The Trump administration is transporting gold from Venezuela to the United States, but American refineries are refusing to process the metal due to concerns about alleged links between Venezuelan companies and corrupt practices, according to an investigation published Monday by The New York Times.
The New York Times investigation spans from mines in southern Venezuela to the White House and European trading houses. Anonymous sources cited in the reporting, referencing the capture of former Venezuelan president Nicolás Maduro by Washington in January, stated that Trump connected the United States to an industry that "remains plagued by the same criminality he said he was fighting when he arrested Maduro."
Gold shipments valued at hundreds of millions of dollars have arrived in U.S. territory but remain stored without being processed. Refineries processing the metal are seeking guarantees about its origin and compliance with international standards before handling it further.
According to the investigation, American investors are investing in a mine linked to members of organized crime as part of an agreement negotiated by the Trump administration. Aircraft transported gold out of Venezuela even before the companies involved had completed certain procedural steps, the reporting indicates.
The concerns center on possible connections between Venezuelan mining companies and operators with activities including financing arrangements to criminal groups. The refineries' hesitation reflects broader questions about the provenance of the gold and whether it meets international compliance requirements for processing and sale.
The investigation conducted by The New York Times examined documentation and interviewed sources with knowledge of the gold shipments and the agreements underlying them. The gold remains in storage at U.S. facilities as refineries await clarification on its origins and any potential legal or compliance issues before proceeding with processing.