when was the last time fort knox was audited

They wrote me by email: Mr. Nieuwenhuijs our Office of Audit found: as well as GAOs 1974/1975 and 1978 reports. At this stage I havent been able to get my hands on any assay report from 1974 1986. No photographs were allowed, of course. A barrel is worth about $1,200 or $2.88 per pound which is 10-18 times the value of U.S. crude oil. 147.3 million ounces of gold is stored at Fort Knox. 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. 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. Shipping within New Zealand. Fort Knox, Kentucky is an Army base with more than one hundred thousand acres stretching across three counties. Click on the links for more information:Buy for Vault Storage in Singapore We are no longer accepting comments on this article. Part of the Daily Mail, The Mail on Sunday & Metro Media Group. It was also the first visit by a serving US Treasury Secretary since 1948. As a newcomer to Fort Knox, you are a part of the Gold Standard team that is making the Army's vision a reality. 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. We will discuss the remaining 4 audit reports at once, as they are very similar. FORT KNOX MINE ICMC SUMMARY AUDIT REPORT . 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). 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. 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). Mistakes That Created America As You Know It, What It Was Like to Enter Through Ellis Island, Uncivilized Moments on the Congress Floor, Heinous Policies Toward Children and Families, Times Another US Civil Conflict Almost Began, Proposed States and Territories That Almost Were, A History of Foreign Meddling in US Elections, 1812: The Biggest Mess in the Country's History, Fort Knox Is So Mysterious And Heavily Guarded, Only One US President Has Ever Been Inside, video cameras, motion detectors, and secret microphones. Learn how your comment data is processed. Fort Knox claims billions of dollars worth of gold are stored away in its secret vault. Your browser is out of date. Contact Us. U.S. Army Cadet Command Headquarters is located inside the Fort Knox installation which is located roughly 35 miles south of Louisville, Kentucky. 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. 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. We are a community that loves Silver, Period. I am glad to report that everything at the depository looked to be secure and in order. walked past guards armed with submachine guns and through a 3-foot thick steel door into the . Coins, Precious One of the mostsecure andinaccessible places in the world, the facility once held the Declaration of Independence and Bill of Rights. Fort Knox sits on over 100,000 acres and houses 30,000 military personnel. previous, Kids Between 1933 and 1937, this increased . In total there should be 13 reports (1974 1986), 2 already were in my possession (1974 and 1977). On the way to the vault, a literal mine field and an electric fence protectthe gold. Only one president has ever been inside -and the US Mint remains largely mum on the contents of the vault -making Fort Knox a hotbed for conspiracy theories. Fort Knox is used to store a large portion of United States official gold reserves and occasionally other precious . On September 24, 1974, a special settlement (audit) is scheduled to begin and at its conclusion a report on the audit will be issued. 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. Ledoux & Company found no irregularities in 2004. Sevenreports are missing. PBOC Gold Purchases: Separating Facts from Speculation. There has not been any movement of inventoried gold since that time. It basically coveredby 1986, 97 percent of the Government-owned gold held by the Mint had been audited and placed under joint seal. Did The Dutch Central Bank Lie About Its Gold Bar List? I did read one time that the queen of England a. More anomalies with regard to the audits of the US official gold reserves will be discussed in forthcoming posts. Save my name, email, and website in this browser for the next time I comment. (in millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. 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 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. A Fort Knox physical gold audit in 1953 was anything but full, neither was the famous audit in 1974. 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. 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. 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. Military/Civilian clock Examples of Civilian/Military time conversion. And being surrounded by more than $186 billion worth of gold was no sweat for one of the country's most powerful politicians. 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). Whos Supplying? All your favorite.50 games all in one club! Fort Knox is also on the list of these 10 forbidden places that no one is ever allowed to visit. Miles Franklin sponsored this article by Gary Christenson.The opinions are his, and they are not investment advice. I have copied as much quotes in this post as I can to minimize the possibility of an erroneous interpretation of the official text in the audit reports. 'It would really be quite a movie if we walked in and there was no gold. Few people have ever entered the vault,and while147.3 million ounces of goldallegedly exists inside, the accuracy remains in doubt. . 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 2011, the U.S. Treasury's full detailed schedules of gold bars were published by the US House Committee on Financial Services as part of submissions for its hearing titled "Investigating the Gol. 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. However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. 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. Connecting thereto, from Thorsons opening statement: My office began conducting annual audits of the gold reserves in Fiscal Year 1993. Fort Knox Policies. 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. "We have approximately $200 billion of gold at Fort Knox," said Mnuchin. Gold verification at Fort Knox March 1998, page 2. Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. Ideas, Gifts for 'So many dead. It was a magnificent golden sunrise that inspired visions of glory, wealth, and beauty. As a result, the gold at the Bank [FRBNY] is considered unaudited. Great! " He told an audience in Louisville, "I assume the gold is still there.". Answer (1 of 2): Who knows but it is rumored that the majority of the gold in Fort Knox no longer exists! 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. However, as Ive written in my post Where Did The Gold In Fort Knox Come From? But Bevin, speaking on WHAS radio, divulged a few more details. 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. No outside experts were allowed on the site for the audit, either,providingfodder for all kinds of conspiracy theorists. Fort Knox is in Romeo (R) time. 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. 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. 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). Join FORT KNOX code Axykp! Submitted to: . Buffalo Coins, American Eagle 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. The New Year kicked off . Fort Knox history. July 21, 2017 7:24AM. By Everett Millman Gainesville Coins . Coins, Tours & Medals, Email & Located in Kentucky, Fort Knox is a United States Army base whichhouses most of the US's gold reserves. for Dads, American Women's History Coins & Fort Knox: "Glad Gold Is Safe!". In an interview, McConnell said he could not say much about the visit for security reasons. 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. Medals, Treasury and Given all the protection, it seems obvious that billions of dollars worth of gold (or something) indeed resides at Fort Knox. & Medal Programs, Tours This post is a sequel to A First Glance At US Official Gold Reserves Audits and Second Thoughts On US Official Gold Reserves Audits. Several more examples of these blurry situations are shown in the released documents. The Fort Knox facility was opened within the year, and took its first shipment of gold in 1937. The vault can withstand guns, blowtorches, and other incendiary devices. Circulating In 1974, after the US closed the gold window, congressional support grew for inquiring into the US gold stock. CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. 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. More false statements by the auditor have appeared, further eroding its credibility. Tiger Woods unleashes his lawyers on porn site after it Bannon is 'going to war' against Jared, 'crying Ivanka' and A whole hue world! In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. when was the last time fort knox was audited. This fits right into how the US government imposes audits on their official gold reserves; the audits are performed by the US government itself. At the congressional hearing of the Gold Transparency Act (H.R. 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). Moreover, it showed a number of (at best) inconsistencies in how the mint conducts its bullion inspection for auditing purposes. 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 fact that 7 audit reports that should grant the existence of these reserves appear to be missing is problematic. 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. I'm not a professional auditor (if you are one please contact me), but common sense suggests that when irregularities are found the sample size . Did audit reveal missing gold . Compared to the samples taken in the 1950s and 60s, the standards for the integrity of the sample size had fallen sharply. Try Army A-Z . www.smartaccess.us . . A second storage facility was built at the same time: . No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. When thinking about these re-audits, threescenarios pop to mind: Why else wouldso much gold have been re-audited? eonon change home screen. 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. The First Critical Observations", February 2017. How can the IG be positive if he did not have access to the most basic documentation? 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. In 1983 the OIG found out something was amiss with the audits performed 1974 1982. We asked the experts - and their answers will terrify you Public Service Announcement, do NOT watch these ads! ', 'All I will say is that it is freakishly well secured,' he said. Between 10 and 1974 about 1986% of the gold was weighed in, a big drop from 2. What his dogged FOIA requests have failed to reveal, unfortunately, is anything that would put the questions about the Fort Knox gold to rest. 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. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. Part One, We use cookies to enhance the user experience and to analyse traffic. 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.

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