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. 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. "good delivery" gold bars. There has not been any movement of inventoried gold since that time. 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. 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 assay tests found no irregularities. Of course,strange things have been stored in the vault, like morphine and opiumduring the early '90s. The U.S. gold reserves at Fort Knox are broken into different numbered compartments within the gold vault. In an interview, McConnell said he could not say much about the visit for security reasons. The compartments at the Mint were placed under official joint seal, whereas the FRBNY compartments were never placed under official joint seal (as we can read on page 11 of the 1980 audit report). The Fort Knox Gold was last audited in the 1950s. 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. On the way to the vault, a literal mine field and an electric fence protectthe gold. I will, however, submit a couple of new FOIAs at the US government regarding gold audits. In 1977 the New York assay office, which is a subsidiary of the US Mint, conducted the assays. As will conclusions and speculation. Join FORT KNOX code Axykp! I can say that without any hesitation, because I have observed the gold and the security of the gold reserves myself. Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. Government-owned Gold performed annual audits of Treasurys gold reserves from 1975 to 1986, placing all inventoried gold that it observed and tested under an official joint seal. This post is a sequel to A First Glance At US Official Gold Reserves Audits and Second Thoughts On US Official Gold Reserves Audits. Kooss analysis of the procedures used found its rigor wanting in several key areas. 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. Official records claimed 20,000 tons in the 1950s. Paul, a longtime critic of the Federal Reserve and U.S. monetary policy, said he believes it's "a possibility" that there might not actually be any gold in the vaults of Fort Knox or the New York Federal Reserve bank. In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. Fort Knox is in Romeo (R) time. Representative Alex Mooney (R . Between 1933 and 1937, this increased . In performing the audit, the gold bars are physically moved from one vault compartment to another. The fact that 7 audit reports that should grant the existence of these reserves appear to be missing is problematic. "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. I decided to send an email to the FOIA online Help Desk to ask what happened to my request. Instead, I was advised to contact the Treasury. 'It's not even the annual funding level for some of our large departments in the federal government,' he said. 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. 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 . However, in some instances, the rationale for moving gold from one compartment to another proved elusive. Engraved Prints, Shop All Gift The results of the assays by Ledoux & Company and White Sands Missile Range presented by the OIG at the congressional hearing show nearly all 9999 fine gold (see exhibit 3, or read page 62 to 124 from this document). 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. Whos Supplying? COIN & MEDAL PROGRAMS, History of U.S. The Armored Force School and the Armored Force Replacement Center began operations at Fort Knox in October 1940. Each and every bar there should be assayed in a full, independent audit. 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. The vaults were last opened to the public in the 1970s, and the last treasury secretary visit was in 1948. 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. There can be no world reserve currency without appropriate gold reserves supporting it, providing essential confidence and credibility. 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?' Every year the gold in Fort Knox is audited by checking the official joint seals that were placed on all vault compartments during the continuing audits of U.S.-owned gold from 1974 until 1986, when allegedly 97 % of the (Deep Storage) gold was inspected. Fort Knox is a U.S. army base in Kentucky, best known for the United States Bullion Depository which holds a large part of the U.S. government's reserves of gold. 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. Exhibit 7.1. 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. 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. Audit report Fort Knox 1981. The gold at Fort Knox is stored in one of the most secure facilities in the world. Here is a rundown of some of Kooss key findings. : 201217896Z 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. 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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. In response to a FOIA request the US Mint has finally released reports drafted from 1993 through 2008 related to the physical audits of the US official gold reserves. He ought to have known precisely how many pages were needed and presumably where to find them. In 1983 the OIG found out something was amiss with the audits performed 1974 1982. The audit will be performed by a committee of auditors from the U.S. General Accounting Office (GAO) and the Department of the Treasury. 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. 35 % first buy in bonus! 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. 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. While the order is not very detailed, in the years that followed the committee started auditing gold stored at the US Mint and at the Federal Reserve Bank of New York (FRBNY). One wonders: was this a simple oversight or some kind of conscious obfuscation effort? in 2004 the assayer was Ledoux & Company, a private contractor (read their homepage). Answer (1 of 2): Internally, it is done annually. 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). 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. ALL COIN PROGRAMS, National Purple Heart Hall of Exhibit 7.2. HOME; EVENTS; ABOUT; CONTACT; FOR ADULTS; FOR KIDS; accident on 9w marlboro, ny today Secretary of the Treasury Steven Mnuchin visited Fort Knox on August 21. It was a magnificent golden sunrise that inspired visions of glory, wealth, and beauty. A Fort Knox physical gold audit in 1953 was anything but full, neither was the famous audit in 1974. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. 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. He tweeted " Glad gold is safe! 213K subscribers in the Wallstreetsilver community. 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. . The controversial 'trauma expert' interviewing Prince Harry: Gabor Mat was warned by the Canadian A big Beckham birthday! But Bevin, speaking on WHAS radio, divulged a few more details. The last time Fort Knox was audited was in 1953, immediately after President Eisenhower was inaugurated. Fort Knox facts. But theories exist regarding other possiblecontents of the vault -like the body of Jimmy Hoffa. 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. The public may never know. Sevenreports are missing. fort knox crisis phone numbers. and until 2010, every member of . By using our website, you accept that cookies are used. The next screen shot is from the reply by the FOIA help desk on May 6, 2015. One of last year's uproars was the decision by US officials to carry out an audit of these gold vaults. He said this, but there is no proof. It was also the first visit by a serving US Treasury Secretary since 1948. RSS Feeds . 312 tonnes of the total is 4 %. From 1993 to 2008 the remaining 3 % of the gold reserves stored at the US Mint hasbeen audited I assume. In another dubious mix-up, a number of measurements were faulty because the auditors misread where the decimal point was on the scale. 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. 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. 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. . 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. There was no assay report included in the audit report. All the golden coins that were handed in supposedly accumulated to the greatest gold pile on earth. 147.3 million ounces of gold is stored at Fort Knox. Select stock location for your desired country in the dropdown to view our inventory available in that country. Buy for Vault Storage in the United States In the excel sheet with the bar list of gold stored by the US Mint, published a few years ago, we can see nearly all the gold is low purity roughly 90 % pure very little was 9999 fine.