', 'All I will say is that it is freakishly well secured,' he said. HOME; EVENTS; ABOUT; CONTACT; FOR ADULTS; FOR KIDS; accident on 9w marlboro, ny today It was also the first visit by a serving US Treasury Secretary since 1948. Medals, Email & Two months later I still got no response. 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. In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. 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. On September 24, 1974, a special settlement (audit) is scheduled to begin and at its conclusion a report on the audit will be issued. 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. 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 BGFO and Mint staff was replaced by the OIG and the revised audit procedures were invented as a reason to open several compartments. 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. Jansen found instances in which the Treasurys auditors failed to follow the governments own procedures for the auditing process. You may consider submitting a FOIA request directly to the Treasury Department. Answer (1 of 2): Internally, it is done annually. 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. The last time anyone had access to inspect the deposits was on September 23, 1974. . Plus, US Mint Police remain a constant presence, and preside over the grounds from four machine gun towers placed around the perimeter. The auditors were bored and decided to re-audit 1,700 tonnes. 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. The missing audit reports and assay reports feed into our skepticism. GOLD, RESERVES, REPORT(S), AUDIT, COMMITTEE FOR THE CONTINUING AUDIT, COMMITTEE, INSPECTOR GENERAL, ASSISTANT SECRETARY OF THE TREASURY FOR INTERNATIONAL AFFAIRS, BUREAU OF FISCAL SERVICE, and BUREAU OF GOVERNMENT FINANCIAL OPERATION. It's going on right now as I say these words. 312 tonnes of the total is 4 %. Domestic and International Shipping from Singapore While this sum is unreasonable, a crowdfunding campaign donated the total in less than 24 hours (strangely enough, the Mint never actually cashed Kooss check, and nearly all of the money was eventually refunded.). Experts weigh in as tremors hit Wales, Cornwall and the Are YOU eating the right colours? I left school at 16 with six GCSEs - and became a self-made millionaire. 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. 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. A Fort Knox physical gold audit in 1953 was anything but full, neither was the famous audit in 1974. 'The gold is safe.'. Furthermore, these audits found no exceptions of any consequence. 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. July 21, 2017 7:24AM. As a result, the gold at the Bank [FRBNY] is considered unaudited. Official records claimed 20,000 tons in the 1950s. 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. The Fort Knox facility, a hyper-secure fortress in Kentucky that is part of quintessential American lore, is . ( 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. Ron Paul (R-Texas) says his measure to audit the Federal Reserve, which passed the House last December, would force the first open audit of Ft. Knox in decades. "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. Gold verification at Fort Knox March 1998, page 1. These could be better understood, or clarified, if we could obtain all audit reports from 1974 1986. Miles Franklin sponsored this article by Gary Christenson.The opinions are his, and they are not investment advice. Ideas, Gifts for 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. If we carefully read the scarce audit reports available to us, wenotice the audit procedures were revised in 1983. 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. Republican frontrunner Donald Trump hinted at the idea that there just might be no gold in the U.S. FORT KNOX MINE ICMC SUMMARY AUDIT REPORT . Let me show you an example of Fort Knox. According to some sources, this is where most of the other Treasury's gold is located. The process would take about 30 minutes to verify the gold content of each bar, or 350,000 man hours; to do that . Fort Knox Internal Review and Audit Compliance. Between 1933 and 1937, this increased . 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. Presidential Coins, Kennedy Half The Counsel to the Inspector General Department of the Treasury told me his department only had 4 of the 13 reports I was looking for. CoinWeek: Rare Coin, Currency, and Bullion News for Collectors, it should be clear that the Deep Storage gold has not been audited by professionals, but the precious metals have been verified by imbeciles., submitted a number of Freedom of Information Act (FOIA) requests, Kolbe & Fanning Booksellers Buy or Bid Sale #3 Today Through March 15, Selections from Atlas Numismatics New Ancient, World Coin Inventory, Lesser Known History of the US Mint in Saudi Gold and Other Tales, Bitcoins and Physical Cryptocurrency in Stacks Bowers Auction. Paul, a longtime critic of the Federal Reserve and U.S. monetary policy, said he believes it's "a possibility" that there might not actually be any gold in the vaults of Fort Knox or the New York Federal Reserve bank. . 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! Coin The US official gold reserves are the worlds greatest by far at 8,134 metric tonnes. 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. Ron Paul worries Fort Knox gold is gone. A barrel is worth about $1,200 or $2.88 per pound which is 10-18 times the value of U.S. crude oil. What his dogged FOIA requests have failed to reveal, unfortunately, is anything that would put the questions about the Fort Knox gold to rest. Fort Knox Gold: Once upon a time, the Fort Knox Bullion Depository was a vast storehouse for American gold. The answer is, he cant. 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. Sets, Commemorative Great! There can be no world reserve currency without appropriate gold reserves supporting it, providing essential confidence and credibility. The assay tests found no irregularities. . 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? Welcome to the Coronation! Small quantities of gold are removed to test the purity during regularly scheduled audits. In addition to the gold bricks, Bevin said he got to hold a 1933 double eagle, a $20 gold coin that was never circulated. 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. 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. Monetary Gold Stock of the United States for Dads, American Women's History Coins & For the first time photographing is being permitted inside the Depository.. 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. The public may never know. His advice to me was to try at the General Accounting Office (GAO) and National Archives for more reports. The committee was made up of staff from the Treasury, the Mint, and the Federal Reserve Bank of New York. Kids, Gifts for and until 2010, every member of . 3. In an interview, McConnell said he could not say much about the visit for security reasons. Daily free rolls! Kinross - Fort Knox Mine April 22nd, 2021 Signature of Lead Auditor Page 2 of 47 . 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. 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. Government-owned Gold, or my office, and placed under official joint seals. teaching assistant pay netmums; when was the last time fort knox was audited. There was nothing left to do but submit a Freedom Of Information Act (FOIA) request. Find out what Uber drivers really think of you! Not that it would be easy to even make it this far, but the door to the vault is made of steel and . Shipping within the United States Share this page: Army.mil. Sevenreports are missing. Technically its possible the OIG assayed exactly the remaining stash of 9999 gold, though chances are slim given the fact the 9999 gold wasspread over multiple compartments at multiple depositories. Site, Coin Join FORT KNOX code Axykp! 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. 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. Over 640,000,000 ounces of real money sat behind those massive locked doors. The government supposedly maintains over 8,100 metric tonnes of the yellow metal in its reserves, spread out across three main bullion depositories (for reference, the second-largest gold reserves owned by Germany total less than half of the U.S. stockpile). Upload by MysteryManagement Fort Knox and the gold dipped tungsten bars - Michael Rivero showAre the gold bars in Fort Knox really made of the precious metal. 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. 'It just kind of came up as a result of a casual conversation,' McConnell said. It lies 30 miles (48 km) southwest of Louisville and occupies an area of 172 square miles (445 square km). The last time Fort Knox was audited was in 1953, immediately after President Eisenhower was inaugurated. Government-owned gold for which Treasury is accountable. 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. There Is No Proof All Gold Is In Fort Knox. It seems that a portion of the Mint and the U.S. gold reserves were audited in an assay between 1993 and 2008, as you acknowledged. After writing it Ive been trying to collect all audit reports dating from1974 1986. As a freebie trip for 4 select political insiders, last Monday's trip to Fort Knox was undoubtedly a memorable one . Weve barely come across any independent auditor that saw, counted, weighed or assayed the US official gold reserves. Lets recap what weve studied in the previous posts. We asked the experts - and their answers will terrify you Public Service Announcement, do NOT watch these ads! It was obvious that some of the records were missing (or not provided). 'So many dead. The next screen shot is from the reply by the FOIA help desk on May 6, 2015. Scales at the Mint used to weigh the bars often didnt work properly. Alaska, USA . Newborns, Gifts So once you have done that, and that seal remains unbroken, then I am not sure what other benefit there would be to going back into it at that point. 4. More than half of . 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. 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 A waiting list may be required and part-time or hourly care may need special planning depending on demand, mission requirements, etc . eonon change home screen. Despite continued inquiries, the US Mint refuses to offer up proof of the exact amount of gold held at Fort Knox. In short, the US National Archives could not extradite the 7 audit reports I requested. In an audit conducted at Fort Knox in 1953, 88 ingots were counted for verification. ByI forget which date it was, I believe by 1986, wehold on just one second here, I got it. The door weighs 22 tons and is 21 inches thick, and the roof is bomb proof. Koos Jansen is a precious metal analyst from the Netherlands. However, in some instances, the rationale for moving gold from one compartment to another proved elusive. Fort Knox, Kentucky is an Army base with more than one hundred thousand acres stretching across three counties. Moreover, it showed a number of (at best) inconsistencies in how the mint conducts its bullion inspection for auditing purposes. The Congressional inspection adheres to the new open door policy of the government announced by President Ford. fort knox crisis phone numbers. 1495,not enacted) in 2011 the Inspector General (IG) of the Treasury presented a case all is fine, but all is not fine. Is the Coin Market Sleeping on Fairmont Collection Gold Coins? The comments below have not been moderated. This is remarkable. We will discuss the remaining 4 audit reports at once, as they are very similar. Fort Knox is used to store a large portion of United States official gold reserves and occasionally other precious . No outside experts were allowed on the site for the audit, either,providingfodder for all kinds of conspiracy theorists. 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 gold is held as an asset at a value of $42.22 per ounce. 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. The New Year kicked off . 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. His visit was the one and only time a gold vault was opened for inspection for anyone other than authorized personnel. It basically coveredby 1986, 97 percent of the Government-owned gold held by the Mint had been audited and placed under joint seal. From the 1985 report: The last Congressional visit prior to this occurredin 1974. For the sake of simplicity, lets say I have both audit reports, 1980 and 1981. Ron Paul introduced a bill that would require the Fed to manually audit every U.S.-owned gold . Koos mainly provides unique insights about Chinese gold market. The other two-thirds, however, have not been inventoriedthat is according to my understandingor assayed since somewhere between 1975 and 1986. Conclusion. Each gold bar is 7 inches x 3 and 5/8 inches x 1 and 3/4 . Fort . 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 . The Armored Force School and the Armored Force Replacement Center began operations at Fort Knox in October 1940. In another dubious mix-up, a number of measurements were faulty because the auditors misread where the decimal point was on the scale. Others claim the goldis actually justtungsten bricks painted to look like the precious metal. Other problems sound laughable in their incompetence. 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. I did read one time that the queen of England a. The Treasury document says it would cost about $15 million to conduct an audit. Gold verification at Fort Knox March 1998, page 3. 211 votes, 25 comments. All the golden coins that were handed in supposedly accumulated to the greatest gold pile on earth. 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. Tiger Woods unleashes his lawyers on porn site after it Bannon is 'going to war' against Jared, 'crying Ivanka' and A whole hue world! In performing the audit, the gold bars are physically moved from one vault compartment to another. Next was the GAO; unfortunately they couldnt deliver anything I was looking for. By Jennifer Liberto @ CNNMoney June 24, 2011: 11:58 AM ET. On the way to the vault, a literal mine field and an electric fence protectthe gold. Although the quality of the gold in the custody of the Federal Reserve Bank of New York cannot be readily assayed,. 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. For your information, we contacted a librarian at the Treasury Department who informed us that reports from Committee for Continuing Audit of the U.S.
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