when was the last time fort knox was audited

The event, Sept. 23, 1974, is often inaccurately called the last audit of Fort Knox. Text Alerts, Contact U.S. President Franklin D. Roosevelt passed legislation outlawing private ownership of gold, and gave instruction to build the depository at . Coin 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. Remember, were investigating the audits of the greatest gold hoard on earth, which underpins the world reserve currency the US dollar. The Treasury document says it would cost about $15 million to conduct an audit. 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. Kinross - Fort Knox Mine April 22nd, 2021 Signature of Lead Auditor Page 2 of 47 . noting that it was "over 20 years" since the last one. Lets recap what weve studied in the previous posts. 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. 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. The usage of cookies and the collection of customer information by BullionStar is guided by our. 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. Answer (1 of 2): Who knows but it is rumored that the majority of the gold in Fort Knox no longer exists! These could be better understood, or clarified, if we could obtain all audit reports from 1974 1986. Several more examples of these blurry situations are shown in the released documents. 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. July 1986 12,477,777.638 [this number Icopied from the 1986 report]. Newborns, Gifts 4. 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. For the other years we dont know whatoffice performed the checks. Fort Knox, major U.S. military reservation in Meade, Hardin, and Bullitt counties, northern Kentucky, U.S. Page Last Modified: 8/26/19, 2:56 PM Fort Knox, KY. Our Nation's Gold Standard Army Home. More than half of the total reserves4,582.95 tonnes, or 147,341,870.463 fine troy ounces of goldare kept at Fort Knox, while more than 1,000 tonnes are stored at West Point and Denver each. In addition to the gold bricks, Bevin said he got to hold a 1933 double eagle, a $20 gold coin that was never circulated. 3. On the way to the vault, a literal mine field and an electric fence protectthe gold. The 1974/1975 and 1978 reports refer to the audits conducted in 1974 and 1977. Fort Knox is used to store a large portion of United States official gold reserves and occasionally other precious . 'The gold is safe.'. Others claim the goldis actually justtungsten bricks painted to look like the precious metal. Site, Coin This is remarkable. 'So many dead. About 000% of them were weighed. But by 1986, you had 97 percent was audited. With regardto my quest for all reports, lets have a look what US government departments could not deliver whatI was looking for: First was the Counsel to the Inspector General Department of the Treasury. 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. Senator from Kentucky, where Fort Knox is located. . Circulating Koos Jansen. In 1974, WCPO Anchor Al Schottelkotte got a rare look inside the gold vault at Fort Knox, Kentucky. In short, the US National Archives could not extradite the 7 audit reports I requested. 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 . One of the mostsecure andinaccessible places in the world, the facility once held the Declaration of Independence and Bill of Rights. Weve focused on the first audits of the gold stored by the US Mint. Conclusion. Over 640,000,000 ounces of real money sat behind those massive locked doors. *In 1974 the New York assay office tested 95 bars. United States Mint All Rights Reserved. The Fort Knox facilitys reputation is thanks to its world-renowned system of security measures, from countless cameras to U.S. Mint Police guards, military helicopters, land mines, fences of barbed and electric wire, and a virtually impregnable vault door. Did audit reveal missing gold . The 1974 Fort Knox audit by the GAO has been acknowledged and adopted by the continuing audits committee, so this it becamepart of the continuing audits. 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 1936, Fort Knox military base was chosen as the site to build a bullion depository to store this gold. Maybe a room or two full of gold but the rest is gone. 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. 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. Koos takes a sharp jab at how the government bureaucracy operates, inveighing (with cause) that it should be clear that the Deep Storage gold has not been audited by professionals, but the precious metals have been verified by imbeciles.. Given all the protection, it seems obvious that billions of dollars worth of gold (or something) indeed resides at Fort Knox. 'It would really be quite a movie if we walked in and there was no gold. The facility also featuresvideo cameras, motion detectors, and secret microphones, all set to pick up the presence of anyone or anything that doesn't belong. In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. 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. As a freebie trip for 4 select political insiders, last Monday's trip to Fort Knox was undoubtedly a memorable one . No photographs were allowed, of course. Official joint seal number 932 put in place on September 2, 1982, under the continuing audits of U.S.-owned goldstored at the Mint. www.smartaccess.us . FORT KNOX MINE ICMC SUMMARY AUDIT REPORT . The U.S. gold reserves at Fort Knox are broken into different numbered compartments within the gold vault. And being surrounded by more than $186 billion worth of gold was no sweat for one of the country's most powerful politicians. di Compartments audited at Mint institutions and depositories are kept under official joint seal by representatives of the audit committee. US citizens were required to sell their gold bullion - bars and coins - back to the State. 1126, San Diego, CA, 92128, USA . . 213K subscribers in the Wallstreetsilver community. Cookies are also used for the purpose of handling our system and services. Phone: +65 6284 4653, Chinas Secret Gold Supplier Is Singapore, Audits Of US Monetary Gold Severely Lack Credibility. That shipment required a convoy of 33 15-ton trailers to move the gold. It seems these 6 reports (5 documents) are the only ones currently in existence and the remaining 7 have mysteriously disappeared. but American gold holdings were reportedly last audited in 1953 (which includes testing for purity); Fort Knox's gold was . Theoretically, if the seal hasnt been tampered with, this is as good as verifying the metals themselves. Though the media and members of government were allowed access in 1974 to take pictures, the last actual audit of Fort Knox occurred in 1953 immediately after President Dwight Eisenhower's inauguration. $800 weekly hand count free roll. HOME; EVENTS; ABOUT; CONTACT; FOR ADULTS; FOR KIDS; accident on 9w marlboro, ny today 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 . I can say that without any hesitation, because I have observed the gold and the security of the gold reserves myself. 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. 'It just kind of came up as a result of a casual conversation,' McConnell said. My FOIA request had disappeared, or did it? Despite continued inquiries, the US Mint refuses to offer up proof of the exact amount of gold held at Fort Knox. The reports were not present at the National Archives, the OIG or at the Treasury Department. 147.3 million ounces of gold is stored at Fort Knox. 'It's not even the annual funding level for some of our large departments in the federal government,' he said. Located in Kentucky, Fort Knox is a United States Army base whichhouses most of the US's gold reserves. Not that it would be easy to even make it this far, but the door to the vault is made of steel and . Are you already an expert in everything America? However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. When I logged in at my account at the FOIA website, I saw my request had disappeared. Ron Paul introduced a bill that would require the Fed to manually audit every U.S.-owned gold . If official documents come to surface I will report accordingly. Facilities, Production 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. 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). We asked the experts - and their answers will terrify you Public Service Announcement, do NOT watch these ads! Jansen found instances in which the Treasurys auditors failed to follow the governments own procedures for the auditing process. A waiting list may be . *In 1977, presumably, one bar in every fiftieth melt (one melt is approximately 20 bars) was assayed, irregularities were found in two melts, the vault had to be opened twice more in the presence of the Joint Sealing Committee and the gold reevaluated. Given the date range of your request 1975-1984, the nature of the report an annual audit of gold, and the fact that reports of similar type have been periodically published on the Internet, it is likely that copies and drafts of these reports are in the legal and physical custody of the Department of the Treasury. 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. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. No outside experts were allowed on the site for the audit, either,providingfodder for all kinds of conspiracy theorists. At the hearing Thorson presented exhibits to support his case 100 % of the gold held at the US Mint has been audited. In addition to facilities in West Point and Denver, the Fort Knox facility-known as the U.S. Bullion Depository -stands out for its reputation as an impenetrable fortress. Mint Medals, Shop All Paper His visit was the one and only time a gold vault was opened for inspection for anyone other than authorized personnel. 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. 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. 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! Fort Knox Operation . At the end of Fiscal Year of 2008, all 42 compartments had been audited by either the GAO, the Committee for Continuing Audit of the U.S. Even then only 5% of the examined bullion was weighed and assayed to determine its purity. 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). Buy for Vault Storage in New Zealand Experts weigh in as tremors hit Wales, Cornwall and the Are YOU eating the right colours? 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. McConnell said he had never thought about visiting Fort Knox before, but jumped at the chance when Mnuchin offered to take him. Great! The assayer is unknown and there was no assay report included in the audit report. Each and every bar there should be assayed in a full, independent audit. As a newcomer to Fort Knox, you are a part of the Gold Standard team that is making the Army's vision a reality. In performing the audit, the gold bars are physically moved from one vault compartment to another. Coins, Tours & Much of this newfound gold came into government coffers as a result of President Franklin Roosevelts executive order confiscating privately held gold in 1933. 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. Published: 22:22 GMT, 21 August 2017 | Updated: 06:57 GMT, 22 August 2017, Honored guests: Treasury Secretary Steve Mnuchin (left) and Senate Majority Leader Mitch McConnell (right) outside the main door to the United States Bullion Depository at Fort Knox on Monday. These CDCs offer full-day care, part-day, and hourly care. There has not been any movement of inventoried gold since that time. From 1993 to 2008 the remaining 3 % of the gold reserves stored at the US Mint hasbeen audited I assume. : 201217896Z The Fort Knox Gold was last audited in the 1950s. Koos mainly provides unique insights about Chinese gold market. 35 % first buy in bonus! 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. Buy, ship and store bullion with BullionStar in/from different countries. Welcome to the Coronation! The First Critical Observations", February 2017. Government-owned gold for which Treasury is accountable. 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 .