Instead, the U.S. Mint’s gold program is the amalgamation of several illicit sources, effectively serving as the final laundering point for foreign powers and cartels before the precious metal is clean and ready for sale on the international market.
The Mint is the biggest name in the global gold coin market. Its profits are a boon to the U.S. Treasury that help to cover various government expenses.
But the Mint has blatantly and repeatedly violated that law since its implementation, regardless of which party is in charge of Washington. In doing so, it has allowed even some of the country’s most ardent adversaries to pocket cash from American operations.
The Times tracked hundreds of millions of dollars worth of gold from the far corners of the globe, including a mine in Colombia run by Clan del Golfo, a violent cartel blacklisted by the Treasury Department that traffics in gold alongside cocaine, as well as a Congolese mine that is partly owned by the Chinese government. Even terrorist groups linked to Al Qaeda have gotten into the American gold trade.
Locally, the mining has produced toxic results. Many of the mines are just as bad for the environment as they are for the people running them: Portions of the Amazon rainforest have been indiscriminately deforested and polluted in order to make way for the mines. Where gold is found in mud, workers mix in mercury by hand, hoping to bind the metals together. In doing so, they poison themselves and the local ecosystems.
Treasury Secretary Scott Bessent, whose department oversees the Mint, told the Times that he would open an investigation into the matter.
“This review is focused on ensuring that the U.S. Mint’s gold suppliers comply with the law and strictly satisfy their obligations, and that the Mint takes every step possible to continue to vigorously safeguard our national security and uphold market integrity,” Bessent said in a written statement.
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