Medals, Treasury and 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. Contact Us. Kids, Gifts for Based on glaring conflicts among the Treasury's own documents, this staggering amount of gold disappeared without a trace from 1961 to 1971. . Monetary Gold Stock of the United States However, there has been considerable doubt over the years as to whether the depository actually held any gold. ', 'I assume the gold is still there,' he said. Approximately half the U.S. Treasury's gold is located in the storage facility at Fort Knox Weve barely come across any independent auditor that saw, counted, weighed or assayed the US official gold reserves. 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. For this post well focus on the continuing audits of U.S.-owned gold, as these audits should proof there is gold in Fort Knox. However, in some instances, the rationale for moving gold from one compartment to another proved elusive. Circulating The public may never know. 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). 213K subscribers in the Wallstreetsilver community. Equal Employment Opportunity. 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. For the first time photographing is being permitted inside the Depository.. You may consider submitting a FOIA request directly to the Treasury Department. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. No need to read about these fascinating facts and important events that have shaped the U.S. as we know it today. Is the Coin Market Sleeping on Fairmont Collection Gold Coins? 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. The New Year kicked off . FORT KNOX MINE ICMC SUMMARY AUDIT REPORT . 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. There has not been any movement of inventoried gold since that time. 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 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. For instance, sample sizes used for assaying were conspicuously small. Compartments audited at Mint institutions and depositories are kept under official joint seal by representatives of the audit committee. 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. His advice to me was to try at the General Accounting Office (GAO) and National Archives for more reports. 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). On this sheet 5 physical gold audit reports are listed, framed in red. By Patrick A. Heller. One of last year's uproars was the decision by US officials to carry out an audit of these gold vaults. Fort . 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. BY . Matt Bevin. The day of the Mary Brooks tour of Fort Knox, September 23, 1974, the Treasury announced that for the first time in twenty-one years, they would agree to an audit of the U.S. gold reserve. In 1983 the OIG found out something was amiss with the audits performed 1974 1982. Let me show you an example of Fort Knox. However, no outside experts were allowed in during the audit, and only about 5% of the gold was actually tested. 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. Until 1953, there were serial number audits of the gold and some assaying as I explain but that became costly and time intensive. Fort Knox Operation . I personally believe that rumor and the bulk of it has been sold off to the rich elites. 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. 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. 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. The Fort Knox Gold was last audited in the 1950s. The assayer is unknown and there was no assay report included in the audit report. How can the IG be positive if he did not have access to the most basic documentation? This is largely due to a well-circulated rumor during the 1970s that the vaults had been emptied by elites in banking in government, either leased out or confiscated. Learn how your comment data is processed. Submitted to: . Next, we can see Thorsons list he presented of physical gold audit reports of the continuingaudit program from 1974 to 1986. Remember, were investigating the audits of the greatest gold hoard on earth, which underpins the world reserve currency the US dollar. Moving on to the assay tests conducted at the US Mint. 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). Senator from Kentucky, where Fort Knox is located. Schultz from the New York Fed was part of the continuing audits committee and therefor the FRBNY was supposed to be audited. Shipping within the United States Your browser is out of date. 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. 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. Medals, Email & initial 1974 Fort Knox audit which was conducted by GAO and Treasury auditors. The One "Audit" Of Fort Knox. US Mint Releases New Fort Knox Audit Documentation. Secretary of the Treasury Steven Mnuchin visited Fort Knox on August 21. 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. 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! for Dads, American Women's History Coins & Buffalo Coins, American Eagle Weve focused on the first audits of the gold stored by the US Mint. The Armored Force School and the Armored Force Replacement Center began operations at Fort Knox in October 1940. The BGFO and Mint staff was replaced by the OIG and the revised audit procedures were invented as a reason to open several compartments. In 1936, Fort Knox military base was chosen as the site to build a bullion depository to store this gold. I'm a vet, and here are five dog breeds most prone to cancer - including Golden Retrievers and Rottweilers. 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). In 1974, after the US closed the gold window, congressional support grew for inquiring into the US gold stock. From 1993 to 2008 the remaining 3 % of the gold reserves stored at the US Mint hasbeen audited I assume. . Shortly after I got an email that statedmy request had been received and was being processed. The event, Sept. 23, 1974, is often inaccurately called the last audit of Fort Knox. The other two-thirds, however, have not been inventoriedthat is according to my understandingor assayed since somewhere between 1975 and 1986. 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 last time that Congress audited it was 2019. The US government wished to open the vaults of audited gold to lease or sell the metal on the open market. The controversial 'trauma expert' interviewing Prince Harry: Gabor Mat was warned by the Canadian A big Beckham birthday! Select stock location for your desired country in the dropdown to view our inventory available in that country. Part of the Daily Mail, The Mail on Sunday & Metro Media Group. Alaska, USA . U.S. President Franklin D. Roosevelt passed legislation outlawing private ownership of gold, and gave instruction to build the depository at . Plus, US Mint Police remain a constant presence, and preside over the grounds from four machine gun towers placed around the perimeter. 211 votes, 25 comments. 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. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. While the gold at Fort Knox was partially audited in the past, the gold at the Federal Reserve Bank of New York was never looked at. Exhibit 7.1. Pursuant to that order, the Committee for Continuing Audit of the U.S. there has not been anyone allowed access to confirm the gold amounts that are supposedly stored at the Fort. The Mint estimated that as much as one-third of the gold reserves were examined during this period. Your request was received in this office on March 3, 2015 and assigned FOIA case number RD 45578. At its peak, 649.6 million ounces were stored at Fort Knox on December 31, 1941. Do you think it would be worthwhile, at least, to inventory and assay this portion of the Mint-held gold? 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. 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. 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. "Dear US Mint, We Gave You The FOIA Funds, Now Give Us The Fort Knox Audit Documents!", November 2016 "US Mint Releases New Fort Knox "Audit Documentation". By using our website, you accept that cookies are used. 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. All your favorite.50 games all in one club! 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. When I logged in at my account at the FOIA website, I saw my request had disappeared. 3. More from the 1985 report: The audit procedures followed [at the FRBNY] were essentially the same as those followed at Mint institutions except that assay samples were not taken to verify the purity of the gold and the audited gold was not under committee control after the audit. The gold is held as an asset at a value of $42.22 per ounce. Did The Dutch Central Bank Lie About Its Gold Bar List? The committee was made up of staff from the Treasury, the Mint, and the Federal Reserve Bank of New York. Others claim the goldis actually justtungsten bricks painted to look like the precious metal. Why might the government entrust such inexperienced employees with this important task? Sets, Commemorative Exhibit 2. 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. In July 1985, 11,912,458.207 fine troy ounces of gold were reaudited at the Fort Knox Depository. In addition to the gold bricks, Bevin said he got to hold a 1933 double eagle, a $20 gold coin that was never circulated. Connecting thereto, from Thorsons opening statement: My office began conducting annual audits of the gold reserves in Fiscal Year 1993. 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? 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. No outside experts were allowed on the site for the audit, either,providingfodder for all kinds of conspiracy theorists. 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. In October 1984, 4,136,046.924 fine ounces gold was reaudited. An excuse was needed to break the seals. To access the gold vault at Fort Knox, you'd need to make your way through a network of security measures. Few people have ever entered the vault,and while147.3 million ounces of goldallegedly exists inside, the accuracy remains in doubt. 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 . In another dubious mix-up, a number of measurements were faulty because the auditors misread where the decimal point was on the scale. 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. . Fort Knox Policies. The process would take about 30 minutes to verify the gold content of each bar, or 350,000 man hours; to do that . (in millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. You can change the usage of cookies in your browser. Site, Coin 4. 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. 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. 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. 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. In 1953, the US Treasury Department audited Fort Knox, but only around5% of the goldunderwent testingfor purity. As will conclusions and speculation. According to official statistics, the United States holds far and away the largest gold reserves of any sovereign nation or supranational institution. Did audit reveal missing gold . And being surrounded by more than $186 billion worth of gold was no sweat for one of the country's most powerful politicians. A waiting list may be . Conclusion. U.S. Treasury Secretary Steven Mnuchin initiated the visit, along with U.S. Rep. Brett Guthrie and Gov. July 21, 2017 7:24AM. Day trip: Steve Mnuchin and his wife Louise Linton touched down in Kentucky earlier on Monday prior to the Treasury Secretary's tour of Fort Knox. Ideas, Gifts for 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. 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. Thank you for signing up with United States Mint! & Medal Programs, Tours The assay tests found no irregularities. previous, back to The initial intention is clear to us, the FRBNY was supposed to be audited; the gold to be counted, weighed, assayed and the compartments to be sealed (these were the audit procedures of the continuing audits committee). Manyquestion the amount of gold that supposedly exists in the vault,and wonder what else hides within the building'swalls. All the benefits of simply switching from white to brown - AND how purple, Will El Salvador's new mega-prison turn into a bloodbath? The Treasury document says it would cost about $15 million to conduct an audit. And the problem goes far beyond missing audit reports. "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. The last trial was a "hybrid" SAG, with one cyclopac underflow feeding the . According to some sources, this is where most of the other Treasury's gold is located. Dollars, Native American $1 Coins, SHOP Two months later I still got no response. My FOIA request had disappeared, or did it? Buy for Vault Storage in New Zealand On the way to the vault, a literal mine field and an electric fence protectthe gold. No irregularities were found. Lets have a look. The auditors were bored and decided to re-audit 1,700 tonnes. 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). One of the mostsecure andinaccessible places in the world, the facility once held the Declaration of Independence and Bill of Rights. Since 1993, when we assumed responsibility for the audit, my office has continued to directly observe the inventory and test the gold. (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 . The depository was built following U.S. President, Franklin D. Roosevelt's, controversial 1933 legislation - Executive Order 6102 - which outlawed the private ownership of gold bullion. He said it took 'quite a bit of time' to get in and out of the facility, and said officials had to cut a seal to open the vault for them. Bevin, who said he collected coins as a child, compared it to 'seeing a leprechaun on a unicorn. 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. I also want to assure you that the physical security over the gold reserves is absolute. ALL COIN PROGRAMS, National Purple Heart Hall of The last Congressional visit prior to this occurredin 1974. . The gold at Fort Knox is stored in one of the most secure facilities in the world. After the Congressional inspection, the Bullion Depository will once again be closed to visitors. 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. After the gold was audited by the Continuing Audit committee all compartments were placed under Official Joint Seal. They could only find 2 reports I didnt posses previously, of the audits conducted in 1985 and 1986. 97 percent of the gold was checked and sealed in an audit that ended in 1986, and annual partial audits by a third-party accounting firm continued after that, he said. Exhibit 1. This post is a sequel to A First Glance At US Official Gold Reserves Audits and Second Thoughts On US Official Gold Reserves Audits. Page Last Modified: 8/26/19, 2:56 PM Fort Knox, KY. Our Nation's Gold Standard Army Home. Beginning in 1974, the auditors of the U.S. government's gold reserves held at Fort Knox, Ky., and at the U.S. Mint facilities in Denver, Colo., and West Point, N.Y. (which was named the West Point Bullion Depository from its opening in 1937 until it gained status as an official Mint in 1988), started a 10-year program to verify 100 percent of the gold reserves. Instead, I was advised to contact the Treasury. There can be no world reserve currency without appropriate gold reserves supporting it, providing essential confidence and credibility. In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. Welcome to the Coronation! 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. Lets recap what weve studied in the previous posts. Join FORT KNOX code Axykp! The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. 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. Military/Civilian clock Examples of Civilian/Military time conversion. 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. In the meantime I will fire several new FOIAs at the Office of the Inspector General and others. Revealed: The top 10 fastest-growing destinations for UK pensioners retiring overseas. 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. 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.
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