Two months later I still got no response. According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! They could only find 2 reports I didnt posses previously, of the audits conducted in 1985 and 1986. In 1953, the US Treasury Department audited Fort Knox, but only around5% of the goldunderwent testingfor purity. Over 640,000,000 ounces of real money sat behind those massive locked doors. Daily free rolls! . Scales at the Mint used to weigh the bars often didnt work properly. CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. The Mint and the GAO were sanctioned to audit a portion of the Treasury's gold. Remember, were investigating the audits of the greatest gold hoard on earth, which underpins the world reserve currency the US dollar. From 1993 to 2008 the remaining 3 % of the gold reserves stored at the US Mint hasbeen audited I assume. Despite the fact that a 1953 Fort Knox audit found that 1977% of bullion tested was out of , in 2, we went to 1998% verified ingots. 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. 1495,not enacted) in 2011 the Inspector General (IG) of the Treasury presented a case all is fine, but all is not fine. 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. Metal Coins, back to EMPTY! Is there any gold in Fort Knox? Government's denial of audit By Jennifer Liberto @ CNNMoney June 24, 2011: 11:58 AM ET. Although gold bars tested to be out of tolerance during a Fort Knox audit in 1977 at a sample size of 2 %, by 1998 the sample size had been further debased to 0.53 %. These could be better understood, or clarified, if we could obtain all audit reports from 1974 1986. 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. Honor, Rolls, Here is a rundown of some of Kooss key findings. Should America's Gold Reserves Be Audited? - Sound Money Defense After the gold was audited by the Continuing Audit committee all compartments were placed under Official Joint Seal. 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. In August 2017, US Treasury Secretary Steve Mnuchinvisited the gold vault at Fort Knox and, along with a few other politicians, surveyed the site. Fort Knox: "Glad Gold Is Safe!". In 2011 it was portrayed as if KPMG currently is the third party auditor (next to the owner and custodian), but this is not true. 3. When the mint finally produced the audit documentation, Jansen received 134 lightly redacted pages (rather than the estimated total of 1,200 pages). 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. We are no longer accepting comments on this article. A waiting list may be required and part-time or hourly care may need special planning depending on demand, mission requirements, etc . What his dogged FOIA requests have failed to reveal, unfortunately, is anything that would put the questions about the Fort Knox gold to rest. ( Kitco News) - Although he made this assumption nearly one year ago, the Donald's comments on gold at Fort Knox - or lack thereof - are making the rounds on Twitter again Tuesday. Theoretically, if the seal hasnt been tampered with, this is as good as verifying the metals themselves. Kinross Gold Corporation's Fort Knox Mine Achieves Fifth Certification Why might the government entrust such inexperienced employees with this important task? Is There Gold in Fort Knox? - CBS News Telephone: (502) 624-2386. 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. This is basically an affirmation that the bullion was up to snuff at the last audit, and has been sealed since. For the sake of simplicity, lets say I have both audit reports, 1980 and 1981. 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). 'So many dead. Treasury Secretary William E. Simon issued the invitation to Congressmen to inspect the gold at Fort Knox. Tiger Woods unleashes his lawyers on porn site after it Bannon is 'going to war' against Jared, 'crying Ivanka' and A whole hue world! U.S. Mint Releases Fort Knox Audit - CoinWeek The BGFO and Mint staff was replaced by the OIG and the revised audit procedures were invented as a reason to open several compartments. "good delivery" bricks of gold found gutted and filled with tungsten within the confines of LBMA approved vaults in Hong Kong. "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". By using our website, you accept that cookies are used. Pursuant to that order, the Committee for Continuing Audit of the U.S. US Mint Provided Fort Knox Gold Audit Documents!! Part One, all golden coins that circulated in the US before 1933 could not have supplied the US official gold reserves to the extent Mr Moy has stated. 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. Medals, Email & President Reagan last spring demanding that this be looked into immediately. The gold is held as an asset at a value of $42.22 per ounce. Need Help? $800 weekly hand count free roll. Where's The Gold! ? Is Fort Knox Empty? - common-sense-in-america.com Exhibit 7.3. Gold verification at Fort Knox March 1998, page 3. Between July 1983 and July 1985 the gold was audited in accordance with the plan approved by the Treasurer, as follows. Thats everything we have, or are aware of. Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. 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. Senator from Kentucky, where Fort Knox is located. Fort Knox, Kentucky is an Army base with more than one hundred thousand acres stretching across three counties. *In 1974 the New York assay office tested 95 bars. So, what's really inside Fort Knox? I left school at 16 with six GCSEs - and became a self-made millionaire. Gold verification at Fort Knox March 1998, page 2. Liberty, Bush The assayer is unknown and there was no assay report included in the audit report. Until 1953, there were serial number audits of the gold and some assaying as I explain but that became costly and time intensive. Small quantities of gold are removed to test the purity during regularly scheduled audits. Then let's raise a glass to a slower, quieter 2022 . US Mint Releases New Fort Knox "Audit Documentation". The First 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. According to official statistics, the United States holds far and away the largest gold reserves of any sovereign nation or supranational institution. Fort Knox - RationalWiki We asked the experts - and their answers will terrify you Public Service Announcement, do NOT watch these ads! 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 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). 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. In addition to facilities in West Point and Denver, the Fort Knox facilityknown as the U.S. Bullion Depositorystands out for its reputation as an impenetrable fortress. In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. Built in 1936, security access for the facility make it difficult to get access. 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. Kids, Gifts for "We have approximately $200 billion of gold at Fort Knox," said Mnuchin. U.S. Army Cadet Command Headquarters is located inside the Fort Knox installation which is located roughly 35 miles south of Louisville, Kentucky. PDF ICMI Gold Mining Audit Report - International Cyanide Management Code & Medal Programs, Tours From the 1985 report: 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. Then, from 2005 to 2008 the assay tests were conducted by White Sands Missile Range, which is a subsidiary of the US army. In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. While the gold at Fort Knox was partially audited in the past, the gold at the Federal Reserve Bank of New York was never looked at. In 1983 the OIG found out something was amiss with the audits performed 1974 1982. . 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. July 1986 12,477,777.638 [this number Icopied from the 1986 report]. According to some sources, this is where most of the other Treasury's gold is located. As a newcomer to Fort Knox, you are a part of the Gold Standard team that is making the Army's vision a reality. Site, Coin And there is more, a lot more. It saves time and labor costs. For the first time photographing is being permitted inside the Depository.. Fort Knox was thrown open on that Monday afternoon for about 2 hours to some 150 reporters and glad-handing politicians, crowding narrow passageways and elbowing each other for a . Connecting thereto, from Thorsons opening statement: My office began conducting annual audits of the gold reserves in Fiscal Year 1993. It was nothing more than a peek-a-boo glance at the gold in fine Hollywood style. Moreover, it showed a number of (at best) inconsistencies in how the mint conducts its bullion inspection for auditing purposes. US citizens were required to sell their gold bullion - bars and coins - back to the State. The gold stored in these compartments would get moved around if samples were taken for assaying during the audit. 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.