In a digital age where cryptocurrency dominates headlines for its role in cybercrime, a new report suggests criminals in the UK may be turning to a far older asset: gold.
According to The Daily Mail, law enforcement has observed a rise in the use of gold by organised criminals to launder money. As the price of gold hovers near historic highs approaching $3,400 per ounce the precious metal’s combination of portability, value density, and opacity is attracting the attention of those seeking to clean illicit gains.
However, despite several compelling anecdotes, experts caution that there is no hard data to confirm this as an emerging or growing trend.
Gold as the New Go-To for Criminals?
The Daily Mail cites three recent UK cases in which criminals opted for gold instead of or in addition to cash or crypto. In one 2024 case, an Essex drug dealer was discovered to have $32,425 worth of solid gold coins hidden in a safe. A 2022 investigation into a Birmingham gang revealed they had converted part of their $135,100 in drug profits into gold bars. And earlier this year, gang members in Bradford were convicted for laundering nearly $359.4 million, largely by purchasing and exporting gold grain small and easily concealable pieces of the metal.
Legal consultant Gary Carroll, speaking to The Daily Mail, explained why gold continues to appeal to criminals. “Gold lets criminals reduce £10,000 of drug money into an object they can fit in the palm of their hand,” he said. “The other benefit is gold tends to appreciate in value.”
He added that with the UK becoming increasingly cashless, gold offers an attractive alternative to traditional currency for illicit transactions.
A Trend Without Numbers?
While these examples are certainly attention-grabbing, experts warn against interpreting them as proof of a broader shift. Concrete data on gold’s use in money laundering is scarce to nonexistent.
“It’s hard to quantify, because gold doesn’t move on a blockchain,” said Ari Redbord, Global Head of Policy and Government Affairs at blockchain intelligence firm TRM Labs, in comments to Decrypt. “The very reason criminals use it is because it’s opaque.”
Redbord acknowledges that there could possibly be an uptick in gold laundering activity but stresses that this remains speculative. Nonetheless, he notes that TRM Labs has observed “convergence” among the assets criminals use to store value.
One notable example is the 2016 Bitfinex hack, in which some stolen cryptocurrency was ultimately converted into gold bars as part of the laundering process.
Gold’s Familiar Appeal and Its Limits
Redbord pointed out that gold has long been associated with money laundering and sanctions evasion. “There’s also been evidence in U.S. government reporting, like Treasury’s national risk assessments, pointing to gold as a method for evading sanctions and laundering proceeds from corruption or drug trafficking,” he said.
While gold may offer certain advantages, chiefly its untraceability and high value per gramme, it isn’t without drawbacks. “It’s also heavy, hard to transport in large quantities, and risky you can lose it, or it can be seized,” Redbord said.
In contrast, crypto offers a different set of trade-offs. Although blockchain-based assets can move instantly across borders, they often leave behind digital breadcrumb trails that law enforcement can follow. Redbord emphasised that TRM Labs works with agencies worldwide to “track those flows, recover stolen funds, and dismantle networks,” something that’s “a lot harder to do with gold.”
Crypto Crime Still Dominates
Despite gold’s persistent allure, cryptocurrency remains a primary channel for illicit finance. The Chainalysis Crypto Crime Report estimates that wallets associated with criminal activity received up to $51.3 billion in crypto in 2024 alone.
The FBI’s Internet Crime Complaint Centre echoed these concerns in its 2024 Internet Crime Report, revealing that crypto-related fraud accounted for $5.8 billion in losses last year, a 47% increase from the previous year.
The Verdict: Tool, Not Trend?
Ultimately, while gold continues to serve as a valuable laundering instrument, experts suggest it may be complementing rather than replacing cryptocurrency in criminal activity.
“Gold will always play a role,” Redbord said. “But crypto remains dominant not because it’s more anonymous, but because it’s faster, borderless, and scalable.”
For now, gold may glitter as a laundering tool, but it hasn’t dethroned crypto yet.
