Although the quality of the gold in the custody of the Federal Reserve Bank of New York cannot be readily assayed,. But theories exist regarding other possiblecontents of the vault -like the body of Jimmy Hoffa. The Mint estimated that as much as one-third of the gold reserves were examined during this period. Answer (1 of 2): Who knows but it is rumored that the majority of the gold in Fort Knox no longer exists! Same story at the US Mint and US National Archives. It seems that a portion of the Mint and the U.S. gold reserves were audited in an assay between 1993 and 2008, as you acknowledged. A separate post will be dedicated to KPMG. Medals, Email & "We have approximately $200 billion of gold at Fort Knox," said Mnuchin. Furthermore, these audits found no exceptions of any consequence. 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. 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. Your request was received in this office on March 3, 2015 and assigned FOIA case number RD 45578. It is surrounded by an active U.S. Army fort, guarded by the U.S. Mint Police and protected by layers of security measures, including a blast proof 22-ton door, 16,000 cubic feet of granite, 4,200 cubic yards of concrete, 750 tons of reinforcing steel and 670 . Until 1953, there were serial number audits of the gold and some assaying as I explain but that became costly and time intensive. Save my name, email, and website in this browser for the next time I comment. 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. PBOC Gold Purchases: Separating Facts from Speculation. Jansen is a longtime gold insider and journalist reporting on, for example, the goings-on of the incipient Shanghai Gold Exchange (SGE). Approximately half the U.S. Treasury's gold is located in the storage facility at Fort Knox Republican frontrunner Donald Trump hinted at the idea that there just might be no gold in the U.S. "good delivery" gold bars. July 21, 2017 7:24AM. In an audit conducted at Fort Knox in 1953, 88 ingots were counted for verification. His visit was the one and only time a gold vault was opened for inspection for anyone other than authorized personnel. Fort Knox Policies. How can the IG be positive if he did not have access to the most basic documentation? Exhibit 2. An overview starting from 1953: *In the 1953 report we could read 26 bars (0.00002 % of the total stash at that time) were assayed from bore samples. 3. Let me show you an example of Fort Knox. July 1986 12,477,777.638 [this number Icopied from the 1986 report]. This fits right into how the US government imposes audits on their official gold reserves; the audits are performed by the US government itself. Thank you for signing up with United States Mint! Whos Supplying? In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. Revealed: The top 10 fastest-growing destinations for UK pensioners retiring overseas. The Treasury document says it would cost about $15 million to conduct an audit. The last time Fort Knox was audited was in 1953, immediately after President Eisenhower was inaugurated. Few people have ever entered the vault,and while147.3 million ounces of goldallegedly exists inside, the accuracy remains in doubt. In 1983 the OIG found out something was amiss with the audits performed 1974 1982. More than half of . and until 2010, every member of . Sets, Commemorative Buy, ship and store bullion with BullionStar in/from different countries. American $1 Coins, SHOP The comments below have not been moderated. Fort Knox facts. Is the Coin Market Sleeping on Fairmont Collection Gold Coins? 4. Are you already an expert in everything America? After the gold was audited by the Continuing Audit committee all compartments were placed under Official Joint Seal. There was no assay report included in the audit report. 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. 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 controversial 'trauma expert' interviewing Prince Harry: Gabor Mat was warned by the Canadian A big Beckham birthday! This was the first time the OIG was responsible for the audits of the gold at the Mint (note, this same OIG is still responsible for the audits). The New Year kicked off . Government-owned Gold, or my office, and placed under official joint seals. Maybe a room or two full of gold but the rest is gone. It was a magnificent golden sunrise that inspired visions of glory, wealth, and beauty. More from 1981 report: The continuing audit is being conducted on a cyclical basis because of the enormous quantity of gold to be handled and the related costs. According to some sources, this is where most of the other Treasury's gold is located. *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. 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. I have copied as much quotes in this post as I can to minimize the possibility of an erroneous interpretation of the official text in the audit reports. I'm a vet, and here are five dog breeds most prone to cancer - including Golden Retrievers and Rottweilers. 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. The last time that Congress audited it was 2019. Official Joint Seal inspection records from Fort Knox, June 1998 (courtesy of Koos Jansen through Freedom of Information Act). ALL COIN PROGRAMS, National Purple Heart Hall of The event, Sept. 23, 1974, is often inaccurately called the last audit of Fort Knox. From at least 1944 the world reserve currency is the US dollar, which was backed by gold until 1971 and supported by gold ever since. This is remarkable. 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. Fort Knox Internal Review and Audit Compliance. 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. Kids, Gifts for Join FORT KNOX code Axykp! Experts weigh in as tremors hit Wales, Cornwall and the Are YOU eating the right colours? Between 1933 and 1937, this increased . I personally believe that rumor and the bulk of it has been sold off to the rich elites. 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. After 20 years of Democratic presidents, the American public wanted to be sure that the gold confiscated from them was still there. Talkers Medals, Military By and large, the vast majority of the verification is done by checking Official Joint Seals. Government-owned Gold performed annual audits of Treasurys gold reserves from 1975 to 1986, placing all inventoried gold that it observed and tested under an official joint seal. We are no longer accepting comments on this article. . The official story from OIG is that 100 % of the gold stored at Fort Knox was audited in between 1974 and 1986, . This effort to audit the Fort Knox gold, the Federal Reserve, and its policies toward gold is now carried on by the younger Paul, Rand, who currently serves as a U.S. This document also contains a summary of the 1980 audit which, by the way, isnt less detailed than the full 1981 report. *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. More false statements by the auditor have appeared, further eroding its credibility. Conclusion. The US government wished to open the vaults of audited gold to lease or sell the metal on the open market. Mint Medals, Shop All Paper The assayer is unknown and there was no assay report included in the audit report. But Bevin, speaking on WHAS radio, divulged a few more details. previous, Kids Paul, a longtime critic of the Federal Reserve and U.S. monetary policy, said he believes it's "a possibility" that there might not actually be any gold in the vaults of Fort Knox or the New York Federal Reserve bank. An excuse was needed to break the seals. The Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. ', 'I assume the gold is still there,' he said. His advice to me was to try at the General Accounting Office (GAO) and National Archives for more reports. 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. The auditors from the Treasury will be drawn from the Office of the Secretary, the Bureau of Government Financial Operations, the U.S. Customs Service, and the Bureau of the Mint. Weve focused on the first audits of the gold stored by the US Mint. In 1977 the New York assay office, which is a subsidiary of the US Mint, conducted the assays. Every year the gold in Fort Knox is audited by checking the official joint seals that were placed on all vault compartments during the continuing audits of U.S.-owned gold from 1974 until 1986, when allegedly 97 % of the (Deep Storage) gold was inspected. Weve barely come across any independent auditor that saw, counted, weighed or assayed the US official gold reserves. Bevin, who said he collected coins as a child, compared it to 'seeing a leprechaun on a unicorn. It was also the first visit by a serving US Treasury Secretary since 1948. Koos mainly provides unique insights about Chinese gold market. For the other years we dont know whatoffice performed the checks. 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. 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. Company Registration No. Official records claimed 20,000 tons in the 1950s. The Congressional inspection adheres to the new open door policy of the government announced by President Ford. Gold verification at Fort Knox March 1998, page 2. 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. In 1953, the US Treasury Department audited Fort Knox, but only around5% of the goldunderwent testingfor purity. 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. www.smartaccess.us . In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. Newborns, Gifts The last full audit was done in 1953 . It was obvious that some of the records were missing (or not provided). It was decided to destroy several audit and assay reports and no less than 1,700 tonnes needed to be re-audited. 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. One of the mostsecure andinaccessible places in the world, the facility once held the Declaration of Independence and Bill of Rights. . 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. Kooss analysis of the procedures used found its rigor wanting in several key areas. The First Critical Observations", February 2017. Our staff conducted a search using the National Archives Holdings Management System under the following records group numbers: RG 50 Treasurer of the United States, RG 56 General Records of the Department of the Treasury, RG 82 Federal Reserve System, RG 101 Office of the Comptroller of the Currency, RG 104 U.S. Mint, and RG 425 Financial Management Service. Circulating The door weighs 22 tons and is 21 inches thick, and the roof is bomb proof. The first screen shots below are from a gold verification at Fort Knox in March 1998. 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. 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. 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