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

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.

Drawing 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.

In 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.

The 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.

Bessent orders review

Treasury Secretary Scott Bessent, whose department oversees the Mint, said he would investigate the gold procurement practices in light of the Times’ investigative reporting. 

The review aims to ensure the US Mint’s gold suppliers follow the law and meet their obligations, while the Mint continues to safeguard national security and market integrity, Bessent told the paper.

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.

That 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.

Illegal gold in US market

The findings add to a growing body of evidence that illicitly mined gold has been penetrating formal US markets for years.

Previous 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.

Those 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 gold mining.

The 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.

Following the latest investigation, the Treasury said it is now reviewing the Mint’s procurement practices and has tightened its sourcing standards, the NYT reported.