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The Gold Anti-Trust Action Committee was organized in January 1999 to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities. The committee arose from essays by Bill Murphy, a financial commentator, and by Chris Powell, a newspaper editor in Connecticut, published at Murphy’s Internet site, www.lemetropolecafe.com.
Latest News
6:26p ET Wednesday, November 12, 2025
Dear Friend of GATA and Gold:
Interviewed this week by the CapitalCosm channel at YouTube, GATA board member Ed Steer, publisher of Ed Steer's Gold and Silver Digest, says the longstanding shorts have lost control of the gold and silver markets and a delivery failure in one commodity futures market may trigger a cascade of short covering and defaults in other commodity futures markets.
The interview is 38 minutes long and can be viewed at the CapitalCosm channel at YouTube here:
https://www.youtube.com/watch?v=diF97GqbjXo
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
... ADVERTISEMENT ...
Power Metallic Intercepts 5.35 Meters of 11.97% Cu (16.35% CuEqRec) in Hole 25-022 Infill Drilling,
Expanding the Lion Zone and Provides Updates on Fall/Winter Drill Program and Land Assembly
Company Announcement
November 4, 2025
TORONTO -- Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) provides a release of assays from its summer drill program and an update on its land assembly activities, together with an outlook to the fall and winter key exploration objectives.
Summer Drilling Release 2 -- Lion–Tiger Area
The summer drilling program was designed to search for extensions to the Lion Zone, specifically down plunge from known mineralization, and to infill drill, including "edge" holes, on the Lion zone to define the zone geometry to a confidence level that would allow a future mineral resource estimate to be carried out to an Indicated Resource classification.
Extensional Drilling Results
Extensional drilling was slow during the summer program as technical problems with the helicopter-supported drills led to lost holes (such as holes PML-25-019 and 024a in this release) that did not reach the mineralization horizon for Lion. Hole PML-25-017 has extended the zone to the west but failed to intersect the high-grade massive sulphide portion of the Lion zone and returned a disseminated zone of 7 meters @ 1.41% CuEqRec 1 that confirms the extension of the mineralizing Lion structure, which will see continued follow-up in the 2025 fall program. ...
... For the remainder of the announcement:
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon:
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
Donations of $250 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png
By Andrea Shalal
Reuters
Wednesday, November 12, 2025
PHILADELPHIA -- U.S. Treasurer Brandon Beach visited the Philadelphia Mint today to strike the final five circulating one-cent coins or pennies, ending 232 years of penny production in the United States.
President Donald Trump said in February he was ordering Treasury to halt what he called the "wasteful" minting of pennies, prompting gas stations, fast-food chains, and big-box stores to adjust prices and round cash transactions.
... Dispatch continues below ...
... ADVERTISEMENT ...
Alaska Silver Announces High-Grade Discovery Zone: Silver Sage
Company Announcement
Monday, November 3, 2025
Alaska Silver Corp. (TSXV: WAM, OTCQX: WAMFF) announces the discovery of a high-grade mineralized zone, named Silver Sage, on its 100% owned Illinois Creek Carbonate Replacement Deposit project in western Alaska.
The Silver Sage zone represents a significant exploration breakthrough, located 4.8 kilometers south of the Waterpump Creek resource. The discovery has been confirmed through surface trenching, pit sampling, and initial drilling. Drill hole results will be discussed when assay results are received and reviewed.
Discovery highlights:
A new high-grade zone identified. Early work confirms Silver Sage as a promising mineralized system with near-surface samples running:
-- 1,235 g/t silver (Ag) with 65% lead (Pb); and 1,135 g/t Ag with 73% Pb. ...
... For the remainder of the announcement:
Treasury said rising production costs and rapidly changing consumer habits and technology had made production of pennies "financially untenable" and unnecessary, noting that it costs 3.69 cents to make each penny, up from 1.42 cents a decade ago.
Production of circulating pennies was suspended months ago, Mint officials said, but an unspecified number of additional one-cent coins -- marked with an Omega symbol to signify the last of their kind -- were made to be auctioned off in December. ...
... For the remainder of the report:
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon:
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
Donations of $250 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png
By Brien Lundin
Gold Newsletter / Golden Opportunities
Metairie, Louisiana
Wednesday, November 12, 2025
As I write, gold and silver have just exploded to the upside -- again -- on news that Atlanta Fed President Raphael Bostic will resign his position in February.
So why did gold and silver respond so dramatically?
Because this latest rally began when Fed Chairman Jerome Powell conceded an initial rate cut in his Jackson Hole speech in August. Then the move accelerated as dour employment data pointed toward more cuts from this Fed.
... Dispatch continues below ...
... ADVERTISEMENT ...
Power Metallic Intercepts 5.35 Meters of 11.97% Cu (16.35% CuEqRec) in Hole 25-022 Infill Drilling,
Expanding the Lion Zone and Provides Updates on Fall/Winter Drill Program and Land Assembly
Company Announcement
November 4, 2025
TORONTO -- Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) provides a release of assays from its summer drill program and an update on its land assembly activities, together with an outlook to the fall and winter key exploration objectives.
Summer Drilling Release 2 -- Lion–Tiger Area
The summer drilling program was designed to search for extensions to the Lion Zone, specifically down plunge from known mineralization, and to infill drill, including "edge" holes, on the Lion zone to define the zone geometry to a confidence level that would allow a future mineral resource estimate to be carried out to an Indicated Resource classification.
Extensional Drilling Results
Extensional drilling was slow during the summer program as technical problems with the helicopter-supported drills led to lost holes (such as holes PML-25-019 and 024a in this release) that did not reach the mineralization horizon for Lion. Hole PML-25-017 has extended the zone to the west but failed to intersect the high-grade massive sulphide portion of the Lion zone and returned a disseminated zone of 7 meters @ 1.41% CuEqRec 1 that confirms the extension of the mineralizing Lion structure, which will see continued follow-up in the 2025 fall program. ...
... For the remainder of the announcement:
And the market rocketed higher as it began pricing in the emplacement of Donald Trump's new Fed chairman next May.
Now Bostic's resignation means that Trump may seize effective control of the Fed well before then!
This is precisely the kind of event that we fully addressed in last week's New Orleans '25 investment conference.
From the opening bell to the final farewell, investors packed the halls to hear today's most influential experts share their latest forecasts, recommendations and strategies for navigating what promises to be one of the most pivotal periods in market history.
If you couldn’t be there, I've got good news for you: You can now experience every minute ... and for pennies on the dollar.
That's right: The complete on-demand video recordings of the 2025 New Orleans Investment Conference are now available. ...
... For the remainder of the report:
https://goldnewsletter.com/go111225/
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon:
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
Donations of $250 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png
By James Turk
Free Gold Money Report
Monday, November 10, 2025
Many modern economists struggle to define money. Often beginning with an historical overview of the concept of moneyness, they generally end by describing the functions of money. But what money "does" is not a definition of what money is.
Another way they strive to define money is with the use of adjectives. A common example is "sound money," which is like saying "wet water." The adjective is superfluous because the noun is intuitively understood, or at least should be, as it was to the pioneers of the Austrian School.
... Dispatch continues below ...
... ADVERTISEMENT ...
Alaska Silver Announces High-Grade Discovery Zone: Silver Sage
Company Announcement
Monday, November 3, 2025
Alaska Silver Corp. (TSXV: WAM, OTCQX: WAMFF) announces the discovery of a high-grade mineralized zone, named Silver Sage, on its 100% owned Illinois Creek Carbonate Replacement Deposit project in western Alaska.
The Silver Sage zone represents a significant exploration breakthrough, located 4.8 kilometers south of the Waterpump Creek resource. The discovery has been confirmed through surface trenching, pit sampling, and initial drilling. Drill hole results will be discussed when assay results are received and reviewed.
Discovery highlights:
A new high-grade zone identified. Early work confirms Silver Sage as a promising mineralized system with near-surface samples running:
-- 1,235 g/t silver (Ag) with 65% lead (Pb); and 1,135 g/t Ag with 73% Pb. ...
... For the remainder of the announcement:
Although I obviously cannot speak for Menger and Mises, their intuitive understanding of money is different from that of modern writers. It had to be because the environmental factors when they were writing a century or more ago were so very different from today given the then-prevailing everyday use of gold and silver.
To test this point, a scan of the online version of "On the Origins of Money" reveals Menger never used the term "sound money," though it was used twice in the introduction to his monograph written in 2009. When Menger was writing in 1892, fiat currency was more a theoretical concept, not the everyday reality within which modern economists try to fit their new definitions in an attempt to explain -- let alone define -- "modern money." ...
... For the remainder of the analysis:
https://www.fgmr.com/defining-money/
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon:
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
Donations of $250 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png
9:45a ET Wednesday, November 12, 2025
Dear Friend of GATA and Gold:
Dan Oliver, founder of Myrmikan Capital in New York, told the New Orleans Investment Conference last week that nothing has changed in 2,500 years in regard to gold's near-perfect monetary characteristics and government's inability to be responsible with money. Monetary debasement, Oliver showed, is almost as old as money itself, even as its various forms grow more sophisticated.
... Dispatch continues below ...
... ADVERTISEMENT ...
Power Metallic Intercepts 5.35 Meters of 11.97% Cu (16.35% CuEqRec) in Hole 25-022 Infill Drilling,
Expanding the Lion Zone and Provides Updates on Fall/Winter Drill Program and Land Assembly
Company Announcement
November 4, 2025
TORONTO -- Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) provides a release of assays from its summer drill program and an update on its land assembly activities, together with an outlook to the fall and winter key exploration objectives.
Summer Drilling Release 2 -- Lion–Tiger Area
The summer drilling program was designed to search for extensions to the Lion Zone, specifically down plunge from known mineralization, and to infill drill, including "edge" holes, on the Lion zone to define the zone geometry to a confidence level that would allow a future mineral resource estimate to be carried out to an Indicated Resource classification.
Extensional Drilling Results
Extensional drilling was slow during the summer program as technical problems with the helicopter-supported drills led to lost holes (such as holes PML-25-019 and 024a in this release) that did not reach the mineralization horizon for Lion. Hole PML-25-017 has extended the zone to the west but failed to intersect the high-grade massive sulphide portion of the Lion zone and returned a disseminated zone of 7 meters @ 1.41% CuEqRec 1 that confirms the extension of the mineralizing Lion structure, which will see continued follow-up in the 2025 fall program. ...
... For the remainder of the announcement:
Some investors always like to believe that "this time it's different," but Oliver's presentation in New Orleans was titled "This Time It's the Same." His mastery of history is enthralling and Myrmikan's internet site has posted his presentation here:
https://www.myrmikan.com/pub/Myrmikan_Research_2025_11_11.pdf
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon:
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
Donations of $250 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png
By Clint Siegner
Money Metals Exchange, Eagle, Idaho
Monday, November 10, 2025
Early this yea, high premiums developed for Comex bars in the U.S. thanks to fears of tariffs on importing silver (and gold). In response traders shipped an estimated 300 tons of silver from London to New York to alleviate that squeeze.
Last month the London Bullion Market ran into some issues of its own with respect to silver -- with huge premiums, high financing costs, and far more requests for delivery of actual bars than the market could handle.
... Dispatch continues below ...
... ADVERTISEMENT ...
Alaska Silver Announces High-Grade Discovery Zone: Silver Sage
Company Announcement
Monday, November 3, 2025
Alaska Silver Corp. (TSXV: WAM, OTCQX: WAMFF) announces the discovery of a high-grade mineralized zone, named Silver Sage, on its 100% owned Illinois Creek Carbonate Replacement Deposit project in western Alaska.
The Silver Sage zone represents a significant exploration breakthrough, located 4.8 kilometers south of the Waterpump Creek resource. The discovery has been confirmed through surface trenching, pit sampling, and initial drilling. Drill hole results will be discussed when assay results are received and reviewed.
Discovery highlights:
A new high-grade zone identified. Early work confirms Silver Sage as a promising mineralized system with near-surface samples running:
-- 1,235 g/t silver (Ag) with 65% lead (Pb); and 1,135 g/t Ag with 73% Pb. ...
... For the remainder of the announcement:
The catalyst for the shortage in London was driven by demand from India -- and this came on the heels of a partial drain of silver sent to the U.S., combined with new silver ETF investment inflows.
This year's Diwali holiday saw many Indians shift from buying gold to silver because the yellow metal has become so expensive. ...
... For the remainder of the analysis:
https://www.moneymetals.com/news/2025/11/10/not-enough-silver-or-just-in-the-wrong-location-004468
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon:
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
Donations of $250 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png
By Jack Ryan, Jack Farchy, and Yihui Xie
Bloomberg News
Tuesday, November 11, 2025
Tether Holdings SA is hiring two of the world's most senior precious metals traders from HSBC Holdings Plc, as the stablecoin giant deploys its deep pockets to build a vast gold reserve and challenge the established players of the bullion market.
HSBC's global head of metals trading, Vincent Domien, is set to join the cryptocurrency firm in the coming months, along with Mathew O'Neill, head of precious metals origination for Europe, the Middle East, and Africa, people familiar with the matter said. Both have been serving their notice periods in the bank, the people added, asking not to be named as the information isn't public.
... Dispatch continues below ...
... ADVERTISEMENT ...
Power Metallic Intercepts 5.35 Meters of 11.97% Cu (16.35% CuEqRec) in Hole 25-022 Infill Drilling,
Expanding the Lion Zone and Provides Updates on Fall/Winter Drill Program and Land Assembly
Company Announcement
November 4, 2025
TORONTO -- Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) provides a release of assays from its summer drill program and an update on its land assembly activities, together with an outlook to the fall and winter key exploration objectives.
Summer Drilling Release 2 -- Lion–Tiger Area
The summer drilling program was designed to search for extensions to the Lion Zone, specifically down plunge from known mineralization, and to infill drill, including "edge" holes, on the Lion zone to define the zone geometry to a confidence level that would allow a future mineral resource estimate to be carried out to an Indicated Resource classification.
Extensional Drilling Results
Extensional drilling was slow during the summer program as technical problems with the helicopter-supported drills led to lost holes (such as holes PML-25-019 and 024a in this release) that did not reach the mineralization horizon for Lion. Hole PML-25-017 has extended the zone to the west but failed to intersect the high-grade massive sulphide portion of the Lion zone and returned a disseminated zone of 7 meters @ 1.41% CuEqRec 1 that confirms the extension of the mineralizing Lion structure, which will see continued follow-up in the 2025 fall program. ...
... For the remainder of the announcement:
Tether has aggressively expanded its presence in precious metals in recent years, amassing one of the biggest hoards of gold outside of banks and nation states as part of its more than $180 billion in reserve assets.
HSBC is a powerhouse in precious metals, widely seen as the largest player after JPMorgan Chase & Co., with operations spanning futures trading, vaulting, and sending gold bars across the globe. ...
... For the remainder of the report:
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon:
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
Donations of $250 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png
By Brien Lundin
Gold Newsletter / Golden Opportunities
Metairie, Louisiana
Monday, November 10, 2025
I opened this year's New Orleans Conference by asking the assembled crowd a direct question: "How does it feel to be right?"
As I then explained, gold's historic bull market was proving us correct in every one of our long-held, often-disparaged views.
To wit: The simple fact that decades of ever-easier money and ever-larger debt would lead to much more rapid depreciation of fiat currencies.
... Dispatch continues below ...
... ADVERTISEMENT ...
Alaska Silver Announces High-Grade Discovery Zone: Silver Sage
Company Announcement
Monday, November 3, 2025
Alaska Silver Corp. (TSXV: WAM, OTCQX: WAMFF) announces the discovery of a high-grade mineralized zone, named Silver Sage, on its 100% owned Illinois Creek Carbonate Replacement Deposit project in western Alaska.
The Silver Sage zone represents a significant exploration breakthrough, located 4.8 kilometers south of the Waterpump Creek resource. The discovery has been confirmed through surface trenching, pit sampling, and initial drilling. Drill hole results will be discussed when assay results are received and reviewed.
Discovery highlights:
A new high-grade zone identified. Early work confirms Silver Sage as a promising mineralized system with near-surface samples running:
-- 1,235 g/t silver (Ag) with 65% lead (Pb); and 1,135 g/t Ag with 73% Pb. ...
... For the remainder of the announcement:
That day of reckoning is rapidly approaching, and even the mainstream investors and pundits who ridiculed us for years are now agreeing. And voting with their money.
They’ve even slapped a label on our analyses, calling it the "debasement trade."
Now, like AI, crypto, Bitcoin, the Mag 7, and others, we're becoming another thematic "meme" trade. That makes it easier for herd investors to avoid bothersome contemplation and simply follow the trend.
For better or worse.
Yes, this will bring much more money into the relatively small sector of metals and mining. And just a trickle from the oceans of liquidity sloshing about the world's markets today, if directed into our tiny puddle of assets, would have an enormous effect.
But these investors are fickle -- traders and speculators as opposed to classic investors -- and thus they won't hesitate to run when momentum wanes.
This means we'll get more volatility than we've experienced so far in this cycle ... and we need to be prepared for it.
That's just what a massive crowd of smart investors were doing last week.
New Orleans '25 drew one of our largest and most energized crowds in many years -- perhaps decades. ...
... For the remainder of the commentary:
https://goldnewsletter.com/go111025/
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon:
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
Donations of $250 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png
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