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By Jennifer Liberto @ CNNMoney June 24, 2011: 11:58 AM ET. No irregularities were found. Medals, Treasury and 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). And the vault has also been a setting place for several movies, the most famous being the 1964 James Bond film, Goldfinger when the titular character foiled a plot to contaminate thebullion. They wrote me by email: Mr. Nieuwenhuijs our Office of Audit found: as well as GAOs 1974/1975 and 1978 reports. 'It's not even the annual funding level for some of our large departments in the federal government,' he said. However, if that intruder had turned to the west he would have . Each and every bar there should be assayed in a full, independent audit. And the problem goes far beyond missing audit reports. Experts weigh in as tremors hit Wales, Cornwall and the Are YOU eating the right colours? The last time Fort Knox was audited was in 1953, immediately after President Eisenhower was inaugurated. Domestic and International Shipping from Singapore Because there remains so little information about the contents of the gold vault, a lot of theories crop upregarding what's really inside Fort Knox. RSS Feeds . The next screen shot is from the reply by the FOIA help desk on May 6, 2015. initial 1974 Fort Knox audit which was conducted by GAO and Treasury auditors. Bevin, who said he collected coins as a child, compared it to 'seeing a leprechaun on a unicorn. Equal Employment Opportunity. Train fares will rise by 5.9% TOMORROW - but travellers can still get cheaper tickets if they buy them Why is Britain experiencing so many earthquakes? In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. It basically coveredby 1986, 97 percent of the Government-owned gold held by the Mint had been audited and placed under joint seal. 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. walked past guards armed with submachine guns and through a 3-foot thick steel door into the . Military/Civilian clock Examples of Civilian/Military time conversion. $800 weekly hand count free roll. A barrel is worth about $1,200 or $2.88 per pound which is 10-18 times the value of U.S. crude oil. 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. Plus, US Mint Police remain a constant presence, and preside over the grounds from four machine gun towers placed around the perimeter. Many conspiracy theorists - like the Gold Anti-Trust Action Committee (GATA)- believe the gold doesn't really exist, there isn't as much as the government claims, or the government has sold it off for years. Furthermore, these audits found no exceptions of any consequence. 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. 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. In another dubious mix-up, a number of measurements were faulty because the auditors misread where the decimal point was on the scale. The Fort Knox facility, a hyper-secure fortress in Kentucky that is part of quintessential American lore, is . You may consider submitting a FOIA request directly to the Treasury Department. Telephone: (502) 624-2386. Jansen is a longtime gold insider and journalist reporting on, for example, the goings-on of the incipient Shanghai Gold Exchange (SGE). Then, from 2005 to 2008 the assay tests were conducted by White Sands Missile Range, which is a subsidiary of the US army. 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. Then, something very strange happened in 1983. Kids, Gifts for (in millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. Of course,strange things have been stored in the vault, like morphine and opiumduring the early '90s. Although the quality of the gold in the custody of the Federal Reserve Bank of New York cannot be readily assayed,. 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. But theories exist regarding other possiblecontents of the vault -like the body of Jimmy Hoffa. After 20 years of Democratic presidents, the American public wanted to be sure that the gold confiscated from them was still there. Moving on to the assay tests conducted at the US Mint. There was no assay report included in the audit report. Why might the government entrust such inexperienced employees with this important task? It was obvious that some of the records were missing (or not provided). The last Congressional visit prior to this occurredin 1974. However, no outside experts were allowed in during the audit, and only about 5% of the gold was actually tested. Shipping within New Zealand. 26 Feb 2017 13:18. . Since 1993, when we assumed responsibility for the audit, my office has continued to directly observe the inventory and test the gold. The assay tests found no irregularities. The Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. Questions: The gold at Fort Knox is stored in one of the most secure facilities in the world. 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. 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. Fort Knox history. All the benefits of simply switching from white to brown - AND how purple, Will El Salvador's new mega-prison turn into a bloodbath? 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. Exhibit 2. Two months later I still got no response. random nose bleed covid. 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. eonon change home screen. 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). 4. Weve barely come across any independent auditor that saw, counted, weighed or assayed the US official gold reserves. I did read one time that the queen of England a. Answer (1 of 2): Who knows but it is rumored that the majority of the gold in Fort Knox no longer exists! Is the Coin Market Sleeping on Fairmont Collection Gold Coins? Presidential Coins, Kennedy Half 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. 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. A Fort Knox physical gold audit in 1953 was anything but full, neither was the famous audit in 1974. ALL COIN PROGRAMS, National Purple Heart Hall of 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. 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. Fort Knox is in Romeo (R) time. By using our website, you accept that cookies are used. Coins, Precious For instance, sample sizes used for assaying were conspicuously small. In June 1975 the Secretary of the Treasury authorized the continuing audits of the US owned gold stock. for Dads, American Women's History Coins & The last time anyone had access to inspect the deposits was on September 23, 1974. . 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! I personally believe that rumor and the bulk of it has been sold off to the rich elites. No need to read about these fascinating facts and important events that have shaped the U.S. as we know it today. Representative Alex Mooney (R . Fort Knox is home to more than 30 commands and organizations with a daytime population of about 26,260 Soldiers, civilian employees and Family members. When will the Beast from the East be at YOUR door? However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. Not that it would be easy to even make it this far, but the door to the vault is made of steel and . 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. No outside experts were allowed on the site for the audit, either,providingfodder for all kinds of conspiracy theorists. Fort Knox is used to store a large portion of United States official gold reserves and occasionally other precious . 3. Try Army A-Z . Moreover, it showed a number of (at best) inconsistencies in how the mint conducts its bullion inspection for auditing purposes. We asked the experts - and their answers will terrify you Public Service Announcement, do NOT watch these ads! 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). 35 % first buy in bonus! The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product. Royal Mint Launches First Coin in Myths and Legends Collection, Numismatic Crime Counterfeit Notes Sold Over Facebook, 1776 Continental Dollar Offered by David Lawrence Rare Coins, Grade This 1936-S Cincinnati Commemorative Silver Half Dollar, First King Charles III Coin From Pobjoy Celebrating the Accession, Dakota 1875 $5 Bank Note in Stacks Bowers Spring Auction. ', 'I assume the gold is still there,' he said. Until 1953, there were serial number audits of the gold and some assaying as I explain but that became costly and time intensive. The BGFO and Mint staff was replaced by the OIG and the revised audit procedures were invented as a reason to open several compartments. Fort Knox gold subject of hearing. 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. "Glad the gold is safe!". 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 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. Learn how your comment data is processed. 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. Shortly after I got an email that statedmy request had been received and was being processed. Gold verification at Fort Knox March 1998, page 3. However, there has been considerable doubt over the years as to whether the depository actually held any gold. More false statements by the auditor have appeared, further eroding its credibility. 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. Sevenreports are missing. At the hearing Thorson presented exhibits to support his case 100 % of the gold held at the US Mint has been audited. One of the most sensitive secrets protected by the Washington establishment is the massive cache of gold reserves held at the federal depository in Fort Knox, Kentucky. 1495,not enacted) in 2011 the Inspector General (IG) of the Treasury presented a case all is fine, but all is not fine. Matt Bevin. Fort Knox Operation . For the first time photographing is being permitted inside the Depository.. 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. In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. Fort Knox Gold: Once upon a time, the Fort Knox Bullion Depository was a vast storehouse for American gold. And the last time it was counted was actually in 1953." Share this page: Army.mil. Us, ALL 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. 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. Fort Knox facts. . In addition, the committee will include technicians from the Bureau of the Mint who are trained in assaying and weighing gold bullion. noting that it was "over 20 years" since the last one. Manyquestion the amount of gold that supposedly exists in the vault,and wonder what else hides within the building'swalls. GAO stands for General Accounting Office, OIG stands for Office of Inspector General. Lets recap what weve studied in the previous posts. The auditors were bored and decided to re-audit 1,700 tonnes. This would last until 2010 when the Armor School was relocated to Fort Benning, Georgia. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. Part One, We use cookies to enhance the user experience and to analyse traffic. How can the IG be positive if he did not have access to the most basic documentation? The US government wished to open the vaults of audited gold to lease or sell the metal on the open market. The other two-thirds, however, have not been inventoriedthat is according to my understandingor assayed since somewhere between 1975 and 1986. The last trial was a "hybrid" SAG, with one cyclopac underflow feeding the . About 000% of them were weighed. There has not been any movement of inventoried gold since that time. It was decided to destroy several audit and assay reports and no less than 1,700 tonnes needed to be re-audited. Few people have ever entered the vault,and while147.3 million ounces of goldallegedly exists inside, the accuracy remains in doubt. However, in some instances, the rationale for moving gold from one compartment to another proved elusive. 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. 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. To access the gold vault at Fort Knox, you'd need to make your way through a network of security measures. 97 percent of the gold was checked and sealed in an audit that ended in 1986, and annual partial audits by a third-party accounting firm continued after that, he said. (Back to top) CIVILIAN TIME MILITARY TIME CIVILIAN TIME MILITARY TIME 12:01 AM 0001 5:00 PM 1700 (Seventeen hundred) 5:00 AM 0500 10:00 PM 2200 10:00 AM 1000 (Ten hundred) 11:30 PM 2330 12:00 PM (Noon) 1200 12:00 AM . The US Treasury currently owns 8,134 tonnes of gold of which 7,716 tonnes is stored by the US Mint (4,583 tonnes at Fort Knox, 1,364 tonnes in Denver, 1,682 at West Point) and 418 tonnes at the Federal Reserve Bank Of New York. 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. *In 1974 the New York assay office tested 95 bars. The door weighs 22 tons and is 21 inches thick, and the roof is bomb proof. It was also the first visit by a serving US Treasury Secretary since 1948. 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. As will conclusions and speculation. Click on the links for more information:Buy for Vault Storage in Singapore This document also contains a summary of the 1980 audit which, by the way, isnt less detailed than the full 1981 report.