McConnell was part of a delegation of Kentucky politicians allowed inside the United States Bullion Depository at Fort Knox for the first time since 1974. Two months later I still got no response. Fort Knox Gold: Once upon a time, the Fort Knox Bullion Depository was a vast storehouse for American gold. PBOC Gold Purchases: Separating Facts from Speculation. Alaska, USA . For the first time photographing is being permitted inside the Depository.. 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. Fort Knox is used to store a large portion of United States official gold reserves and occasionally other precious . 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. At various times, it has been used to store other valuable items, such as the Declaration of Independence, one of the four copies of the Magna Carta, and the crown jewels of foreign nations. Part One, We use cookies to enhance the user experience and to analyse traffic. Coin bars are assaying 899 to 901 per mille or 915 1/2 to 917 per mille,roughly 90 % pure, and these types of bars allegedly form the bulk of the US official gold reserves. U.S. Treasury Secretary Steven Mnuchin initiated the visit, along with U.S. Rep. Brett Guthrie and Gov. 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.). 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. In my previous post, from March 2018, on the audits of US official gold reserves, I have exposed that during the audit procedures of the US official gold reserves from 1974 through 2008, repeatedly audit staff deviated from the auditing . Site, Coin Secretary of the Treasury Steven Mnuchin visited Fort Knox on August 21. In 2011 it was portrayed as if KPMG currently is the third party auditor (next to the owner and custodian), but this is not true. I'm not a professional auditor (if you are one please contact me), but common sense suggests that when irregularities are found the sample size . Prince Andrew chuckles as he encounters female jogger on way to his weekly Windsor horse-riding trip. & Facilities, Shop All The last time Fort Knox was audited was in 1953, immediately after President Eisenhower was inaugurated. For your information, we contacted a librarian at the Treasury Department who informed us that reports from Committee for Continuing Audit of the U.S. di 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. The reports were not present at the National Archives, the OIG or at the Treasury Department. 'It's not even the annual funding level for some of our large departments in the federal government,' he said. Other problems sound laughable in their incompetence. CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. The Mint estimated that as much as one-third of the gold reserves were examined during this period. Fort Knox is supposedly filled with 400 oz. Quoting from the 1981 report: Gold at the Federal Reserve Bank of New York is audited periodically by examiners of the Board of Governors of the Federal Reserve System, Members of the Committee for Continuing Audits of United States Government-owned Gold representing the Mint and BGFO observed the audits at the invitation of the Board and the Federal Reserve Bank. Exhibit 2. Fort Knox claims billions of dollars worth of gold are stored away in its secret vault. Liberty, Bush Government-owned Gold" for the years 1975, 1976, 1978, 1979, and 1981-1984. 147.3 million ounces of gold is stored at Fort Knox. One of last year's uproars was the decision by US officials to carry out an audit of these gold vaults. Then, something very strange happened in 1983. teaching assistant pay netmums; when was the last time fort knox was audited. The Gold-Backed-Oil-Yuan Futures Contract Myth, Estimated Chinese Gold Reserves Surpass 20,000t. No outside experts were allowed on the site for the audit, either, providing fodder for all kinds of conspiracy theorists. 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. Bevin, who said he collected coins as a child, compared it to 'seeing a leprechaun on a unicorn. His visit was the one and only time a gold vault was opened for inspection for anyone other than authorized personnel. Coin The target this time is the United States Treasury Assay Office in New York . (in millions of ounces), SIGN UP FOR EMAIL UPDATES AND TEXT MESSAGE ALERTS ABOUT PRODUCTS. His analysis has helped fill in the gaps about how much gold is passing into China each year, which is treated tantamount to a state secret by the Peoples Republic. In response to a FOIA request the US Mint has finally released reports drafted from 1993 through 2008 related to the physical audits of the US official gold reserves. 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). . There Is No Proof All Gold Is In Fort Knox. Plus, US Mint Police remain a constant presence, and preside over the grounds from four machine gun towers placed around the perimeter. Medals, Treasury and Mint Medals, Shop All Paper In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. The First Critical Observations", February 2017. *Its likely 97 % of the audited gold by the continuing audits committee has not been assayed by an independent assayer. Instead, I was advised to contact the Treasury. All the golden coins that were handed in supposedly accumulated to the greatest gold pile on earth. When I logged in at my account at the FOIA website, I saw my request had disappeared. He attempted to pinpoint how the Treasury Department verifies that the gold in its vault is both present and real. The Fort Knox facility was opened within the year, and took its first shipment of gold in 1937. Fort Knox, major U.S. military reservation in Meade, Hardin, and Bullitt counties, northern Kentucky, U.S. Fort Knox facts. However, how trustworthy is this system of accounting? How can the IG be positive if he did not have access to the most basic documentation? The gold stored in these compartments would get moved around if samples were taken for assaying during the audit. After the Congressional inspection, the Bullion Depository will once again be closed to visitors. 3. At the hearing Thorson presented exhibits to support his case 100 % of the gold held at the US Mint has been audited. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. 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. Newborns, Gifts For the sake of simplicity, lets say I have both audit reports, 1980 and 1981. On this sheet 5 physical gold audit reports are listed, framed in red. Moreover, it showed a number of (at best) inconsistencies in how the mint conducts its bullion inspection for auditing purposes. 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. As weve seen thus far there are many problems with the official story everything is fine, all the US official gold reserves all audited. 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. Fort Knox: "Glad Gold Is Safe!". During fiscal year 1986, gold was audited at the West Point Bullion Depository, and the San Francisco Old Mint under the initial continuing audit program. U.S. President Franklin D. Roosevelt passed legislation outlawing private ownership of gold, and gave instruction to build the depository at . At its peak, 649.6 million ounces were stored at Fort Knox on December 31, 1941. 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. The US official gold reserves are the worlds greatest by far at 8,134 metric tonnes. . 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). United States Mint All Rights Reserved. Few people have ever entered the vault,and while147.3 million ounces of goldallegedly exists inside, the accuracy remains in doubt. Meanwhile I was fortunate to find the 1981 audit report at the website The Golden Sextant fromReg Howe. The last time any gold was removed from deep storage at Fort Knox came in 1971, when $500 million worth of gold was delivered to the New York Assay Office. 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 the bullion, 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. These CDCs offer full-day care, part-day, and hourly care. . Based on glaring conflicts among the Treasury's own documents, this staggering amount of gold disappeared without a trace from 1961 to 1971. . There has not been any movement of inventoried gold since that time. Try Army A-Z. Your browser is out of date. Senator from Kentucky, where Fort Knox is located. 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. 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. However, we were unable to locate records responsive to reports similarly titled or closely related to the subject annual gold audit 1975-1984. At the end of Fiscal Year of 2008, all 42 compartments had been audited by either the GAO, the Committee for Continuing Audit of the U.S. We are a community that loves Silver, Period. I left school at 16 with six GCSEs - and became a self-made millionaire. In an interview, McConnell said he could not say much about the visit for security reasons. On top of this, a decades worth (1993-2003) of Joint Seal inspections from the Denver and West Point depositories are not accounted for. Shortly after I got an email that statedmy request had been received and was being processed. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Lets read more about the audits at the FRBNY conducted under the continuing audits program, a quote from the 1981 report: The audit procedures followed [at the FRBNY] are essentially the same as those followed at Bureau of the Mint depositories, except that assay samples are not taken to verify the purity of the gold. Donald Trump Doesn't Think So. Although the quality of the gold in the custody of the Federal Reserve Bank of New York cannot be readily assayed,. In one case, the auditors were allegedly unaware that the scale was showing standard ounces rather than troy ounces, which all precious metals are weighed in, throwing an entire days worth of measurements out of whack (that a scale used for precious metals would ever be set to anything besides troy ounces is questionable). Miles Franklin sponsored this article by Gary Christenson.The opinions are his, and they are not investment advice. Following the Second World War, with the United States emerging as the lone remaining superpower, the countrys gold holdings reached as high as 20,000 tonnes! ( 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. Tuesday March 22, 2016 13:20. The last time that Congress audited it was 2019. The last time Fort Knox had opened its vault to civilians was more than 40 years earlier. The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product. 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

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