We ended up in a Colombian mine controlled by a drug cartel.

As prices for the precious metal soar, the industry’s guardrails have broken down.

Officers denied that an illegal, large-scale gold operation was underway within earshot of their posts. But we had seen it with our own eyes.

Three reporters followed supply chains to reveal that the U.S. Mint buys gold that comes from foreign pawn shops and drug dealers, then claims it is from the United States.

The U.S. Mint is legally required to sell only legal, domestic gold. Instead, it is the last link in a chain that launders foreign gold for an insatiable market. Our reporter Justin Scheck traced one such supply chain: from an illegal mine in Colombia all the way to the Mint’s facilities in West Point, N.Y.

Seeking to reduce its reliance on China, the United States is pushing for a critical minerals deal with Brazil. The South American country is less eager.