Reporter Traces South American Gold to Royal Canadian Mint
A New York Times investigative reporter examined the origins of gold used by the United States Mint for investor-grade coins. The inquiry revealed that gold originating in South America was mixed with U.S. gold and sent to the Royal Canadian Mint for refining. The Royal Canadian Mint had previously stated that all its refined gold originates in North America.
uctoday.comU.S. law requires that such coins be made from gold mined in the United States.
The United States Mint obtains its gold from a small group of refiners, one of which is the Royal Canadian Mint. The reporter contacted the Royal Canadian Mint to inquire about the origin of its gold. The Royal Canadian Mint stated that all of the gold it refined originates in North America.
The reporter then turned attention to other aspects of the supply chain. A gold dealer in Texas later told the reporter that the company imported gold from South America, melted it with gold from the United States and sent the mixture to the Royal Canadian Mint for refining. The reporter decided to investigate the origins of the South American gold that the dealer had imported.
The investigation followed the path of drug cartel gold that reached mints in both the United States and Canada. The findings illustrate the complexities in tracing gold provenance through international supply chains that involve multiple refiners and mixing stages.
Key Facts
Story Timeline
4 events- Late last month
The New York Times published articles on cartel gold reaching U.S. and Canadian mints.
1 sourceThe New York Times - Prior to publication
Reporter contacted the Royal Canadian Mint about gold origins.
1 sourceThe New York Times - Prior to publication
Texas gold dealer disclosed importing and mixing South American gold.
1 sourceThe New York Times - Prior to publication
Reporter began investigating origins of South American gold imports.
1 sourceThe New York Times
Potential Impact
- 01
The Royal Canadian Mint could face questions about its due diligence on mixed gold shipments.
- 02
U.S. Mint suppliers may need to strengthen documentation of gold country of origin.
- 03
The story may prompt law enforcement to examine mixing practices used by gold dealers.
Transparency Panel
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