Probe Questions N. American Gold Supply Chains
For years, both countries’ mints have maintained that the gold used in their coins is domestically sourced. The United States Mint, for instance, promotes its products as symbols that “connect to the founding principles of our nation,” while federal regulations require that its gold come from within the country. However, the investigation claimed that the process is “based on a lie.”
According to reports, large quantities of gold—worth hundreds of millions of dollars—have entered the supply chain from outside the US. Some of this metal was recycled or lacked clear documentation regarding its origin, while other portions were traced to countries such as Colombia and Nicaragua, where parts of the mining sector are influenced by organized crime.
A portion of the gold is reportedly extracted in regions of northwestern Colombia under the control of the Clan del Golfo. Mining operations there often rely on mercury, a hazardous substance that poses serious risks to both human health and the environment.
The investigation also indicated that illegal mining activities were conducted openly, with some workers reportedly seen extracting gold even within the grounds of a military facility.
From there, the gold is said to be transported to Dillon Gage, a refinery based in Texas and a key supplier to the US Mint. Reports claim the company mixes this foreign gold with domestically sourced material, effectively obscuring its origin. It was also stated that the US Mint does not independently verify where the gold comes from.
When questioned, the US Mint initially stated that “its gold came entirely from the United States, as the law requires.” After being confronted with the findings, it later clarified that the US serves as its “primary” source.
According to reports, the supply chain extends into Canada as well. While Canada’s mint reportedly has screening procedures to check sourcing, it continued acquiring gold despite these concerns.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
