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Gold From Colombian Cartel Mine Reaches US Mint Despite Legal Ban: Report
The New York Times investigation reveals the U.S. Mint uses refined gold from international supply chains, not exclusively US-mined gold, despite a 1985 law. The Mint says gold is primarily American but is pursuing better traceability, while the report details various illicit and international sources of gold.
Why It Matters
The findings raise questions about compliance with the law, transparency of the Mint's supply chain, and the potential links between gold, crime, and sanctions evasion on a global scale.
Timeline
14 Events
Gold price rise may attract more illicit activity
April 27, 2026
As gold prices rise, analysts project levels near $5,000 per ounce in 2026, attracting more illegal mining and related activities.
Special coins may not be fully American gold
April 27, 2026
The report suggests even special coins, like a 24-carat coin for the United States' 250th anniversary, may not be made entirely from American gold.
Gold revenues used to fund conflicts and sanctions-evasion
April 27, 2026
The report highlights examples such as Sudan funding conflict, Russia supporting its war in Ukraine, and countries like Venezuela and Iran using gold to reduce the impact of sanctions.
Extremist groups linked to Al Qaeda enter gold trade
April 27, 2026
The report notes that some extremist groups, including those linked to Al Qaeda, have entered the gold trade as another source of funds.
Illicit gold trade linked to environmental harm and violence
April 27, 2026
Illegal mining is described as cutting forests and using mercury, causing environmental harm and contaminating water; proceeds fund gangs and armed groups.
Honduras case of Indigenous graveyard contamination
April 27, 2026
The report cites a Honduran company that reportedly mined gold on land that included an Indigenous graveyard.
Mining methods at La Mandinga described
April 27, 2026
Mining at the site uses excavators and high-pressure hoses to break down hillsides, with workers mixing mercury by hand to extract gold particles; hundreds to possibly over a thousand teams operate with a collector earning about $400 per team per month.
Colombia's Clan del Golfo involved in gold trafficking at La Mandinga
April 27, 2026
In Colombia, the Clan del Golfo cartel is described as trafficking gold alongside cocaine at La Mandinga, with control over mining operations.
Investigation cites foreign sources including Colombia, Mexico, Peru, and DRC
April 27, 2026
The report identifies sources such as mines in Colombia allegedly linked to drug cartels, gold from pawn shops in Mexico and Peru, and mining operations in the Democratic Republic of Congo with Chinese ownership.
Mint annual gold coin sales exceed $1 billion
April 27, 2026
The United States Mint sells more than $1 billion worth of gold coins each year.
Treasury official announces review of gold suppliers
April 27, 2026
Scott Bessent, who oversees the Mint through the Treasury Department, said the issue would be reviewed, emphasizing compliance with the law and safeguarding national security and market integrity.
Mint shifts stance on gold sourcing after findings
April 27, 2026
Mint officials initially said the gold was fully sourced from within the US, but after the investigation findings were shared, the Mint said the United States is only its 'primary' source and that it is working to better track where its gold comes from.
Investigation reveals Mint uses foreign-refined gold
April 27, 2026
The New York Times reports that the U.S. Mint purchases refined gold that has already passed through international supply chains and does not source directly from U.S. mines.
1985 law requires coins to use only US-mined gold
1985
Congress passed a law in 1985 mandating that coins produced by the U.S. Mint use only gold mined in the United States.