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. 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. Lets recap what weve studied in the previous posts. Moreover, it showed a number of (at best) inconsistencies in how the mint conducts its bullion inspection for auditing purposes. 'It's not even the annual funding level for some of our large departments in the federal government,' he said. 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. It's going on right now as I say these words. Experts weigh in as tremors hit Wales, Cornwall and the Are YOU eating the right colours? Are you already an expert in everything America? *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. However, how trustworthy is this system of accounting? The Fort Knox facilitys reputation is thanks to its world-renowned system of security measures, from countless cameras to U.S. Mint Police guards, military helicopters, land mines, fences of barbed and electric wire, and a virtually impregnable vault door. Is the Coin Market Sleeping on Fairmont Collection Gold Coins? 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. This fits right into how the US government imposes audits on their official gold reserves; the audits are performed by the US government itself. Conclusion. Moving on to the assay tests conducted at the US Mint. 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 vault compartments at Fort Knox Bullion Depository. Select stock location for your desired country in the dropdown to view our inventory available in that country. But Bevin, speaking on WHAS radio, divulged a few more details. fort knox crisis phone numbers. 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. One wonders: was this a simple oversight or some kind of conscious obfuscation effort? On September 24, 1974, a special settlement (audit) is scheduled to begin and at its conclusion a report on the audit will be issued. One of last year's uproars was the decision by US officials to carry out an audit of these gold vaults. At the congressional hearing of the Gold Transparency Act (H.R. Gold verification at Fort Knox March 1998, page 3. Save my name, email, and website in this browser for the next time I comment. Each gold bar is 7 inches x 3 and 5/8 inches x 1 and 3/4 . In July 1985, 11,912,458.207 fine troy ounces of gold were reaudited at the Fort Knox Depository. ByI forget which date it was, I believe by 1986, wehold on just one second here, I got it. Over 640,000,000 ounces of real money sat behind those massive locked doors. Miles Franklin sponsored this article by Gary Christenson.The opinions are his, and they are not investment advice. However, there has been considerable doubt over the years as to whether the depository actually held any gold. Your request was received in this office on March 3, 2015 and assigned FOIA case number RD 45578. Between 10 and 1974 about 1986% of the gold was weighed in, a big drop from 2. Fort Knox: "Glad Gold Is Safe!". in 2004 the assayer was Ledoux & Company, a private contractor (read their homepage). Since 1993, when we assumed responsibility for the audit, my office has continued to directly observe the inventory and test the gold. Coins, Precious Official Joint Seal inspection records from Fort Knox, June 1998 (courtesy of Koos Jansen through Freedom of Information Act). No photographs were allowed, of course. As a result, the gold at the Bank [FRBNY] is considered unaudited. 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! Great! Bureau of Government Financial Operations [BGFO]. 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. How can the IG be positive if he did not have access to the most basic documentation? For the first time photographing is being permitted inside the Depository.. 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. Jansen is a longtime gold insider and journalist reporting on, for example, the goings-on of the incipient Shanghai Gold Exchange (SGE). 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. The last time anyone had access to inspect the deposits was on September 23, 1974. . The Armored Force School and the Armored Force Replacement Center began operations at Fort Knox in October 1940. The controversial 'trauma expert' interviewing Prince Harry: Gabor Mat was warned by the Canadian A big Beckham birthday! 2/ As of September 30, 1982, 100 percent of the gold stored at the depository [Fort Knox] was audited under the initial continuing audit program. In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. 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. & Medal Programs, Tours 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. The process would take about 30 minutes to verify the gold content of each bar, or 350,000 man hours; to do that . 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. Ideas, Gifts for 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. 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. Its glittering gold . 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. As weve seen thus far there are many problems with the official story everything is fine, all the US official gold reserves all audited. Written by Jan Nieuwenhuijs, originally published at Voima Gold Insight. 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. Other problems sound laughable in their incompetence. The annual audits by the committee ended in 1986 after 97 per cent of the Government owned gold held by the Mint had been audited and placed under official joint seal. Buy, ship and store bullion with BullionStar in/from different countries. *In 1974 the New York assay office tested 95 bars. 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. Secretary Mnuchin's statements were not helpful. . At its peak, 649.6 million ounces were stored at Fort Knox on December 31, 1941. To access the gold vault at Fort Knox, you'd need to make your way through a network of security measures. His visit was the one and only time a gold vault was opened for inspection for anyone other than authorized personnel. Coincidentally almost all the gold assayed by the OIG from 2004 2008 was 9999 fine. 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. 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 shall rest here. They could only find 2 reports I didnt posses previously, of the audits conducted in 1985 and 1986. In October 1984, 4,136,046.924 fine ounces gold was reaudited. You may consider submitting a FOIA request directly to the Treasury Department. 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 . In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. The assayer is unknown and there was no assay report included in the audit report. It was also the first visit by a serving US Treasury Secretary since 1948. 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. The US government wished to open the vaults of audited gold to lease or sell the metal on the open market. The missing audit reports and assay reports feed into our skepticism. 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. Donald Trump Doesn't Think So. Jun 5th, 2022 . After 20 years of Democratic presidents, the American public wanted to be sure that the gold confiscated from them was still there. Alaska, USA . Audit report Fort Knox 1981. 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. ALL COIN PROGRAMS, National Purple Heart Hall of A second storage facility was built at the same time: . It was obvious that some of the records were missing (or not provided). However, no outside experts were allowed in during the audit, and only about 5% of the gold was actually tested. From the 1985 report: I decided to send an email to the FOIA online Help Desk to ask what happened to my request. From 1993 to 2008 the remaining 3 % of the gold reserves stored at the US Mint hasbeen audited I assume. It saves time and labor costs. 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. 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). Why might the government entrust such inexperienced employees with this important task? Connecting thereto, from Thorsons opening statement: My office began conducting annual audits of the gold reserves in Fiscal Year 1993. All your favorite.50 games all in one club! One of the mostsecure andinaccessible places in the world, the facility once held the Declaration of Independence and Bill of Rights. The novel begins: 7:20 am, September 11, 2015. The coin bars topic, which ties together with the existence of the US official gold, deserves a thorough study to be expanded upon in a separate post. In a series of posts well continue to examine all there is to find regarding the audits of US official gold reserves. 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. Fort . Page Last Modified: 8/26/19, 2:56 PM Fort Knox, KY. Our Nation's Gold Standard Army Home. Honor, Rolls, Senator from Kentucky, where Fort Knox is located. Company Registration No. The auditors were bored and decided to re-audit 1,700 tonnes. Of course,strange things have been stored in the vault, like morphine and opiumduring the early '90s. Fort Knox sits on over 100,000 acres and houses 30,000 military personnel.
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