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Your request was received in this office on March 3, 2015 and assigned FOIA case number RD 45578. Each and every bar there should be assayed in a full, independent audit. This post is a sequel to A First Glance At US Official Gold Reserves Audits and Second Thoughts On US Official Gold Reserves Audits. 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 depository holds more than 147 million ounces of gold, which puts its market value at more than $186 billion. Then, from 2005 to 2008 the assay tests were conducted by White Sands Missile Range, which is a subsidiary of the US army. More than half of . The Eisenhower Administration Conducted The Last Audit Of Fort Knox In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. 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. Official Joint Seal inspection records from Fort Knox, June 1998 (courtesy of Koos Jansen through Freedom of Information Act). It was nothing more than a peek-a-boo glance at the gold in fine Hollywood style. I can say that without any hesitation, because I have observed the gold and the security of the gold reserves myself. Miles Franklin sponsored this article by Gary Christenson.The opinions are his, and they are not investment advice. Thats everything we have, or are aware of. A barrel is worth about $1,200 or $2.88 per pound which is 10-18 times the value of U.S. crude oil. Are you already an expert in everything America? Others claim the goldis actually justtungsten bricks painted to look like the precious metal. Coins, American In July 1985, 11,912,458.207 fine troy ounces of gold were reaudited at the Fort Knox Depository. 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. 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. On top of this, a decades worth (1993-2003) of Joint Seal inspections from the Denver and West Point depositories are not accounted for. Revealed: The new '23' number plates the DVLA deems offensive and has banned including EU23 OFF and GO23 HEL, The secret WhatsApp mode that lets you EDIT texts after you've sent them. 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. Approximately half the U.S. Treasury's gold is located in the storage facility at Fort Knox The US government wished to open the vaults of audited gold to lease or sell the metal on the open market. Why havent we ever seen any assays of coin bars? Plus, US Mint Police remain a constant presence, and preside over the grounds from four machine gun towers placed around the perimeter. 35 % first buy in bonus! Instead, I was advised to contact the Treasury. U.S. Treasury Secretary Steven Mnuchin initiated the visit, along with U.S. Rep. Brett Guthrie and Gov. This is remarkable. The gold is held as an asset at a value of $42.22 per ounce. 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. Honor, Rolls, Secretary Mnuchin's statements were not helpful. And there is more, a lot more. Republican frontrunner Donald Trump hinted at the idea that there just might be no gold in the U.S. 'The gold is safe.'. 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. Scales at the Mint used to weigh the bars often didnt work properly. While investigating facts about Fort Knox Federal Credit Union and Fort Knox Safes, I found out little known, but curios details like: The Federation of Quebec Maple Syrup Producers has a "Fort Knox" vault of Maple Syrup. 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. In August 2017, US Treasury Secretary Steve Mnuchinvisited the gold vault at Fort Knox and, along with a few other politicians, surveyed the site. (in millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. 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. Buffalo Coins, American Eagle In short, this all sounds like the audit process has a number of cracks through which accounting mistakes can easily slip through. Other problems sound laughable in their incompetence. A second storage facility was built at the same time: . Between 10 and 1974 about 1986% of the gold was weighed in, a big drop from 2. The Congressional inspection adheres to the new open door policy of the government announced by President Ford. As weve seen thus far there are many problems with the official story everything is fine, all the US official gold reserves all audited. COIN & MEDAL PROGRAMS, History of U.S. In the excel sheet with the bar list of gold stored by the US Mint, published a few years ago, we can see nearly all the gold is low purity roughly 90 % pure very little was 9999 fine. Same story at the US Mint and US National Archives. The gold at Fort Knox is stored in one of the most secure facilities in the world. 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). 211 votes, 25 comments. 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. Us, ALL Company Registration No. I shall rest here. www.smartaccess.us . He tweeted " Glad gold is safe! So, what's really inside Fort Knox? 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. in 2004 the assayer was Ledoux & Company, a private contractor (read their homepage). The WORST care homes in England: Interactive map reveals the lowest-rated 2,530 residences - so is there one Do YOU know your Adam and Eve from your Ruby Murray? The controversial 'trauma expert' interviewing Prince Harry: Gabor Mat was warned by the Canadian A big Beckham birthday! Buy, ship and store bullion with BullionStar in/from different countries. China Gold Import Jan-Sep 797t. Ultimately, the Mint concluded that Koos would need to pay over $3,000 in order to have the documents gathered and copied. But by 1986, you had 97 percent was audited. The Treasury document says it would cost about $15 million to conduct an audit. In 1974, after the US closed the gold window, congressional support grew for inquiring into the US gold stock. My assumption is, these assays from 2004 2008 are all assays authorized by the OIG from 1993 2008 and therefor cover 3 % of the gold stored at the US Mint. One wonders: was this a simple oversight or some kind of conscious obfuscation effort? 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. & Sales Figures. Upload by MysteryManagement Fort Knox and the gold dipped tungsten bars - Michael Rivero showAre the gold bars in Fort Knox really made of the precious metal. eonon change home screen. We will discuss the remaining 4 audit reports at once, as they are very similar. The Fort Knox Gold was last audited in the 1950s. The audit, which includes facilities, roads, parking lots, fences and utilities that are each valued at $250,000 or more, involved 1,053 sites and encompassed researching, identifying, reviewing . *For all other publicly available audit reports (1980, 1981, 1985, 1986) its very briefly mentioned assay tests were conducted, presumably for one in every fiftieth melt. It saves time and labor costs. GOLD, RESERVES, REPORT(S), AUDIT, COMMITTEE FOR THE CONTINUING AUDIT, COMMITTEE, INSPECTOR GENERAL, ASSISTANT SECRETARY OF THE TREASURY FOR INTERNATIONAL AFFAIRS, BUREAU OF FISCAL SERVICE, and BUREAU OF GOVERNMENT FINANCIAL OPERATION. The US official gold reserves are the worlds greatest by far at 8,134 metric tonnes. The audit announced, however, would include just 20% of the gold. Moreover, it showed a number of (at best) inconsistencies in how the mint conducts its bullion inspection for auditing purposes. 213K subscribers in the Wallstreetsilver community. Fort Knox, major U.S. military reservation in Meade, Hardin, and Bullitt counties, northern Kentucky, U.S. And the problem goes far beyond missing audit reports. HOME; EVENTS; ABOUT; CONTACT; FOR ADULTS; FOR KIDS; accident on 9w marlboro, ny today 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. Currently the Office Inspector General of the Treasury is responsible for the audits of the gold reserves at the US Mint. Several more examples of these blurry situations are shown in the released documents. Located in Kentucky, Fort Knox is a United States Army base whichhouses most of the US's gold reserves. Part of the Daily Mail, The Mail on Sunday & Metro Media Group. 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. 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. At this stage I havent been able to get my hands on any assay report from 1974 1986. An excuse was needed to break the seals. 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. Answer (1 of 2): Who knows but it is rumored that the majority of the gold in Fort Knox no longer exists! Bureau of Government Financial Operations [BGFO]. Prince Andrew chuckles as he encounters female jogger on way to his weekly Windsor horse-riding trip. 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 an interview, McConnell said he could not say much about the visit for security reasons. Fort Knox is used to store a large portion of United States official gold reserves and occasionally other precious . 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. Great! I also want to assure you that the physical security over the gold reserves is absolute. and until 2010, every member of . Newborns, Gifts However, if that intruder had turned to the west he would have . Senator from Kentucky, where Fort Knox is located. When will the Beast from the East be at YOUR door? One of last year's uproars was the decision by US officials to carry out an audit of these gold vaults. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. Fort . Sets, Commemorative Presidential Coins, Kennedy Half Matt Bevin. 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. 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. & Facilities, Shop All Compartments audited at Mint institutions and depositories are kept under official joint seal by representatives of the audit committee. This is what it said: This is in response to your March 2, 2015 Freedom of Information Act (FOIA) request for records in the custody of the National Archives and Records Administration (NARA). The First Critical Observations. Ron Paul introduced a bill that would require the Fed to manually audit every U.S.-owned gold . 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). This document also contains a summary of the 1980 audit which, by the way, isnt less detailed than the full 1981 report. And the last time it was counted was actually in 1953." 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. Fort Knox, Kentucky is an Army base with more than one hundred thousand acres stretching across three counties. In performing the audit, the gold bars are physically moved from one vault compartment to another. CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. No need to read about these fascinating facts and important events that have shaped the U.S. as we know it today. Did audit reveal missing gold . Not that it would be easy to even make it this far, but the door to the vault is made of steel and . Did The Dutch Central Bank Lie About Its Gold Bar List? The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. previous, Kids RSS Feeds . . The door weighs 22 tons and is 21 inches thick, and the roof is bomb proof. ( 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.