Are you already an expert in everything America? in 2004 the assayer was Ledoux & Company, a private contractor (read their homepage). 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. More anomalies with regard to the audits of the US official gold reserves will be discussed in forthcoming posts. 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. And we attempted to contact a records management officer at the Treasury Department, but did not receive a reply as of the date of this letter. noting that it was "over 20 years" since the last one. Part of the Daily Mail, The Mail on Sunday & Metro Media Group. eonon change home screen. Bear in mind that another FOIA request for internal email correspondence relating to the initial inquiries revealed that the official who provided this exaggerated estimate of how difficult the task of producing the documents would be was an auditor himself and among the authors of the documents that Jansen sought in the first place! 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. Schultz from the New York Fed was part of the continuing audits committee and therefor the FRBNY was supposed to be audited. 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. When will the Beast from the East be at YOUR door? A separate post will be dedicated to KPMG. 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. Exhibit 7.2. He said this, but there is no proof. The last time that Congress audited it was 2019. Coins, Precious Daily free rolls! Miles Franklin sponsored this article by Gary Christenson.The opinions are his, and they are not investment advice. 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. The last Congressional visit prior to this occurredin 1974. The next screen shot is from the reply by the FOIA help desk on May 6, 2015. "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. Talkers Medals, Military This is largely due to a well-circulated rumor during the 1970s that the vaults had been emptied by elites in banking in government, either leased out or confiscated. 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. 147.3 million ounces of gold is stored at Fort Knox. 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 1983 the OIG found out something was amiss with the audits performed 1974 1982. Exhibit 1. The depository holds more than 147 million ounces of gold, which puts its market value at more than $186 billion. In addition to facilities in West Point and Denver, the Fort Knox facilityknown as the U.S. Bullion Depositorystands out for its reputation as an impenetrable fortress. The fact that 7 audit reports that should grant the existence of these reserves appear to be missing is problematic. Built in 1936, security access for the facility make it difficult to get access. Buffalo Coins, American Eagle Plus, US Mint Police remain a constant presence, and preside over the grounds from four machine gun towers placed around the perimeter. On this sheet 5 physical gold audit reports are listed, framed in red. 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. A waiting list may be required and part-time or hourly care may need special planning depending on demand, mission requirements, etc . GAO stands for General Accounting Office, OIG stands for Office of Inspector General. 213K subscribers in the Wallstreetsilver community. Although gold bars tested to be out of tolerance during a Fort Knox audit in 1977 at a sample size of 2 %, by 1998 the sample size had been further debased to 0.53 %. I would like to stress the importance of this failure to deliver the audit reports of 97 % of the official US gold reserves by the department directly responsible at this point in time. 4,243 bars were relocated from vault Jcompartment 19, to vault J compartment 2, at the Denver depository. 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. After the Congressional inspection, the Bullion Depository will once again be closed to visitors. All the benefits of simply switching from white to brown - AND how purple, Will El Salvador's new mega-prison turn into a bloodbath? Revealed: The top 10 fastest-growing destinations for UK pensioners retiring overseas. China Net Imported 1,300t Of Gold In 2016, Why SGE Withdrawals Equal Chinese Gold Demand And Why Not, Trade in and out of physical gold and silver, BullionStar Perspectives - Rick Rule - Wisdom and Insights from Legendary Mining Investor, Buy for Vault Storage in the United States, Domestic and International Shipping from Singapore, and 1980 summary, released by the GAO 10/1981, the vault had to be opened twice more in the presence of the Joint Sealing Committee and the gold reevaluated, assaying 899 to 901 per mille or 915 1/2 to 917 per mille, Where Did The Gold In Fort Knox Come From? 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. Even then only 5% of the examined bullion was weighed and assayed to determine its purity. Fort Knox gold subject of hearing. Shipping within the United States Each and every bar there should be assayed in a full, independent audit. 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. 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. Fort Knox: "Glad Gold Is Safe!". 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. The facility also featuresvideo cameras, motion detectors, and secret microphones, all set to pick up the presence of anyone or anything that doesn't belong. At the hearing Thorson presented exhibits to support his case 100 % of the gold held at the US Mint has been audited. I can say that without any hesitation, because I have observed the gold and the security of the gold reserves myself. Then let's raise a glass to a slower, quieter 2022 . The committee was made up of staff from the Treasury, the Mint, and the Federal Reserve Bank of New York. 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. Save my name, email, and website in this browser for the next time I comment. The assay tests found no irregularities. The depository was built following U.S. President, Franklin D. Roosevelt's, controversial 1933 legislation - Executive Order 6102 - which outlawed the private ownership of gold bullion. Koos Jansen is a precious metal analyst from the Netherlands. Secretary Mnuchin's statements were not helpful. Phone: +65 6284 4653, Chinas Secret Gold Supplier Is Singapore, Audits Of US Monetary Gold Severely Lack Credibility. 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. Click on the links for more information:Buy for Vault Storage in Singapore Bags, & Boxes, Code According to official statistics, the United States holds far and away the largest gold reserves of any sovereign nation or supranational institution. Honor, Rolls, 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. This would last until 2010 when the Armor School was relocated to Fort Benning, Georgia. So, what's really inside Fort Knox? " He told an audience in Louisville, "I assume the gold is still there.". 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). Here is a rundown of some of Kooss key findings. Telephone: (502) 624-2386. One particular compartment with 19,800 gold bars was recorded as being moved in the 1996 audit, yet was checked again in 1998 (with the same 19,800 gold bars) with no reference to the fact that this is almost certainly the same sample of gold inspected two years prior. Bureau of Government Financial Operations [BGFO]. Connecting thereto, from Thorsons opening statement: My office began conducting annual audits of the gold reserves in Fiscal Year 1993. Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold. In July 1985, 11,912,458.207 fine troy ounces of gold were reaudited at the Fort Knox Depository. Fort Knox claims billions of dollars worth of gold are stored away in its secret vault. 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. Cookies are also used for the purpose of handling our system and services. 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. As a freebie trip for 4 select political insiders, last Monday's trip to Fort Knox was undoubtedly a memorable one . By also inviting the press to witness the Congressional inspection, the Mint is clearing away cobwebs and re-assuring the public that their gold is intact and safe.