The London Bullion Market Association (L. B. M.
A.), the self-proclaimed global authority on precious metals, has been exposed by The New York Times for enabling illegal gold to enter international markets. Despite its role in certifying gold as ethically sourced, the association has allowed gold mined by criminals, cartels, and child laborers to be sold as 'clean.' Refiners routinely falsify origin documents, and the L. B.
M. A. has repeatedly failed to enforce its own standards. In one case, the association helped alter and backdate paperwork for Madagascar gold to certify it as abuse-free.
The organization, funded by major banks and refiners like HSBC, J. P. Morgan, and Asahi, relies on self-reporting and lacks real oversight.
While its CEO, Ruth Crowell, publicly claims the L. B. M.
A. sets global standards, court documents show the group denies this responsibility. As gold prices surge, illegal mining funds armed groups in Sudan, polluters in the Amazon, and regimes in Russia and Iran. The investigation reveals the 'clean gold' label is an industry fiction — there is only gold, and the global financial system is profiting from it.
Source: New York Times Top Stories · Summarized by HeadlinesBriefing