How Drug Cartel Gold Ends Up at the U.S. Mint
https://www.nytimes.com/by/justin-scheck·
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⚡ TL;DR · AI summary
A New York Times investigation reveals how gold mined illegally by drug cartels in Latin America enters the U.S. supply chain and eventually reaches the U.S. Mint. The report traces the metal's journey through a network of shell companies and lax regulatory oversight. Despite efforts to police conflict minerals, gold from illicit sources is being laundered into legitimate markets. The findings highlight vulnerabilities in the U.S. precious metals supply chain.
Key facts
- ▪Drug cartels in Latin America are mining gold illegally and smuggling it into international markets.
- ▪This illicit gold is being sold through intermediaries and shell companies to obscure its origins.
- ▪U.S. refiners accept gold without always verifying its source, allowing tainted metal to enter the supply chain.
- ▪The U.S. Mint purchases gold from these refiners, meaning cartel-linked gold may end up in American bullion coins.
- ▪Current regulations lack strict traceability requirements for gold, enabling the laundering of illegal minerals.
Original article
NYT > World News · https://www.nytimes.com/by/justin-scheck
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