There has not been any movement of inventoried gold since that time. 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. One of the mostsecure andinaccessible places in the world, the facility once held the Declaration of Independence and Bill of Rights. In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. The gold stored in these compartments would get moved around if samples were taken for assaying during the audit. The speculation has also been amplified by the degree of secrecy surrounding the reserves: Since the depository opened seven decades ago, the only time any member of the public has been permitted inside the facility was when members of the media were (however briefly) invited in on September 23, 1974. Quoting from the 1981 report: Gold at the Federal Reserve Bank of New York is audited periodically by examiners of the Board of Governors of the Federal Reserve System, Members of the Committee for Continuing Audits of United States Government-owned Gold representing the Mint and BGFO observed the audits at the invitation of the Board and the Federal Reserve Bank. Bureau of Government Financial Operations [BGFO]. According to the reports available to us,in 1985 the committee had to conclude the gold at the FRBNY was never audited! 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). The Fort Knox Gold was last audited in the 1950s. The first screen shots below are from a gold verification at Fort Knox in March 1998. They wrote me by email: Mr. Nieuwenhuijs our Office of Audit found: as well as GAOs 1974/1975 and 1978 reports. 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 vault compartments at Fort Knox Bullion Depository. U.S. Treasury Secretary Steven Mnuchin initiated the visit, along with U.S. Rep. Brett Guthrie and Gov. 35 % first buy in bonus! Select stock location for your desired country in the dropdown to view our inventory available in that country. You requested access to audit reports of the United States Department of the Treasurys official gold reserves published by the Committee for Continuing Audit of the U.S. 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. Until 1953, there were serial number audits of the gold and some assaying as I explain but that became costly and time intensive. 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. 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). "Glad the gold is safe!". 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. By Patrick A. Heller. He tweeted " Glad gold is safe! For instance, sample sizes used for assaying were conspicuously small. 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. In 1953, the US Treasury Department audited Fort Knox, but only around5% of the goldunderwent testingfor purity. 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 . Lets recap what weve studied in the previous posts. ', 'I assume the gold is still there,' he said. 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. 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. The last full audit was done in 1953 . 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. Kinross - Fort Knox Mine April 22nd, 2021 Signature of Lead Auditor Page 2 of 47 . Treasury Secretary William E. Simon issued the invitation to Congressmen to inspect the gold at Fort Knox. A Fort Knox physical gold audit in 1953 was anything but full, neither was the famous audit in 1974. 45 New Bridge Road, Singapore 059398 Singapore 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. 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. eonon change home screen. Built in 1936, security access for the facility make it difficult to get access. 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. And we attempted to contact a records management officer at the Treasury Department, but did not receive a reply as of the date of this letter. Miles Franklin sponsored this article by Gary Christenson.The opinions are his, and they are not investment advice. A waiting list may be . 'So many dead. The Eisenhower Administration Conducted The Last Audit Of Fort Knox. Next was the GAO; unfortunately they couldnt deliver anything I was looking for. Fort Knox, major U.S. military reservation in Meade, Hardin, and Bullitt counties, northern Kentucky, U.S. His advice to me was to try at the General Accounting Office (GAO) and National Archives for more reports. . & Medal Programs, Tours 211 votes, 25 comments. Located in Kentucky, Fort Knox is a United States Army base whichhouses most of the US's gold reserves. Two tetrahedron-shaped chips were removed form the top and bottom of each bar assayed. Kate and Prince William 'are keen' for Prince George to have official role in King Charles' coronation - but Royally hard work! July 21, 2017 7:24AM. During this operations, the melt numbers and the number of bars in each melt are verified with an inventory listing, and one in fifty melts is randomly selected for weighing and test assay. Several more examples of these blurry situations are shown in the released documents. Since 1993, when we assumed responsibility for the audit, my office has continued to directly observe the inventory and test the gold. 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. As a result, the gold at the Bank [FRBNY] is considered unaudited. Representative Alex Mooney (R . By gathering information from audit reports from 1974 1986 (the ones I could get my hands on) and statements made at the congressional hearing in 2011 well analyze our way through this. 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). The committee was made up of staff from the Treasury, the Mint, and the Federal Reserve Bank of New York. As the last days tick away, let's take a moment to recap the top 12 stories at Fort Knox that shaped our 2021. No outside experts were allowed on the site for the audit, either,providingfodder for all kinds of conspiracy theorists. 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. Prince Andrew chuckles as he encounters female jogger on way to his weekly Windsor horse-riding trip. 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. At its peak, 649.6 million ounces were stored at Fort Knox on December 31, 1941. Of course,strange things have been stored in the vault, like morphine and opiumduring the early '90s. Fort Knox is used to store a large portion of United States official gold reserves and occasionally other precious . Is the Coin Market Sleeping on Fairmont Collection Gold Coins? To access the gold vault at Fort Knox, you'd need to make your way through a network of security measures. I personally believe that rumor and the bulk of it has been sold off to the rich elites. More anomalies with regard to the audits of the US official gold reserves will be discussed in forthcoming posts. United States Mint All Rights Reserved. The gold at Fort Knox is stored in one of the most secure facilities in the world. *Its likely 97 % of the audited gold by the continuing audits committee has not been assayed by an independent assayer. I would like to stress the importance of this failure to deliver the audit reports of 97 % of the official US gold reserves by the department directly responsible at this point in time. 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. . If we carefully read the scarce audit reports available to us, wenotice the audit procedures were revised in 1983.
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