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NYT Traces U.S. Mint Gold to Colombian Drug Cartel
The investigation says the Mint sold more than $1 billion in gold coins a year while relying on paperwork that obscured illicit sources.
- A New York Times investigation published Sunday revealed the United States Mint used foreign and illegally sourced gold in coins marketed as '100% American-mined,' tracing material to Colombian cartels and Latin American pawn shops.
- Congress banned foreign gold in 1985 to avoid human rights abuses, yet the Mint flouted this mandate for decades, as a 2024 Treasury Department inspector general audit confirmed the agency never verified supplier origins for roughly 20 years.
- Through laundering processes, illicit gold is mixed with domestic supply at processors like Dillon Gage and Asahi USA, reclassifying the combined product as American before entering the Mint's official supply chain undetected.
- On Monday, Treasury Secretary Scott Bessent announced a procurement review to ensure compliance and safeguard national security, while the Mint adjusted its public claim from '100% American' to calling the United States its 'primary' source.
- Global gold prices near $5,000 per ounce incentivize criminal groups like Colombia's Clan del Golfo to fund violence, and with the Mint selling over $1 billion in coins annually, the investigation underscores broader risks of conflict financing.
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U.S. Mint buys drug cartel gold and sells it as ‘American’ | Honolulu Star-Advertiser
CAUCASIA, Colombia >> Every year, the United States Mint sells more than $1 billion of investment-grade gold coins. Each is stamped with an icon like the bald eagle, signifying the government’s guarantee, required by law, that the gold is 100% American.
·Honolulu, United States
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What will Donald Trump say about this? According to a report, America's mint sourced gold from Mexican pawnshops and South American intermediaries suspected of cooperating with drug cartels.
Coverage Details
Total News Sources27
Leaning Left7Leaning Right2Center2Last UpdatedBias Distribution64% Left
Bias Distribution
- 64% of the sources lean Left
64% Left
L 64%
C 18%
R 18%
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