An investigation from The New York Times found the United States Mint used foreign and illegally sourced gold in coins and marketed them as “100% American-mined.” The Times traced the material to Colombian cartels and Latin American pawn shops.
Congress banned foreign gold in 1985 to avoid human rights abuses, but the Mint disregarded the mandate for decades. A 2024 Treasury Department inspector general audit confirmed the agency had not verified supplier origins for roughly 20 years.
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The Times’ investigation found illegal foreign gold was mixed with domestic supply at processors like Dillon Gage and Asahi USA, reclassifying the combined product as American before entering it into the Mint’s official supply chain undetected.
On Monday, Treasury Secretary Scott Bessent announced a procurement review to ensure compliance and safeguard national security. The Mint now publicly says its the U.S. is the “primary” source of its gold, instead of calling the product “100% American.”
The investigation comes as global gold prices near $5,000 per ounce.
