsistencies in how the mint conducts its bullion inspection for auditing purposes. The public may never know. The gold stored in these compartments would get moved around if samples were taken for assaying during the audit. 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. Because this is the department currently responsible for the audits I was surprised my request to obtain all audit reports wasnt honored. I personally believe that rumor and the bulk of it has been sold off to the rich elites. I can say that without any hesitation, because I have observed the gold and the security of the gold reserves myself. On September 24, 1974, a special settlement (audit) is scheduled to begin and at its conclusion a report on the audit will be issued. As weve seen thus far there are many problems with the official story everything is fine, all the US official gold reserves all audited. The coin bars topic, which ties together with the existence of the US official gold, deserves a thorough study to be expanded upon in a separate post. 1495,not enacted) in 2011 the Inspector General (IG) of the Treasury presented a case all is fine, but all is not fine. 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. However, no outside experts were allowed in during the audit, and only about 5% of the gold was actually tested. 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?' 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 Congressional visit prior to this occurredin 1974. In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. Several more examples of these blurry situations are shown in the released documents. As a newcomer to Fort Knox, you are a part of the Gold Standard team that is making the Army's vision a reality. The OIG audited 3 % from 1993 2008. Phone: +65 6284 4653, Chinas Secret Gold Supplier Is Singapore, Audits Of US Monetary Gold Severely Lack Credibility. Furthermore, these audits found no exceptions of any consequence. Let me show you an example of Fort Knox. That shipment required a convoy of 33 15-ton trailers to move the gold. The process would take about 30 minutes to verify the gold content of each bar, or 350,000 man hours; to do that . 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. Fort Knox Gold: Once upon a time, the Fort Knox Bullion Depository was a vast storehouse for American gold. Also, the assay test results from last year's gold audits at Fort Knox and West Point were 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). The gold vault at Fort Knox is "encased in 16,000 cubic feet of granite and 4,200 cubic yards of cement." 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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. In a series of posts well continue to examine all there is to find regarding the audits of US official gold reserves. The last time Fort Knox was audited was in 1953, immediately after President Eisenhower was inaugurated. However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. The Treasury document says it would cost about $15 million to conduct an audit. In an interview, McConnell said he could not say much about the visit for security reasons. At various times, it has been used to store other valuable items, such as the Declaration of Independence, one of the four copies of the Magna Carta, and the crown jewels of foreign nations. Sevenreports are missing. The One "Audit" Of Fort Knox. 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.

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