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Jan Nieuwenhuijs: Mr. President, don't be fooled by the Fort Knox 'auditors'
By Jan Nieuwenhuijs
Money Metals Exchange, Eagle, Idaho
Friday, February 21, 2025
Dear Mr. President:
Recently you have expressed an intention to do an audit of the gold at Fort Knox and presumably also the other vaults where the U.S. monetary gold is stored.
If you proceed with this endeavor, you will be misleadingly told by the U.S. Treasury, the owner of the gold, that the metal is annually audited by the Office of Inspector General together with an independent public accountant, KPMG LLP.
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The 2024 audit report of the "United States Mint's Schedules of Custodial Deep Storage Gold and Silver Reserves" stored at the U.S. Mint, including the depositories at Fort Knox, West Point, and Denver, can be found on the OIG website here:
The report on the gold stored at the Federal Reserve Bank of New York is here:
No need for any new audits, the bureaucrats will say.
But don't be fooled. While it's true that currently the OIG inspects the permanent tamper-evident seals covering vault compartments annually, and KPMG has accompanied the OIG during these expeditions, these audits are anything but credible if you would know what happened to those compartments before the last seals were put on. ...
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