The Cover-Up: How a Trillion-Dollar Industry Launders Illegal Gold
A New York Times investigation reveals that the London Bullion Market Association (LBMA) has repeatedly permitted gold mined by children, cartels, and criminals to enter the mainstream market. Despite its role as the self-described global authority for precious metals, the LBMA has failed to block trafficked and illegal gold from entering trade. The reports suggest a systemic enforcement problem within the trillion-dollar industry, allowing gold from illicit sources to be laundered into the global supply chain unchecked.
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- ✓ The London Bullion Market Association describes itself as the global authority for precious metals.
- ✓ An investigation by The New York Times found the LBMA allowed gold mined by children, cartel members, and criminals into the market.
- ✓ Trafficked and illegal gold routinely enters mainstream trade unchecked despite the LBMA's role in blocking dirty gold.
What changed
A New York Times investigation detailed the LBMA's failure to prevent criminal and child-mined gold from entering the market.
Live updates
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Investigation Links LBMA to Laundering of Illegal and Child-Mined Gold
A New York Times investigation reveals that the London Bullion Market Association (LBMA) has repeatedly permitted gold mined by children, cartels, and criminals to enter the mainstream market. Despite its role as the self-described global authority for precious metals, the LBMA has failed to block trafficked and illegal gold from entering trade. The reports suggest a systemic enforcement problem within the trillion-dollar industry, allowing gold from illicit sources to be laundered into the global supply chain unchecked.
Why it matters
The LBMA sets the standards for gold refining and trading worldwide. Its failure to vet sources exposes the global market to human rights abuses and organized crime. This undermines the integrity of precious metal certifications.
What is confirmed
- The London Bullion Market Association describes itself as the global authority for precious metals.
- An investigation by The New York Times found the LBMA allowed gold mined by children, cartel members, and criminals into the market.
- Trafficked and illegal gold routinely enters mainstream trade unchecked despite the LBMA's role in blocking dirty gold.
Still unconfirmed
- Madagascar's central bank sought a refiner willing to process its gold.
- The world's gold authority helped cover up the illegal gold scandal.
What to watch next
- LBMA response to the New York Times findings
- Regulatory audits of gold refining standards
- Evidence of specific refineries processing child-mined gold
confidence 90%Sources used for this update (9)
- The New York Times — The Cover-Up: How a Trillion-Dollar Industry Launders Illegal Gold
- Facebook — A New York Times investigation found that the London Bullion Market Association, which is the self-described “global authority for precious metals,” has repeatedly allowed gold into the market that has been mined by criminals, cartel members and children. htt
- Countercurrents — Gold and Guilt: The Dark Side of a Precious Metal
- The New York Times — To Find Criminals and Child Exploitation in Gold Mines, We Just Had to Look
- www.deccanherald.com — How a trillion-$ industry launders illegal gold
- silvertrade.com — LBMA Gold Scandal Breaks On the FRONT PAGE of the NY Times!
- nytimes.pressreader.com — The New York Times Replica Edition
- biztoc.com — The Cover-Up: How a Trillion-Dollar Industry Launders Illegal ...
- vblgoldfix.substack.com — Founders: LBMA Illegal Gold Scandal Opens Wide - by VBL
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