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. EMPTY! Is there any gold in Fort Knox? Government's denial of audit The committee was made up of staff from the Treasury, the Mint, and the Federal Reserve Bank of New York. Remember, were investigating the audits of the greatest gold hoard on earth, which underpins the world reserve currency the US dollar. 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). 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 gold is held as an asset at a value of $42.22 per ounce. Koos Jansen. However, no outside experts were allowed in during the audit, and only about 5% of the gold was actually tested. Kinross Gold Corporation's Fort Knox Mine Achieves Fifth Certification 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. Questions: Two months later I still got no response. Ron Paul introduced a bill that would require the Fed to manually audit every U.S.-owned gold . I doubt an attempt to submitting a FOIA request directly to the Treasury Department will bring me anything; likely it will be a waste of time as I had already contacted all possible government departments separately, which could not deliver me the reports I was looking for despite none of them was unwilling to help me. The U.S. Government Spent Fort Knox GoldHundreds of Times 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. . Protected by a 109,000-acre U.S. Army post in Kentucky sits one of the Federal Reserve's most secure assets and its only gold depository: the 73-year-old Fort Knox vault. Then, from 2005 to 2008 the assay tests were conducted by White Sands Missile Range, which is a subsidiary of the US army. The 1974/1975 and 1978 reports refer to the audits conducted in 1974 and 1977. Rep. Paul Calls for Gold Audit, Questions Whether Fort Knox Is Empty After writing it Ive been trying to collect all audit reports dating from1974 1986. 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. Internal Review & Audit Compliance :: U.S. Army Fort Knox: Gold In addition, the committee will include technicians from the Bureau of the Mint who are trained in assaying and weighing gold bullion. The First Critical Observations", February 2017. 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. The other two-thirds, however, have not been inventoriedthat is according to my understandingor assayed since somewhere between 1975 and 1986. Until 1953, there were serial number audits of the gold and some assaying as I explain but that became costly and time intensive. *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. walked past guards armed with submachine guns and through a 3-foot thick steel door into the . At this stage I havent been able to get my hands on any assay report from 1974 1986. 'So many dead. US citizens were required to sell their gold bullion - bars and coins - back to the State. previous, back to 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? 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. Despite continued inquiries, the US Mint refuses to offer up proof of the exact amount of gold held at Fort Knox. The day of the Mary Brooks tour of Fort Knox, September 23, 1974, the Treasury announced that for the first time in twenty-one years, they would agree to an audit of the U.S. gold reserve. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. Republican frontrunner Donald Trump hinted at the idea that there just might be no gold in the U.S. After 40 years, Fort Knox opens famed vault to civilians The intention in 1975 was to audit the gold at the FRBNY, but then, a few years down the road the gold at the New York Fed was mysteriouslyexempt from the continuing audits program. 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. Of course,strange things have been stored in the vault, like morphine and opiumduring the early '90s. Fort Knox: "Glad Gold Is Safe!" - Miles Franklin Prince Andrew chuckles as he encounters female jogger on way to his weekly Windsor horse-riding trip. By Jennifer Liberto @ CNNMoney June 24, 2011: 11:58 AM ET. Reversal of this policy on a one time only basis came as a result of a series of peculiar events that resulted in a congressional demand for an audit of the bullion depository, and a first-hand viewing of the gold deposited there. There can be no world reserve currency without appropriate gold reserves supporting it, providing essential confidence and credibility. 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. GAO stands for General Accounting Office, OIG stands for Office of Inspector General. 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. when was the last time fort knox was audited. The coin bars topic, which ties together with the existence of the US official gold, deserves a thorough study to be expanded upon in a separate post. A waiting list may be required and part-time or hourly care may need special planning depending on demand, mission requirements, etc . A barrel is worth about $1,200 or $2.88 per pound which is 10-18 times the value of U.S. crude oil. fort knox crisis phone numbers. Fort Knox claims billions of dollars worth of gold are stored away in its secret vault. One of last year's uproars was the decision by US officials to carry out an audit of these gold vaults. 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). Should America's Gold Reserves Be Audited? - Sound Money Defense Based on glaring conflicts among the Treasury's own documents, this staggering amount of gold disappeared without a trace from 1961 to 1971. . 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 . Select stock location for your desired country in the dropdown to view our inventory available in that country. Schultz from the New York Fed was part of the continuing audits committee and therefor the FRBNY was supposed to be audited. 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. Ledoux & Company found no irregularities in 2004. I can say that without any hesitation, because I have observed the gold and the security of the gold reserves myself. The first screen shots below are from a gold verification at Fort Knox in March 1998. eonon change home screen. US Mint Releases New Fort Knox "Audit Documentation". The First The Fort Knox Mine was initially certified in full compliance with the Cyanide Code in February 2008 and was recertified in September 2011, in February 2015, and in August 2018. Theoretically, if the seal hasnt been tampered with, this is as good as verifying the metals themselves. 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. 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 vault compartments at Fort Knox Bullion Depository. Do you think it would be worthwhile, at least, to inventory and assay this portion of the Mint-held gold? The US official gold reserves are the worlds greatest by far at 8,134 metric tonnes. The only audit that has ever been done of the gold inside Ft Knox was done days after Dwight Eisenhower became President in January of 1953. 45 New Bridge Road, Singapore 059398 Singapore Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. Jansen found instances in which the Treasurys auditors failed to follow the governments own procedures for the auditing process. However, as Ive written in my post Where Did The Gold In Fort Knox Come From? He attempted to pinpoint how the Treasury Department verifies that the gold in its vault is both present and real. 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. Last time: This picture dates from 1974 - the last time civilians were allowed inside - and shows Mrs. Mary Brooks, Director of the Mint surrounded by gold in one of Fort Knox's vaults for Dads, American Women's History Coins & And there is more, a lot more. 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. PDF Fort Knox, Kentucky - United States Army The gold at Fort Knox is stored in one of the most secure facilities in the world. The target this time is the United States Treasury Assay Office in New York . Connecting thereto, from Thorsons opening statement: My office began conducting annual audits of the gold reserves in Fiscal Year 1993. Hisstatement 100 percent of the U.S. Governments gold reserves in the custody of the Mint has been inventoried and audited is impossible to confirm, as well see later on. The vaults were last opened to the public in the 1970s, and the last treasury secretary visit was in 1948. 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. Need Help? PDF AUDIT REPORT - BullionStar A separate post will be dedicated to KPMG. 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. 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). By using our website, you accept that cookies are used. Instead, I was advised to contact the Treasury. The assayer is unknown and there was no assay report included in the audit report. Medals, Email & 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. Exhibit 2. *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. Is There Really Any Fort Knox Gold - Historic Mysteries . Shortly after I got an email that statedmy request had been received and was being processed. Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold. Cookies are also used for the purpose of handling our system and services. The Armored Force School and the Armored Force Replacement Center began operations at Fort Knox in October 1940. Answer (1 of 2): Who knows but it is rumored that the majority of the gold in Fort Knox no longer exists! The depository was built following U.S. President, Franklin D. Roosevelt's, controversial 1933 legislation - Executive Order 6102 - which outlawed the private ownership of gold bullion. For this post well focus on the continuing audits of U.S.-owned gold, as these audits should proof there is gold in Fort Knox. (in millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. Dollars, Native