Compared to the samples taken in the 1950s and 60s, the standards for the integrity of the sample size had fallen sharply. The BGFO and Mint staff was replaced by the OIG and the revised audit procedures were invented as a reason to open several compartments. 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). Talkers Medals, Military You may consider submitting a FOIA request directly to the Treasury Department. . 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. In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. However, in some instances, the rationale for moving gold from one compartment to another proved elusive. 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. 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. 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. 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. 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. When I logged in at my account at the FOIA website, I saw my request had disappeared. It was a magnificent golden sunrise that inspired visions of glory, wealth, and beauty. U.S. Army Cadet Command Headquarters is located inside the Fort Knox installation which is located roughly 35 miles south of Louisville, Kentucky. And there is more, a lot more. A barrel is worth about $1,200 or $2.88 per pound which is 10-18 times the value of U.S. crude oil. 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 . In another dubious mix-up, a number of measurements were faulty because the auditors misread where the decimal point was on the scale. Sets, Commemorative Official joint seal number 932 put in place on September 2, 1982, under the continuing audits of U.S.-owned goldstored at the Mint. Click on the links for more information:Buy for Vault Storage in Singapore Bags, & Boxes, Code We are a community that loves Silver, Period. A Fort Knox physical gold audit in 1953 was anything but full, neither was the famous audit in 1974. Bureau of Government Financial Operations [BGFO]. 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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). 'It just kind of came up as a result of a casual conversation,' McConnell said. The Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. 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. He ought to have known precisely how many pages were needed and presumably where to find them. . The assay tests found no irregularities. Ron Paul worries Fort Knox gold is gone. At its peak, 649.6 million ounces were stored at Fort Knox on December 31, 1941. I did read one time that the queen of England a. As weve seen thus far there are many problems with the official story everything is fine, all the US official gold reserves all audited. Try Army A-Z. 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. 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. However, as Ive written in my post Where Did The Gold In Fort Knox Come From? 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). In July 1985, 11,912,458.207 fine troy ounces of gold were reaudited at the Fort Knox Depository. Lets recap what weve studied in the previous posts. More from 1981 report: The continuing audit is being conducted on a cyclical basis because of the enormous quantity of gold to be handled and the related costs. "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". A second storage facility was built at the same time: . More anomalies with regard to the audits of the US official gold reserves will be discussed in forthcoming posts. 45 New Bridge Road, Singapore 059398 Singapore For instance, sample sizes used for assaying were conspicuously small. *Its likely 97 % of the audited gold by the continuing audits committee has not been assayed by an independent assayer. 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. Despite continued inquiries, the US Mint refuses to offer up proof of the exact amount of gold held at Fort Knox. For the sake of simplicity, lets say I have both audit reports, 1980 and 1981. 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. The process would take about 30 minutes to verify the gold content of each bar, or 350,000 man hours; to do that . Are you already an expert in everything America? In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. There can be no world reserve currency without appropriate gold reserves supporting it, providing essential confidence and credibility. 211 votes, 25 comments. Government-owned Gold, or my office, and placed under official joint seals. About 000% of them were weighed. Koos mainly provides unique insights about Chinese gold market. Questions: Equal Employment Opportunity. Instead, I was advised to contact the Treasury. 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 assayer is unknown and there was no assay report included in the audit report. Why havent we ever seen any assays of coin bars? The audit announced, however, would include just 20% of the gold. noting that it was "over 20 years" since the last one. Representative Alex Mooney (R . The One "Audit" Of Fort Knox. . The First Critical Observations", February 2017. Between July 1983 and July 1985 the gold was audited in accordance with the plan approved by the Treasurer, as follows. They could only find 2 reports I didnt posses previously, of the audits conducted in 1985 and 1986. As a result, the gold at the Bank [FRBNY] is considered unaudited. My FOIA request had disappeared, or did it? 26 Feb 2017 13:18. 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. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. There has not been any movement of inventoried gold since that time. The depository holds more than 147 million ounces of gold, which puts its market value at more than $186 billion. However, until the missing audit reports show up we can only look at this case as its presented by the US government through the documents that are publicly available. It was obvious that some of the records were missing (or not provided). Jansen found instances in which the Treasurys auditors failed to follow the governments own procedures for the auditing process. These CDCs offer full-day care, part-day, and hourly care. Learn how your comment data is processed. He attempted to pinpoint how the Treasury Department verifies that the gold in its vault is both present and real. Fort Knox is also on the list of these 10 forbidden places that no one is ever allowed to visit. Government-owned Goldare not in our collection." There was nothing left to do but submit a Freedom Of Information Act (FOIA) request. fort knox crisis phone numbers. Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold. American $1 Coins, SHOP However, if that intruder had turned to the west he would have . In short, the US National Archives could not extradite the 7 audit reports I requested. 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. Between 1933 and 1937, this increased . Then let's raise a glass to a slower, quieter 2022 . 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? Metal Coins, back to Because this is the department currently responsible for the audits I was surprised my request to obtain all audit reports wasnt honored. Revealed: The top 10 fastest-growing destinations for UK pensioners retiring overseas. 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. 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. 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. After the Congressional inspection, the Bullion Depository will once again be closed to visitors. Circulating In the meantime I will fire several new FOIAs at the Office of the Inspector General and others. Exhibit 2. Though the media and members of government were allowed access in 1974 to take pictures, the last actual audit of Fort Knox occurred in 1953 immediately after President Dwight Eisenhower's inauguration. Select stock location for your desired country in the dropdown to view our inventory available in that country. 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). Need Help? 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.. Honor, Rolls, Senate Majority Leader Mitch McConnell and other Kentucky politicians went to the United States Bullion Depository at Fort Knox for the first time since 1974, Reassurance: Treasury Secretary Steve Mnuchin tweeted out thanks to the US Mint and confirmed that the gold is all safe. Moreover, it showed a number of (at best) inconsistencies in how the mint conducts its bullion inspection for auditing purposes. 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. By Jennifer Liberto @ CNNMoney June 24, 2011: 11:58 AM ET. When thinking about these re-audits, threescenarios pop to mind: Why else wouldso much gold have been re-audited? At this stage I havent been able to get my hands on any assay report from 1974 1986. when was the last time fort knox was audited. I will, however, submit a couple of new FOIAs at the US government regarding gold audits. No photographs were allowed, of course. There was no assay report included in the audit report. The vaults were last opened to the public in the 1970s, and the last treasury secretary visit was in 1948. From 1993 to 2008 the remaining 3 % of the gold reserves stored at the US Mint hasbeen audited I assume. In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. Much of this newfound gold came into government coffers as a result of President Franklin Roosevelts executive order confiscating privately held gold in 1933. 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. 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. 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. As a freebie trip for 4 select political insiders, last Monday's trip to Fort Knox was undoubtedly a memorable one . Next, we can see Thorsons list he presented of physical gold audit reports of the continuingaudit program from 1974 to 1986. Several more examples of these blurry situations are shown in the released documents. More than half of . So, what's really inside Fort Knox? Written by Jan Nieuwenhuijs, originally published at Voima Gold Insight. Why might the government entrust such inexperienced employees with this important task? Shortly after I got an email that statedmy request had been received and was being processed. He said this, but there is no proof. 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. Coin US citizens were required to sell their gold bullion - bars and coins - back to the State. "Glad the gold is safe!". Text Alerts, Contact Buy for Vault Storage in the United States But theories exist regarding other possiblecontents of the vault -like the body of Jimmy Hoffa. 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. *For the audits performed in 1975, 1976, 1978, 1979, 1982, 1983 and 1984 under the continuing audits program allegedly 1 in 50 melts has been assayed, although there are no audit reports, nor assay reports, nor do we know who the assayer was. Each gold bar is 7 inches x 3 and 5/8 inches x 1 and 3/4 . but American gold holdings were reportedly last audited in 1953 (which includes testing for purity); Fort Knox's gold was . 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 .
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