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NYT Traces U.S. Mint Gold to Colombian Drug Cartel
The investigation says the Mint sold more than $1 billion in gold coins a year while relying on paperwork that obscured illicit sources.
- The United States Mint sells over $1 billion in gold coins annually, which are legally required to be made only from American gold, but many coins contain foreign and illegal gold sources linked to criminal groups and harmful mining practices.
- Since 1985, US law bans foreign gold in Mint products; however, the Mint has continued sourcing gold from high-risk foreign areas, including Colombian cartel mines and other conflict-associated mines, often blending it with domestic gold after refining.
- Illegally mined gold is often legalized through documentation and refining processes in the US, where imported gold is melted with domestic gold and treated as American, allowing foreign and illicit gold to enter Mint production under the American gold label.
- The Mint's oversight of gold sourcing has been weak for decades, with internal audits and investigations revealing noncompliance and enforcement issues; the Mint plans a procurement review but has made no major policy changes yet.
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22 Articles
22 Articles
What will Donald Trump say about this? According to a report, America's mint sourced gold from Mexican pawnshops and South American intermediaries suspected of cooperating with drug cartels.
The US is in no time for a search: parts of the US gold probably come from South American drug strongholds that Trump is fiercely fighting against.
The U.S. Mint sells up to $1 billion worth of gold bullion coins annually. The precious metal must come exclusively from American mines, according to law. However, the New York Times reported on Sunday that the alleged American gold comes from a drug cartel in Colombia.
Coverage Details
Total News Sources22
Leaning Left6Leaning Right2Center1Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
11%
R 22%
Factuality
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