Ultimately, the Mint concluded that Koos would need to pay over $3,000 in order to have the documents gathered and copied. Since 1993, when we assumed responsibility for the audit, my office has continued to directly observe the inventory and test the gold. It was obvious that some of the records were missing (or not provided). Small quantities of gold are removed to test the purity during regularly scheduled audits. The assay tests found no irregularities. Share this page: Army.mil. At the hearing Thorson presented exhibits to support his case 100 % of the gold held at the US Mint has been audited. But Bevin, speaking on WHAS radio, divulged a few more details. Tiger Woods unleashes his lawyers on porn site after it Bannon is 'going to war' against Jared, 'crying Ivanka' and A whole hue world! fort knox crisis phone numbers. President Reagan last spring demanding that this be looked into immediately. Ron Paul introduced a bill that would require the Fed to manually audit every U.S.-owned gold . In a series of posts well continue to examine all there is to find regarding the audits of US official gold reserves. Thats 6 down, 7 more to go. Compared to the samples taken in the 1950s and 60s, the standards for the integrity of the sample size had fallen sharply. Each gold bar is 7 inches x 3 and 5/8 inches x 1 and 3/4 . Currency, Shop All Experts weigh in as tremors hit Wales, Cornwall and the Are YOU eating the right colours? An intruder standing on the roof of the Fort Knox Bullion Depository on the morning of September 11, 2015 would have seen the sunrise in the east. . One wonders: was this a simple oversight or some kind of conscious obfuscation effort? Exhibit 7.3. 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. Theoretically, if the seal hasnt been tampered with, this is as good as verifying the metals themselves. 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. Medals, Email & July 21, 2017 7:24AM. Then, something very strange happened in 1983. 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). Maybe a room or two full of gold but the rest is gone. Test yourself with this Cockney Rhyming Slang quiz. 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. Although this rumor or theory is simply that, the remarkably high security that guards the U.S. gold reserves has understandably drawn the curiosity of the investigative press. At the congressional hearing of the Gold Transparency Act (H.R. This post is a sequel to A First Glance At US Official Gold Reserves Audits and Second Thoughts On US Official Gold Reserves Audits. Gold verification at Fort Knox March 1998, page 1. 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. He ought to have known precisely how many pages were needed and presumably where to find them. 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. United States Mint All Rights Reserved. Daily free rolls! We will discuss the remaining 4 audit reports at once, as they are very similar. 147.4 million fine troy ounces, valued at $6.2 billion, is stored in 13 vault compartments at Fort Knox Bullion Depository. Official joint seal number 932 put in place on September 2, 1982, under the continuing audits of U.S.-owned goldstored at the Mint. previous, back to CoinWeek does not buy or sell coins or numismatic material and No endorsement or affiliation to or from CoinWeek.com is made. 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. More false statements by the auditor have appeared, further eroding its credibility. After writing it Ive been trying to collect all audit reports dating from1974 1986. A second storage facility was built at the same time: . Fort Knox is a U.S. army base in Kentucky, best known for the United States Bullion Depository which holds a large part of the U.S. government's reserves of gold. Equal Employment Opportunity. However, we were unable to locate records responsive to reports similarly titled or closely related to the subject annual gold audit 1975-1984. Others claim the goldis actually justtungsten bricks painted to look like the precious metal. 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. Many conspiracy theorists - like the Gold Anti-Trust Action Committee (GATA)- believe the gold doesn't really exist, there isn't as much as the government claims, or the government has sold it off for years. The gold is held as an asset at a value of $42.22 per ounce. Moreover, it showed a number of (at best) inconsistencies in how the mint conducts its bullion inspection for auditing purposes. 26 Feb 2017 13:18. Did The Dutch Central Bank Lie About Its Gold Bar List? A waiting list may be required and part-time or hourly care may need special planning depending on demand, mission requirements, etc . Fort Knox Operation . 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. 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, there has been considerable doubt over the years as to whether the depository actually held any gold. The OIG audited 3 % from 1993 2008. *For the audits performed in 1975, 1976, 1978, 1979, 1982, 1983 and 1984 under the continuing audits program allegedly 1 in 50 melts has been assayed, although there are no audit reports, nor assay reports, nor do we know who the assayer was. It was a magnificent golden sunrise that inspired visions of glory, wealth, and beauty. You may consider submitting a FOIA request directly to the Treasury Department. The Facebook predator who lured schoolgirls to run away with him is one of 7,000 sex fiends who offended Do not sell or share my personal information. The Eisenhower Administration Conducted The Last Audit Of Fort Knox In 1953, the US Treasury Department audited Fort Knox, but only around 5% of the gold underwent testing for purity. The Mint estimated that as much as one-third of the gold reserves were examined during this period. The novel begins: 7:20 am, September 11, 2015. On the way to the vault, a literal mine field and an electric fence protectthe gold. Contact Us. Sevenreports are missing. Medals, Treasury and ', 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. 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. All the golden coins that were handed in supposedly accumulated to the greatest gold pile on earth. The first screen shots below are from a gold verification at Fort Knox in March 1998. More than half of . 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. Murdaugh is heckled as he leaves court, Moment teenager crashes into back of lorry after 100mph police race, Ken Bruce finishes his 30-year tenure as host of BBC Radio 2, Family of a 10-month-old baby filmed vaping open up, Missing hiker buried under snow forces arm out to wave to helicopter, Insane moment river of rocks falls onto Malibu Canyon in CA, Fleet-footed cop chases an offender riding a scooter, Ukrainian soldier takes out five tanks with Javelin missiles. I shall rest here. I'm a vet, and here are five dog breeds most prone to cancer - including Golden Retrievers and Rottweilers. 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. In October 1984, 4,136,046.924 fine troy ounces of gold were reaudited at the United States Mint, Denver. On February 25, 2015, I submitted a FOIA request in orderto obtain the audit reports drafted by the Continuing Audits Of U.S.-Owned Goldcommittee in 1975, 1976, 1978, 1979, 1982, 1983 and 1984. CoinWeek: Rare Coin, Currency, and Bullion News for Collectors, it should be clear that the Deep Storage gold has not been audited by professionals, but the precious metals have been verified by imbeciles., submitted a number of Freedom of Information Act (FOIA) requests, Kolbe & Fanning Booksellers Buy or Bid Sale #3 Today Through March 15, Selections from Atlas Numismatics New Ancient, World Coin Inventory, Lesser Known History of the US Mint in Saudi Gold and Other Tales, Bitcoins and Physical Cryptocurrency in Stacks Bowers Auction. If we carefully read the scarce audit reports available to us, wenotice the audit procedures were revised in 1983. The U.S. gold reserves at Fort Knox are broken into different numbered compartments within the gold vault. However, how trustworthy is this system of accounting? However, in some instances, the rationale for moving gold from one compartment to another proved elusive. The reports were not present at the National Archives, the OIG or at the Treasury Department. The Fort Knox Gold was last audited in the 1950s. As will conclusions and speculation. Fort Knox is also on the list of these 10 forbidden places that no one is ever allowed to visit. It was also the first visit by a serving US Treasury Secretary since 1948. 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 answer is, he cant. 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? The last time that Congress audited it was 2019. 213K subscribers in the Wallstreetsilver community. Conclusion. As a result, the gold at the Bank [FRBNY] is considered unaudited. The assayer is unknown and no assay reports have been included in the audit reports. "good delivery" gold bars. The assayer is unknown and there was no assay report included in the audit report. Other problems sound laughable in their incompetence. Government-owned gold for which Treasury is accountable. It was established in 1918 as Camp Knox (named for Major General Henry Knox, first U.S. secretary of war), and it became a permanent military post in 1932.
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