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). I doubt an attempt to submitting a FOIA request directly to the Treasury Department will bring me anything; likely it will be a waste of time as I had already contacted all possible government departments separately, which could not deliver me the reports I was looking for despite none of them was unwilling to help me. Fort Knox Operation . At its peak, 649.6 million ounces were stored at Fort Knox on December 31, 1941. You can change the usage of cookies in your browser. 1126, San Diego, CA, 92128, USA . BY . The last Congressional visit prior to this occurredin 1974. We asked the experts - and their answers will terrify you Public Service Announcement, do NOT watch these ads! 'It would really be quite a movie if we walked in and there was no gold. 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. Tuesday March 22, 2016 13:20. 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. "good delivery" gold bars. And the last time it was counted was actually in 1953." Official records claimed 20,000 tons in the 1950s. In 1983 the OIG found out something was amiss with the audits performed 1974 1982. 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. Gold verification at Fort Knox March 1998, page 1. Coin Each gold bar is 7 inches x 3 and 5/8 inches x 1 and 3/4 . However, we were unable to locate records responsive to reports similarly titled or closely related to the subject annual gold audit 1975-1984. The 1974/1975 and 1978 reports refer to the audits conducted in 1974 and 1977. In a series of posts well continue to examine all there is to find regarding the audits of US official gold reserves. Then let's raise a glass to a slower, quieter 2022 . Then, something very strange happened in 1983. 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. Fort Knox sits on over 100,000 acres and houses 30,000 military personnel. There has not been any movement of inventoried gold since that time. ByI forget which date it was, I believe by 1986, wehold on just one second here, I got it. & Medal Programs, Tours Two months later I still got no response. However, as Ive written in my post Where Did The Gold In Fort Knox Come From? In an audit conducted at Fort Knox in 1953, 88 ingots were counted for verification. Tiger Woods unleashes his lawyers on porn site after it Bannon is 'going to war' against Jared, 'crying Ivanka' and A whole hue world! Domestic and International Shipping from Singapore When thinking about these re-audits, threescenarios pop to mind: Why else wouldso much gold have been re-audited? In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. 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. 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. This document also contains a summary of the 1980 audit which, by the way, isnt less detailed than the full 1981 report. fort knox crisis phone numbers. Senator from Kentucky, where Fort Knox is located. 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. The assayer is unknown and no assay reports have been included in the audit reports. It lies 30 miles (48 km) southwest of Louisville and occupies an area of 172 square miles (445 square km). 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. 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 assay tests found no irregularities. noting that it was "over 20 years" since the last one. 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 gold at Fort Knox is stored in one of the most secure facilities in the world. *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. We are no longer accepting comments on this article. 147.3 million ounces of gold is stored at Fort Knox. We are a community that loves Silver, Period. Why havent we ever seen any assays of coin bars? 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. Bags, & Boxes, Code Official Joint Seal inspection records from Fort Knox, June 1998 (courtesy of Koos Jansen through Freedom of Information Act). In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. No irregularities were found. ', 'All I will say is that it is freakishly well secured,' he said. 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. 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. Dollars, Native 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 . The last full audit was done in 1953 . *In 1974 the New York assay office tested 95 bars. 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. Metal Coins, back 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! The last time Fort Knox had opened its vault to civilians was more than 40 years earlier. Try Army A-Z. 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. When will the Beast from the East be at YOUR door? Exhibit 7.1. Fort . Shipping within the United States . The gold vault at Fort Knox is "encased in 16,000 cubic feet of granite and 4,200 cubic yards of cement." 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). Facilities, Production 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. 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. No need to read about these fascinating facts and important events that have shaped the U.S. as we know it today. Kinross - Fort Knox Mine April 22nd, 2021 Signature of Lead Auditor Page 2 of 47 . Buffalo Coins, American Eagle The last time Fort Knox was audited was in 1953, immediately after President Eisenhower was inaugurated. Cookies are also used for the purpose of handling our system and services. The One "Audit" Of Fort Knox. when was the last time fort knox was audited. In June 1975, the Treasury Secretary authorized and directed a continuing audit of U.S. The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product. Single mother faces 170 parking fine after overstaying at McDonald's for just 14 minutes while she treated Man had sex with his wife on bollard in protest after it had been erected by neighbour to stop him parking What will the next pandemic be? And the problem goes far beyond missing audit reports. Other problems sound laughable in their incompetence. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. Weve focused on the first audits of the gold stored by the US Mint. As the last days tick away, let's take a moment to recap the top 12 stories at Fort Knox that shaped our 2021. 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. "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. Located in Kentucky, Fort Knox is a United States Army base whichhouses most of the US's gold reserves. previous, back to 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. In performing the audit, the gold bars are physically moved from one vault compartment to another. Next, we can see Thorsons list he presented of physical gold audit reports of the continuingaudit program from 1974 to 1986. How can the IG be positive if he did not have access to the most basic documentation? A waiting list may be required and part-time or hourly care may need special planning depending on demand, mission requirements, etc . Official joint seal number 932 put in place on September 2, 1982, under the continuing audits of U.S.-owned goldstored at the Mint. By using our website, you accept that cookies are used. 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. All your favorite.50 games all in one club! Test yourself with this Cockney Rhyming Slang quiz. This suggests the gold at the FRBNY was stored so it could be easily transportedin and out of the vaults, possibly through a corridor to the adjacent private vault at 1 Chase Manhattan Plaza read this post by BullionStar gold researcher Ronan Manly for more information on the construction of the FRBNY vault and the connection to the vault across the street that was owned by JP Morgan, but recently bought by Fosun (October 2013), a Chinese investment conglomerate. As a result, the gold at the Bank [FRBNY] is considered unaudited. The assay tests found no irregularities. Scales at the Mint used to weigh the bars often didnt work properly. 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. Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. It saves time and labor costs. Approximately half the U.S. Treasury's gold is located in the storage facility at Fort Knox There was no assay report included in the audit report. What his dogged FOIA requests have failed to reveal, unfortunately, is anything that would put the questions about the Fort Knox gold to rest. Although the quality of the gold in the custody of the Federal Reserve Bank of New York cannot be readily assayed,. 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. Fort Knox history. The facility also featuresvideo cameras, motion detectors, and secret microphones, all set to pick up the presence of anyone or anything that doesn't belong.
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