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Audit Finds Mint Mixed Illegal Foreign Gold, Prompting Review

4/28/2026

Summary

U.S. Mint Audit

The 2024 Treasury Department inspector-general audit found the U.S. Mint had not verified gold-supplier origins for about 20 years.
Processors Dillon Gage and Asahi USA mixed illegal foreign gold with domestic gold and reclassified the blend as American before it entered the Mint’s supply chain.
Treasury Secretary Scott Bessent announced a procurement review on Monday, and the Mint now calls the United States its “primary” gold source instead of “100% American-mined.”

Summary

Mint Taps Cartel

Gold for American Gold Eagle coins comes from a Clan del Golfo-controlled mine in northwestern Colombia, where illegal mining causes mercury pollution.
Miners pay cartel taxes, sending profits to the drug group.
After extraction, the gold moves through export channels to a Texas refinery before reaching Mint suppliers.
New York Times reporters Justin Scheck, Simón Posada, and Federico Rios documented the chain, highlighting the clash between the Mint’s founding claim and its criminal source.

Summary

Treasury Tightens Sourcing

Treasury officials announced tighter sourcing standards for government-backed coin programs to increase gold procurement transparency after the United States imported $1.5 billion of Colombia’s $4.1 billion gold exports in 2024.
A World Wide Fund for Nature (WWF) UK report said over 80 percent of U.S. financial institutions are exposed to gold linked to illegal mining.
Analysts warn that gold prices with lax oversight could raise financial risks as illicit gold enters mainstream markets.

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U.S. Mint Audit

The 2024 Treasury Department inspector-general audit found the U.S. Mint had not verified gold-supplier origins for about 20 years.
Processors Dillon Gage and Asahi USA mixed illegal foreign gold with domestic gold and reclassified the blend as American before it entered the Mint’s supply chain.
Treasury Secretary Scott Bessent announced a procurement review on Monday, and the Mint now calls the United States its “primary” gold source instead of “100% American-mined.”

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