US Mint Sells Gold Coins With Murky Origins
Newser • • business
Key Points:
- A New York Times investigation reveals that gold used in US Mint's American Gold Eagle coins, legally required to be newly mined in the US, is actually sourced from a complex global network including mines linked to a Colombian drug cartel.
- Reporters traced gold from a Clan del Golfo-controlled mine in Colombia, characterized by illegal mining and cartel taxation, through export channels and a Texas refinery before reaching the Mint's suppliers.
- Despite a 1985 Congressional ban on foreign gold in Mint bullion to prevent human-rights abuses, the Mint has circumvented this rule for decades under multiple administrations, even as gold prices approach $5,000 an ounce.
- Internal Treasury audits had identified these sourcing issues, but the Mint only acknowledged the use of foreign gold and pledged improved tracking after being confronted by the Times.
- The investigation highlights significant ethical and regulatory concerns surrounding the provenance of gold in US Mint coins, challenging the narrative of their patriotic symbolism.
