Gold Procurement by the U.S. Mint Under Scrutiny Amid Illegal Mining Concerns

By December 2023, the price of gold had risen to roughly $2,000 per ounce, driven by investor and government anxiety over terrorism, war, financial instability, and disease. Simultaneously, illegal gold mining has expanded across the Sahel and the Amazon rainforest, activities linked by researchers to funding terrorist attacks, fueling conflicts, and spreading disease.

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The United States Mint, which produces investor-grade gold coins, is legally required to source only gold mined in the United States. A Mint spokesperson confirmed the agency “buys only U.S. gold.” Commercial firms selling gold to investors in the United States and Europe also claim “ironclad policies” to avoid purchasing criminally mined gold.

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Federal law mandates that the Mint use domestically mined gold for its bullion products. The Mint’s spokesperson reiterated that all gold purchased for investor-grade coins originates from U.S. mines. Major gold-selling companies say they screen suppliers to prevent acquiring gold linked to illicit mining or terrorist financing.

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Critics question whether hoarding gold to hedge against instability may inadvertently create further instability and violence. The author asks, “Is the hoarding of gold to avoid instability and violence actually creating more instability and violence?” The possibility that banks and the U.S. government could purchase gold derived from terrorist-controlled mines is also noted as a potential conflict of interest.

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• Gold price: approximately $2,000 per ounce (December 2023).

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• Illegal gold mining is reported in the Sahel and the Amazon rainforest, though precise production volumes are not provided in the sources.

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The sources do not provide concrete evidence confirming the geographic origin of gold used by the Mint or major gold-selling firms. While officials assert exclusive use of U.S. gold, independent verification of the supply-chain remains absent, leaving a factual gap.

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• “He was skeptical and asked what turned out to be the big question: Is the hoarding of gold to avoid instability and violence actually creating more instability and violence?” — Author, investigative journalist.

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• “government — the biggest, most credible suppliers of gold to investors — are buying the same gold that originates with, say, a terrorist group, he said, we would have a story.” — Author, investigative journalist.

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• “Big companies that sell gold to investors in the United States and Europe have seemingly ironclad policies to avoid buying gold that was criminally mined.” — Author, investigative journalist.

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The author indicated an intention to investigate further, aiming to trace the gold supply chain that reaches the U.S. Mint and major market dealers to determine whether any metal can be linked to illegal mining in conflict zones.

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