The U.S. Mint claims to be a symbol of the founding principles of America, its gold coins a product of the country’s personal success. But that’s not exactly true.
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.
An investigation by The New York Times, published Sunday, followed the money from its origins in dangerous and unlawful mines to American-based refineries as far north as West Point.
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.
In 1985, Congress banned the agency from making bullion out of foreign gold, an explicit attempt to distance the moneymaking institution from human rights abuses abroad. As a result, purchasing gold from the Mint is supposed to come with a vote of confidence, a promise that the bad actors of the world are not profiting from or exploiting the process.
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.
Gold has become one of the most valuable commodities in the market. An ounce of gold in 1985 was worth, on average, $317, according to a gold tracker hosted by SD Bullion. Today, that same ounce is worth $4,688, nearly five times the value when adjusted for inflation.
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.
With the money they make, the various entities affiliated with the trade are able to wage war, sustain autocracies, and commit murder. Gold mining has funded Sudan’s civil war, which has so far displaced more than 14 million people, and bankrolled Russia’s invasion of Ukraine. The trade has bolstered Venezuela and Iran, helping the countries overstep economic sanctions.
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.
When first approached by the Times, a spokesperson for the Mint said that the agency’s gold came entirely from the U.S. But when confronted by the paper’s findings, the spokesperson changed their tune, claiming instead that the U.S. was the Mint’s “primary” source for gold and that it was taking steps to better track the trade.
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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