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. ', 'I assume the gold is still there,' he said. The assayer is unknown and no assay reports have been included in the audit reports. In the meantime I will fire several new FOIAs at the Office of the Inspector General and others. When the mint finally produced the audit documentation, Jansen received 134 lightly redacted pages (rather than the estimated total of 1,200 pages). 211 votes, 25 comments. The government supposedly maintains over 8,100 metric tonnes of the yellow metal in its reserves, spread out across three main bullion depositories (for reference, the second-largest gold reserves owned by Germany total less than half of the U.S. stockpile). 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. Phone: +65 6284 4653, Chinas Secret Gold Supplier Is Singapore, Audits Of US Monetary Gold Severely Lack Credibility. My FOIA request had disappeared, or did it? Part One, We use cookies to enhance the user experience and to analyse traffic. Currency, Shop All Metal Coins, back to CHARLOTTE, NC / ACCESSWIRE / May 26, 2021 / America's gold reserves would be audited for the first time in more than 60 years if a measure introduced yesterday by U. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. Fort Knox facts. However, how trustworthy is this system of accounting? Tuesday March 22, 2016 13:20. Jansen is a longtime gold insider and journalist reporting on, for example, the goings-on of the incipient Shanghai Gold Exchange (SGE). The Mint and the GAO were sanctioned to audit a portion of the Treasury's gold. 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. This suggests the gold at the FRBNY was stored so it could be easily transportedin and out of the vaults, possibly through a corridor to the adjacent private vault at 1 Chase Manhattan Plaza read this post by BullionStar gold researcher Ronan Manly for more information on the construction of the FRBNY vault and the connection to the vault across the street that was owned by JP Morgan, but recently bought by Fosun (October 2013), a Chinese investment conglomerate. 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. ', 'All I will say is that it is freakishly well secured,' he said. walked past guards armed with submachine guns and through a 3-foot thick steel door into the . Dollars, Native Theoretically, if the seal hasnt been tampered with, this is as good as verifying the metals themselves. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. 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). Since 1993, when we assumed responsibility for the audit, my office has continued to directly observe the inventory and test the gold. . By Jennifer Liberto @ CNNMoney June 24, 2011: 11:58 AM ET. Part of the Daily Mail, The Mail on Sunday & Metro Media Group. 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. In July 1985, 11,912,458.207 fine troy ounces of gold were reaudited at the Fort Knox Depository. in 2004 the assayer was Ledoux & Company, a private contractor (read their homepage). & Medal Programs, Tours 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. 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. 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. The One "Audit" Of Fort Knox. Coincidentally almost all the gold assayed by the OIG from 2004 2008 was 9999 fine. While primarily known as a vault for gold, the depository also held the Declaration of Independence and the U.S. Constitution during World War II. For instance, sample sizes used for assaying were conspicuously small. The process would take about 30 minutes to verify the gold content of each bar, or 350,000 man hours; to do that . Bureau of Government Financial Operations [BGFO]. That shipment required a convoy of 33 15-ton trailers to move the gold. Although the quality of the gold in the custody of the Federal Reserve Bank of New York cannot be readily assayed,. Secretary of the Treasury Steven Mnuchin visited Fort Knox on August 21. What his dogged FOIA requests have failed to reveal, unfortunately, is anything that would put the questions about the Fort Knox gold to rest. According to official statistics, the United States holds far and away the largest gold reserves of any sovereign nation or supranational institution. 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 did read one time that the queen of England a. There can be no world reserve currency without appropriate gold reserves supporting it, providing essential confidence and credibility. About 000% of them were weighed. Alaska, USA . It was also the first visit by a serving US Treasury Secretary since 1948. 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 . Answer (1 of 2): Internally, it is done annually. & Sales Figures. 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. The Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 vault compartments at Fort Knox Bullion Depository. It was decided to destroy several audit and assay reports and no less than 1,700 tonnes needed to be re-audited. 26 Feb 2017 13:18. Company Registration No. . but American gold holdings were reportedly last audited in 1953 (which includes testing for purity); Fort Knox's gold was . Learn how your comment data is processed. PBOC Gold Purchases: Separating Facts from Speculation. 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. 'It's not even the annual funding level for some of our large departments in the federal government,' he said. 45 New Bridge Road, Singapore 059398 Singapore 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. FORT KNOX MINE ICMC SUMMARY AUDIT REPORT . Prince Andrew chuckles as he encounters female jogger on way to his weekly Windsor horse-riding trip. 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. 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. BY . Of course,strange things have been stored in the vault, like morphine and opiumduring the early '90s. 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. 'It just kind of came up as a result of a casual conversation,' McConnell said. COIN & MEDAL PROGRAMS, History of U.S. For the best and most secure experience in our catalog, please update your browser. Fort Knox claims billions of dollars worth of gold are stored away in its secret vault. In short, the US National Archives could not extradite the 7 audit reports I requested. While this sum is unreasonable, a crowdfunding campaign donated the total in less than 24 hours (strangely enough, the Mint never actually cashed Kooss check, and nearly all of the money was eventually refunded.). The auditors were bored and decided to re-audit 1,700 tonnes. 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. 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. From 1993 to 2008 the remaining 3 % of the gold reserves stored at the US Mint hasbeen audited I assume. Two months later I still got no response. 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 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). Fort Knox: "Glad Gold Is Safe!". The Eisenhower Administration Conducted The Last Audit Of Fort Knox. RSS Feeds . eonon change home screen. I will, however, submit a couple of new FOIAs at the US government regarding gold audits. 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. No photographs were allowed, of course. Despite continued inquiries, the US Mint refuses to offer up proof of the exact amount of gold held at Fort Knox. ', 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, While primarily known as a vault for gold, the depository also held the Declaration of Independence and the U.S. Constitution during World War II. Koos Jansen is a precious metal analyst from the Netherlands. *Its likely 97 % of the audited gold by the continuing audits committee has not been assayed by an independent assayer. 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. Cookies are also used for the purpose of handling our system and services. The comments below have not been moderated. It saves time and labor costs. Kate and Prince William 'are keen' for Prince George to have official role in King Charles' coronation - but Royally hard work! Thats 6 down, 7 more to go. At the congressional hearing of the Gold Transparency Act (H.R. 312 tonnes of the total is 4 %. Thats everything we have, or are aware of. Do you think it would be worthwhile, at least, to inventory and assay this portion of the Mint-held gold? American $1 Coins, SHOP . And the last time it was counted was actually in 1953." 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.
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