\[\"The Department of the TREASURY NEWS\" banner, with \"The Department
of the Treasury 1789\" seal on right and \"BUREAU OF THE MINT; WASH.,
D.C. 20220 - W04-5011\" on 2nd line.\]

[FOR IMMEDIATE RELEASE]{.underline}

September 20, 1974

[INSPECTION OF GOLD AT FORT KNOX]{.underline}

The inspection by Members of Congress on September 23, 1974, of U.S.
gold stocks stored at the Fort Knox (Ky.) Bullion Depository marks a
unique departure from the long standing and rigidly enforced policy of
absolutely no visitors, Mrs. Mary Brooks, Director of the Mint,
announced today..

"On April 28, 1943, President Franklin D. Roosevelt inspected the
Bullion Depository," Mrs. Brooks said. "His visit was the one and only
time a gold vault was opened for inspection for anyone other than
authorized personnel.

"The Congressional inspection adheres to the new open door policy of the
government announced by President Ford. Treasury Secretary William E.
Simon issued the invitation to Congressmen to inspect the gold at Fort
Knox. 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. For the first time photographing is
being permitted inside the Depository."

After the Congressional inspection, the Bullion Depository will once
again be closed to visitors.

On September 24, 1974, a special settlement (audit) is scheduled to
begin and at its conclusion a report on the audit will be issued.

The audit will be performed by a committee of auditors from the U.S.
General Accounting Office (GAO) and the Department of the Treasury. The
auditors from the Treasury will be drawn from the Office of the
Secretary, the Bureau of Government Financial Operations, the U.S.
Customs Service, and the Bureau of the Mint. In addition, the committee
will include technicians from the Bureau of the Mint who are trained in
assaying and weighing gold bullion.

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. 147.4
million fine troy ounces, valued at \$6.2 billion, is stored in 13 vault
compartments at Fort Knox Bullion Depository.

MONETARY GOLD STOCK OF THE UNITED STATES

(in millions of ounces)

  --------------------------------------------- ------------- -----------
  Account of the U.S. Treasury                                

  Fort Knox                                     147.4         

  Denver Mint                                   54.9          

  New York Assay Office                         54.1          

  San Francisco Assay Office                    10.6          

  FRB New York -- Special Custody Acct.         4.2           

  Bank of England                               1.3           

  Bank of Canada                                1.4           

  Other                                         .1            

                                                              274.0

  Exchange Stabilization Fund                                 2.0

  Total                                                       276.0

                                                              
  --------------------------------------------- ------------- -----------