US Mint gold source tied to criminal networks in Colombia: NYT

Mining04-26 09:31

The United States is increasingly being drawn into the opaque supply chains of illicit mining after an investigation by The New York Times tied some of its gold supply to Colombian criminal networks. ...

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href=https://www.mining.com/us-mint-gold-source-tied-to-criminal-networks-in-colombia-nyt/><strong>Mining</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The United States is increasingly being drawn into the opaque supply chains of illicit mining after an investigation by The New York Times tied some of its gold supply to Colombian criminal networks.\n...</p>\n\n<a href=\"https://www.mining.com/us-mint-gold-source-tied-to-criminal-networks-in-colombia-nyt/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BEGS","symbol_name":"RAREVIEW 2X BULL CRYPTOCURRENCY & PRECIOUS METALS 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some of its gold supply to Colombian criminal networks.\nDrawing on interviews, trade records and field reporting, the NYT detailed how illegally mined gold in Colombia — often controlled by armed groups and drug cartels — is laundered through intermediaries and exported with seemingly legitimate paperwork before entering global supply chains.\nIn some cases, that gold made its way into the supply chain of the US Mint, which under federal law must use America-mined gold for its investor-grade coins.\nThe report highlights a fragmented chain of accountability. When questioned by a Times reporter, the US Mint blamed its suppliers, who then deflected the responsibility to other intermediaries. All parties maintained they had stopped accepting Colombian gold.\nThe US Department of the Treasury, which oversees the Mint, also denied the accuracy of these findings. A spokesperson also told the publication that buying foreign gold for investor coins does not violate the law.\nAt the same time, the NYT investigators noted that the Mint had long used a loose definition of “US gold,” allowing foreign material to qualify if offset by domestic purchases — a requirement that has not been enforced for more than 20 years, according to a 2024 federal watchdog report.\nThat year, roughly $1.5 billion of Colombia’s $4.1 billion gold exports ended up in the US, making it the largest single destination, according to trade data compiled by the United Nations.\nIllegal gold in US market\nThe findings add to a growing body of evidence that illicitly mined gold has been penetrating formal US markets for years.\nPrevious investigations and enforcement actions have traced gold from Latin America — including Peru and Colombia — into North American refiners and traders, often after being mixed with legitimate supply and exported with falsified documentation.\nThose cases have repeatedly exposed how difficult it is for downstream buyers to fully verify origin in a commodity that has such a long history in the global financial system. A World Wide Fund for Nature UK report earlier this year found that over 80% of financial institutions, including those in the US, were at risk of exposure to dealings with illegal mining for gold.\nThe latest findings also further highlight the persistent challenges in achieving full transparency in gold supply chains, as well as the limitations of existing oversight mechanisms.\nFollowing the latest investigation, the Treasury said it is now reviewing the Mint’s procurement practices and has tightened its sourcing standards, the NYT report said.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2630333434","isCrawlerRequest":true}