Journalist Justin Scheck traced a web of supply chains that links the U.S. Mint’s investor coins to gold mined by the Colombian cartel Clan del Golfo. After the Treasury’s 2024 watchdog report flagged the Mint’s lax sourcing, Scheck’s team uncovered that the Mint buys foreign ore, mixes it with U.S. bullion, and markets it as domestic.

Gold prices swelled to $2,000 an ounce in December 2023, spurring institutional hoarding. Scheck traced a Texas middleman who sourced ore from a Colombian firm tied to the cartel. Travelers found the cartel’s mining hub, Clan del Golfo’s La Mandinga, where illegal miners use high‑pressure hoses to strip gold, then sell it to exporters bound for U.S. markets. Gold had surpassed $5,000 an ounce during the investigation.

Suppliers claim they vet gold for U.S. origin, yet the Mint’s own records show imports from Mexico, the D.R. Congo, and Colombia. The Treasury says the practice does not break law, but a 2024 watchdog report revealed the Mint stopped enforcing its ‘offsetting U.S. gold’ rule over two decades ago. The agency now tightens standards.

Investors now face a dilemma: the gold backing Treasury‑issued coins may be tainted by cartel‑linked ore, undermining confidence in a supposedly safe asset. The U.S. Mint’s reliance on foreign supplies could expose markets to corruption risks and regulatory scrutiny, forcing a reassessment of gold sourcing policies and investor due diligence.