For instance, sample sizes used for assaying were conspicuously small. The target this time is the United States Treasury Assay Office in New York . 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 However, if that intruder had turned to the west he would have . Audit report Fort Knox 1981. 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. Exhibit 1. 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 . Approximately half the U.S. Treasury's gold is located in the storage facility at Fort Knox An excuse was needed to break the seals. 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. 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. The reports from 1974 and 1977 weve extensively analyzed in my previous post Second Thoughts On US Official Gold Reserves Audits, published on February 9, 2015. More than half of . I shall rest here. On the way to the vault, a literal mine field and an electric fence protectthe gold. 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. Weve focused on the first audits of the gold stored by the US Mint. 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. 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. However, in some instances, the rationale for moving gold from one compartment to another proved elusive. A separate post will be dedicated to KPMG. After 20 years of Democratic presidents, the American public wanted to be sure that the gold confiscated from them was still there. Exhibit 7.1. Two tetrahedron-shaped chips were removed form the top and bottom of each bar assayed. However, until the missing audit reports show up we can only look at this case as its presented by the US government through the documents that are publicly available. The US government wished to open the vaults of audited gold to lease or sell the metal on the open market. 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 vaults were last opened to the public in the 1970s, and the last treasury secretary visit was in 1948. Great! The Fort Knox Gold was last audited in the 1950s. 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. The assayer is unknown and no assay reports have been included in the audit reports. In June 1975, the Treasury Secretary authorized and directed a continuing audit of U.S. Because there remains so little information about the contents of the gold vault, a lot of theories crop upregarding what's really inside Fort Knox. He said it took 'quite a bit of time' to get in and out of the facility, and said officials had to cut a seal to open the vault for them. & Facilities, Shop All Then let's raise a glass to a slower, quieter 2022 . In an interview, McConnell said he could not say much about the visit for security reasons. . Moreover, it showed a number of (at best) inconsistencies in how the mint conducts its bullion inspection for auditing purposes. And there is more, a lot more. Lets recap what weve studied in the previous posts. teaching assistant pay netmums; when was the last time fort knox was audited. And the last time it was counted was actually in 1953." Talkers Medals, Military ByI forget which date it was, I believe by 1986, wehold on just one second here, I got it. A movie producer before becoming treasury secretary, Mnuchin told a group of Louisville business leaders earlier in the day it was important for him to see the gold to attest that 'it is part of our national assets. Gold verification at Fort Knox March 1998, page 1. Fort Knox is used to store a large portion of United States official gold reserves and occasionally other precious . His advice to me was to try at the General Accounting Office (GAO) and National Archives for more reports. His visit was the one and only time a gold vault was opened for inspection for anyone other than authorized personnel. . A congressional delegation and some journalists got a look at the gold in 1974. Fort Knox, Kentucky is an Army base with more than one hundred thousand acres stretching across three counties. Bags, & Boxes, Code Each gold bar is 7 inches x 3 and 5/8 inches x 1 and 3/4 . My FOIA request had disappeared, or did it? However, no outside experts were allowed in during the audit, and only about 5% of the gold was actually tested. From the 1985 report: Share this page: Army.mil. Sevenreports are missing. *In 1974 the New York assay office tested 95 bars. Fort Knox Policies. Answer (1 of 2): Who knows but it is rumored that the majority of the gold in Fort Knox no longer exists! President Reagan last spring demanding that this be looked into immediately. Secretary of the Treasury Steven Mnuchin visited Fort Knox on August 21. However, how trustworthy is this system of accounting? 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. Weve barely come across any independent auditor that saw, counted, weighed or assayed the US official gold reserves. These could be better understood, or clarified, if we could obtain all audit reports from 1974 1986. 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. McConnell said he had never thought about visiting Fort Knox before, but jumped at the chance when Mnuchin offered to take him. 2023 DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. I left school at 16 with six GCSEs - and became a self-made millionaire. Sets, Commemorative Join FORT KNOX code Axykp! But theories exist regarding other possiblecontents of the vault -like the body of Jimmy Hoffa. Ron Paul worries Fort Knox gold is gone. Fort Knox is supposedly filled with 400 oz. Located in Kentucky, Fort Knox is a United States Army base whichhouses most of the US's gold reserves. . di He said this, but there is no proof. Cookies are also used for the purpose of handling our system and services. 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. Telephone: (502) 624-2386. Senator from Kentucky, where Fort Knox is located. 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. There Is No Proof All Gold Is In Fort Knox. I also want to assure you that the physical security over the gold reserves is absolute. The Fort Knox facility was opened within the year, and took its first shipment of gold in 1937. Single mother faces 170 parking fine after overstaying at McDonald's for just 14 minutes while she treated Man had sex with his wife on bollard in protest after it had been erected by neighbour to stop him parking What will the next pandemic be? But, the OIG disclosed assay reports of the audits of 3 % of the US official gold reserves stored by the Mint at the congressional hearing in 2011 (exhibit 3 and 4). No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. Do you think it would be worthwhile, at least, to inventory and assay this portion of the Mint-held gold? You can change the usage of cookies in your browser. The Congressional inspection adheres to the new open door policy of the government announced by President Ford. "The last time anybody went in to see the gold, other than the Fort Knox people, was in 1974 when there was a congressional visit.
T Bone Steaks On Sale Near Me, Articles W