Senators Question Gold Sources

On June 10, U.S. Senator Ron Wyden (D-Oregon) and U.S. Senator Elizabeth Warren (D-Massachusetts) requested the U.S. Mint cease its production of 24-karat gold coins bearing President Donald Trump’s portrait until a thorough investigation proves the gold is legally sourced.

In April 2026, The New York Times discovered the U.S. Treasury Department has been buying gold from illicit sources for decades. These sales have directly benefited terrorist and cartel groups, including some under U.S. sanctions, such as the Clan del Golfo, a major Colombian drug-trafficking organization.

“It is troubling enough that the mint has developed a coin bearing the president’s image, which is more befitting a monarchy than a democracy,” the senators wrote in a letter to U.S. Treasury Secretary Scott Bessent and U.S. Mint Director Paul Hollis. “At the very least, the mint should ensure that a coin intended to honor the nation’s 250th anniversary is not made of gold linked to exploitation and criminal activity.”

The letter continued, “Therefore, we ask that the Mint stop all production processes on the Trump 24-karat gold coin, conduct a public audit, and provide a briefing on your agency’s efforts to address concerns on the potentially illicit sources of U.S. gold.”