You can change the usage of cookies in your browser. 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. 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!". By Everett Millman Gainesville Coins . Others claim the goldis actually justtungsten bricks painted to look like the precious metal. The assay tests found no irregularities. The inspection by Members of Congress on September 23, 1974, of U.S. gold stocks stored at the Fort Knox (Ky.) Bullion Depository marks a unique departure from the long standing and rigidly enforced policy of absolutely no visitors, Mrs. Mary Brooks, Director of the Mint, announced today. Jansen found instances in which the Treasurys auditors failed to follow the governments own procedures for the auditing process. *For all other publicly available audit reports (1980, 1981, 1985, 1986) its very briefly mentioned assay tests were conducted, presumably for one in every fiftieth melt. Exhibit 2. Sets, Commemorative Government-owned Goldare not in our collection." 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!' However, in some instances, the rationale for moving gold from one compartment to another proved elusive. The audit announced, however, would include just 20% of the gold. In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. Daily free rolls! We asked the experts - and their answers will terrify you Public Service Announcement, do NOT watch these ads! We are no longer accepting comments on this article. Government-owned Gold, or my office, and placed under official joint seals. Written by Jan Nieuwenhuijs, originally published at Voima Gold Insight. Donald Trump Doesn't Think So. It was obvious that some of the records were missing (or not provided). An overview starting from 1953: *In the 1953 report we could read 26 bars (0.00002 % of the total stash at that time) were assayed from bore samples. 4. I shall rest here. I can say that without any hesitation, because I have observed the gold and the security of the gold reserves myself. According to official statistics, the United States holds far and away the largest gold reserves of any sovereign nation or supranational institution. However, a Freedom Of Information Act request Ive submitted in order to obtain all audit reports could not be honored. Do you think it would be worthwhile, at least, to inventory and assay this portion of the Mint-held gold? As the last days tick away, let's take a moment to recap the top 12 stories at Fort Knox that shaped our 2021. 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. 211 votes, 25 comments. Coins, American 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. Then let's raise a glass to a slower, quieter 2022 . The Eisenhower Administration Conducted The Last Audit Of Fort Knox In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. What his dogged FOIA requests have failed to reveal, unfortunately, is anything that would put the questions about the Fort Knox gold to rest. At its peak, 649.6 million ounces were stored at Fort Knox on December 31, 1941. The missing audit reports and assay reports feed into our skepticism. The last time Fort Knox had opened its vault to civilians was more than 40 years earlier. These could be better understood, or clarified, if we could obtain all audit reports from 1974 1986. A waiting list may be . & Facilities, Shop All Dollars, Native Moving on to the assay tests conducted at the US Mint. About 000% of them were weighed. 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. That shipment required a convoy of 33 15-ton trailers to move the gold. Senator from Kentucky, where Fort Knox is located. 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. U.S. Treasury Secretary Steven Mnuchin initiated the visit, along with U.S. Rep. Brett Guthrie and Gov. We are a community that loves Silver, Period. Not that it would be easy to even make it this far, but the door to the vault is made of steel and . Site, Coin He attempted to pinpoint how the Treasury Department verifies that the gold in its vault is both present and real. Official records claimed 20,000 tons in the 1950s. Gold verification at Fort Knox March 1998, page 2. Did The Dutch Central Bank Lie About Its Gold Bar List? . Other problems sound laughable in their incompetence. I personally believe that rumor and the bulk of it has been sold off to the rich elites. For instance, sample sizes used for assaying were conspicuously small. Government-owned gold for which Treasury is accountable. Save my name, email, and website in this browser for the next time I comment. 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. Exhibit 7.2. GAO stands for General Accounting Office, OIG stands for Office of Inspector General. Remember, were investigating the audits of the greatest gold hoard on earth, which underpins the world reserve currency the US dollar. This is basically an affirmation that the bullion was up to snuff at the last audit, and has been sealed since. But, the OIG disclosed assay reports of the audits of 3 % of the US official gold reserves stored by the Mint at the congressional hearing in 2011 (exhibit 3 and 4). 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. Two months later I still got no response. But by 1986, you had 97 percent was audited. Select stock location for your desired country in the dropdown to view our inventory available in that country. Experts weigh in as tremors hit Wales, Cornwall and the Are YOU eating the right colours? 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. Until 1953, there were serial number audits of the gold and some assaying as I explain but that became costly and time intensive. 'So many dead. 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). The One "Audit" Of Fort Knox. The only audit that has ever been done of the gold inside Ft Knox was done days after Dwight Eisenhower became President in January of 1953. It lies 30 miles (48 km) southwest of Louisville and occupies an area of 172 square miles (445 square km). Coin . Secretary of the Treasury Steven Mnuchin visited Fort Knox on August 21. It was also the first visit by a serving US Treasury Secretary since 1948. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. But Bevin, speaking on WHAS radio, divulged a few more details. This document also contains a summary of the 1980 audit which, by the way, isnt less detailed than the full 1981 report. Answer (1 of 2): Internally, it is done annually. And the problem goes far beyond missing audit reports. Need Help? 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? 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. The reports were not present at the National Archives, the OIG or at the Treasury Department. 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. Revealed: The top 10 fastest-growing destinations for UK pensioners retiring overseas. Bureau of Government Financial Operations [BGFO]. The New Year kicked off . 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. Following the Second World War, with the United States emerging as the lone remaining superpower, the countrys gold holdings reached as high as 20,000 tonnes! It was nothing more than a peek-a-boo glance at the gold in fine Hollywood style. 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?' Lets recap what weve studied in the previous posts. Ideas, Gifts for The WORST care homes in England: Interactive map reveals the lowest-rated 2,530 residences - so is there one Do YOU know your Adam and Eve from your Ruby Murray? Matt Bevin. Protected by a 109,000-acre U.S. Army post in Kentucky sits one of the Federal Reserve's most secure assets and its only gold depository: the 73-year-old Fort Knox vault. Located in Kentucky, Fort Knox is a United States Army base whichhouses most of the US's gold reserves. He also mentioned that despite this being the first visit by a group of politicians and journalists to Fort Knox since 1974 - he was the first serving Treasury Secretary to visit since 1948. Koos Jansen is a precious metal analyst from the Netherlands. Contact Us. 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. 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. 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. for Dads, American Women's History Coins & You may consider submitting a FOIA request directly to the Treasury Department. Between 10 and 1974 about 1986% of the gold was weighed in, a big drop from 2. July 21, 2017 7:24AM. A barrel is worth about $1,200 or $2.88 per pound which is 10-18 times the value of U.S. crude oil. The event, Sept. 23, 1974, is often inaccurately called the last audit of Fort Knox. Representative Alex Mooney (R . Submitted to: . The last trial was a "hybrid" SAG, with one cyclopac underflow feeding the . Currency, Shop All The usage of cookies and the collection of customer information by BullionStar is guided by our. Lets have a look. 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. and until 2010, every member of . The First Critical Observations. 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. Theoretically, if the seal hasnt been tampered with, this is as good as verifying the metals themselves. Same story at the US Mint and US National Archives. In 1983 the OIG found out something was amiss with the audits performed 1974 1982. Your request was received in this office on March 3, 2015 and assigned FOIA case number RD 45578. Page Last Modified: 8/26/19, 2:56 PM Fort Knox, KY. Our Nation's Gold Standard Army Home. 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 June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. From 1993 to 2008 the remaining 3 % of the gold reserves stored at the US Mint hasbeen audited I assume. The last time anyone had access to inspect the deposits was on September 23, 1974. . This is what it said: This is in response to your March 2, 2015 Freedom of Information Act (FOIA) request for records in the custody of the National Archives and Records Administration (NARA). At Fort Knox, we are about people - great service members, outstanding civilians . 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. 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. Also, the assay test results from last year's gold audits at Fort Knox and West Point were 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. I will, however, submit a couple of new FOIAs at the US government regarding gold audits. For the sake of simplicity, lets say I have both audit reports, 1980 and 1981. Government-owned Gold" for the years 1975, 1976, 1978, 1979, and 1981-1984. An excuse was needed to break the seals. Circulating As weve seen thus far there are many problems with the official story everything is fine, all the US official gold reserves all audited. 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. The last full audit was done in 1953 . Click on the links for more information:Buy for Vault Storage in Singapore As will conclusions and speculation. The assayer is unknown and there was no assay report included in the audit report. 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. Join FORT KNOX code Axykp! Fort Knox claims billions of dollars worth of gold are stored away in its secret vault. 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. All your favorite.50 games all in one club! Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold. : 201217896Z 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. The controversial 'trauma expert' interviewing Prince Harry: Gabor Mat was warned by the Canadian A big Beckham birthday! Learn how your comment data is processed. Buffalo Coins, American Eagle 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 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. Honor, Rolls, The Fort Knox facility, a hyper-secure fortress in Kentucky that is part of quintessential American lore, is . Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. 147.3 million ounces of gold is stored at Fort Knox. 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 . However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. Buy for Vault Storage in the United States 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. 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.. It basically coveredby 1986, 97 percent of the Government-owned gold held by the Mint had been audited and placed under joint seal. U.S. President Franklin D. Roosevelt passed legislation outlawing private ownership of gold, and gave instruction to build the depository at . If official documents come to surface I will report accordingly. Great! 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. 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. Kooss analysis of the procedures used found its rigor wanting in several key areas. Mint Medals, Shop All Paper Fort Knox Internal Review and Audit Compliance. United States Mint All Rights Reserved. On February 25, 2015, I submitted a FOIA request in orderto obtain the audit reports drafted by the Continuing Audits Of U.S.-Owned Goldcommittee in 1975, 1976, 1978, 1979, 1982, 1983 and 1984. All the benefits of simply switching from white to brown - AND how purple, Will El Salvador's new mega-prison turn into a bloodbath? 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. 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. Let me show you an example of Fort Knox. No irregularities were found. 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. Fort Knox gold subject of hearing. Maybe a room or two full of gold but the rest is gone. Next, we can see Thorsons list he presented of physical gold audit reports of the continuingaudit program from 1974 to 1986. 312 tonnes of the total is 4 %. Shortly after I got an email that statedmy request had been received and was being processed. 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. Secretary Mnuchin's statements were not helpful. Koos Jansen. . 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. 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 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.