The Mint did not request or obtain any documentation from gold refiners concerning the origin of the gold. Image: Steve Heap/Shutterstock.com
By: FEDweek StaffAn inspector general report has said there is “reasonable assurance” that the more than $500 million in gold the U.S. Mint purchases annually is “responsibly sourced,” but that the agency should more closely monitor those supplies.
The Mint “has limited engagement with its gold bullion suppliers or approved gold refineries” to assure the gold is not coming from illicit sources, a report said, but instead relies primarily on self-certification under standards of an industry oversight group called the London Bullion Market Association.
The Mint “did not request or obtain any documentation from gold refiners concerning the origin of the gold or relating to supply chain reviews such as LBMA-required third party audits and supporting documentation,” it said.
Similarly, it said the Mint lacks documentation from its gold refiners to assure that it is in compliance with a law requiring that the majority of gold coins it produces are from newly mined U.S. gold.
Management agreed with recommendations to periodically review records and sourcing documents from suppliers to under the responsible sourcing requirement and to update its policies and controls regarding using newly mined U.S. gold.
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