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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
1:09p ET Tuesday, January 27, 2026
Dear Friend of GATA and Gold:
Today the Financial Times accelerates its longstanding campaign to denigrate the monetary metals and mystify the powerful increase in their prices.
Reporter Bryce Elder writes analysis headlined "Who's Been Buying All the Gold?" and subheadlined "Because It Doesn't Look Like It's the Central Banks":
https://www.ft.com/content/a2539a6a-284a-40be-a77c-b91ed5bb2a65
Of course like most analysts Elder assumes that all official gold data is accurate and that governments wouldn't try to conceal some of their purchases, though the secret March 1999 report of the staff of the International Monetary Fund shows that falsifying gold reserve data to conceal gold leases and swaps is actually longstanding central bank policy:
https://www.gata.org/node/12016
... Dispatch continues below ...
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Meanwhile the FT's "Unhedged" columnist, Robert Armstrong, writes commentary headlined "Trying to Change Our Minds About Gold" and subheadlined "It's Not Easy to Rationalize the Rally":
https://www.ft.com/content/d68e758f-ad2a-4040-93fa-0b125a5984a3
At least Armstrong is candid about his confusion: "Unhedged has been loudly, persistently, and hilariously wrong about gold. If there is a world record for financial pundit wrongness, we must be getting close to it. We hated this asset at $2,500 and it just flew past $5,000. Under circumstances like these, rational people generally change their mind. We are trying to, and finding it a challenge."
Will Armstrong accept some help? Understanding gold may be a challenge for him because his own newspaper and the rest of mainstream financial journalism refuse to pursue the critical angles to the recent explosive rise in gold and silver.
First there is the longstanding maintenance of naked short positions in gold derivatives maintained by Western central banks and their investment bank agents, positions suspected by the British economist Peter Warburton as long ago as 2001 in his essay "The Debasement of World Currency: It Is Inflation But Not As We Know It":
https://www.gata.org/node/8303
Warburton wrote: "How much capital would it take to control the combined gold, oil, and commodity markets? Probably, no more than $200 billion, using derivatives. Moreover, it is not necessary for the central banks to fight the battle themselves, although central bank gold sales and gold leasing have certainly contributed to the cause. Most of the world's large investment banks have overtraded their capital so flagrantly that if the central banks were to lose the fight on the first front, then the stock of the investment banks would be worthless. Because their fate is intertwined with that of the central banks, investment banks are willing participants in the battle against rising gold, oil, and commodity prices."
And second there is the violence of the rise in gold and silver prices, which is typical of a short squeeze and might be fully expected with the monetary metals now as geopolitical and industrial issues have combined at the same moment to increase demand for delivery of the real thing, not to increase contentment with mere derivatives.
In a paper written in 2022, "Don't Forget the Golden Rule: Whoever Has the Gold Makes the Rules" --
https://www.gata.org/sites/default/files/Hambro-07-04-2022.pdf
--- the British businessman and gold mining entrepreneur Peter Hambro called attention to the stunning increase of gold derivatives in the U.S. banking system and the use of those derivatives -- "paper gold" -- to suppress monetary metals prices and thus protect government currencies against competition.
Hambro wrote: "Central banks have followed the Bank for International Settlements' instruction to hide the perception of inflation by rigging the gold market. Of course they cannot be seen to do this and they need cover. The only way to achieve the cover is by smashing the price of physical gold by the alchemical production of 'paper gold.'
"With the help of the futures markets and the connivance of the alchemists, the bullion traders -- yes, that includes me, as I was deputy managing director of Mocatta & Goldsmid -- managed to create an unshakeable perception that ounces of gold credited to an account with a bank or bullion dealer were the same as the real thing. 'And much easier, old chap! You don’t have to store or insure it.'
"Once investors swallowed this stupefying pill, it was easy to sell them gold that simply didn't exist."
For years the documentation of Western gold price suppression policy and its purposes has been repeatedly supplied to the Financial Times and other mainstream financial news organizations. The most important documents are summarized here:
https://www.gata.org/node/20925
They show that gold always has been and remains the secret knowledge of the world financial system.
Once upon a time the job of journalism was to bust secrets open when the world was being deceived and exploited. Today the Financial Times and its colleagues in journalism seem intent on keeping gold mysterious lest certain governments and financial interests -- many of them advertisers -- be offended.
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 $500 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 Thomas Moller-Nielsen
Euractive, Brussels, Belgium
Monday, January 26, 2026
The International Monetary Fund is preparing for the possibility of a rapid sell-off of U.S. dollar-denominated assets, its managing director, Kristalina Georgieva, said today.
"At the fund, one muscle that we are building is our ability to hypothetically present scenarios of unthinkable events and then figure out what to do," Georgieva said at an event hosted by Bruegel, a Brussels-based think-tank.
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Asked whether the scenarios include a potential run on dollar assets, Georgieva said the fund runs "all kinds of scenarios" and that it was examining the issue as part of its ongoing analysis.
Her comments come as Donald Trump's sweeping tariffs and attacks on the Federal Reserve's independence and the rule of law have sparked deep investor unease about the status of the dollar, which has dominated global finance since the end of the Second World War.
The greenback's value has fallen more than 9% against a basket of other currencies since Trump's return to the White House in January 2025. The dollar's decline against the euro has been even steeper, at just under 12%.
Fears about the greenback's continued status as a "safe haven" have also caused investors to pile into gold, with the price of bullion reaching a record high of $5,100 per troy ounce today. ...
... For the remainder of the report:
https://www.euractiv.com/news/imf-prepares-for-global-run-on-us-dollar/
* * *
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 $500 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
From Reuters
Monday, January 26, 2026
Zijin Gold will buy Canada's Allied Gold for about C$5.5 billion ($4.02 billion) in cash, the companies said today as the Chinese miner ramps up its global expansion against the backdrop of record high prices of the yellow metal.
A surge in gold prices has boosted margins and cash flows for miners, fuelling consolidation in the industry as large producers seek to secure long-life assets and boost output through acquisitions rather than developing new mines.
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The deal also comes as Canada and China move to mend ties, having reached a preliminary agreement this month to cut tariffs on electric vehicles and canola while vowing to ease trade barriers and strengthen strategic cooperation.
Zijin will pay C$44 per share, implying a premium of about 5.4% to Allied stock's last close. ...
... 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 $500 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
And still no mention by mainstream financial news organizations of the massive, government-underwritten, naked short derivative positions whose calling fuels the monetary metal's explosion. Oh, well, a fanfare is still in order:
https://youtu.be/3WZP7-41iAU?t=367
* * *
Gold rushes past $5,000 to record high on safe-haven rush
By Kavya Balaraman and Anjana Anil
Reuters
Sunday, January 25, 2026
Gold surged to a record high above $5,000 an ounce on Monday, extending a historic rally as investors piled into the safe-haven asset amid rising geopolitical tensions.
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Spot gold rose 0.85% to $5,024.95 per ounce by 2341 GMT, while U.S. gold futures for February delivery gained 0.91% to $5,024.60 per ounce.
Gold soared 64% in 2025, underpinned by sustained safe-haven demand, U.S. monetary policy easing, robust central bank purchases -- with China extending its gold-buying spree for a fourteenth month in December -- and record inflows into exchange-traded funds. Prices have gained more than 16% this year. ...
... For the remainder of the report:
https://www.reuters.com/business/finance/gold-rushes-record-high-above-5000oz-2026-01-25/
* * *
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 $500 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 Tom Westbrook and Danilo Masoni
Reuters
Sunday, January 25, 2026
Foreign exchange markets are starting the week on edge amid the possibility of official yen buying to build on the currency's spike on Friday and a subsequent pledge by Prime Minister Sanae Takaichi to act against speculative moves.
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In evening European trading today, the yen edged up against a weaker dollar, extending Friday's surge.
By 2045 GMT, the dollar was down by about 0.8% against the yen, trading at 154.56, its lowest level since December 17. The dollar index fell 0.4% to 97.085, while the euro was traded at $1.1869, up 0.3%. ...
... For the remainder of the report:
https://www.reuters.com/business/finance/currency-market-guard-intervention-japans-yen-2026-01-25/
* * *
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 US$500 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 Jackson
The Telegraph, London
Sunday, January 25, 2026
Germany has been urged to withdraw gold worth more than L100 billion from American vaults because Donald Trump's unpredictability has made keeping it there too "risky."
The country stores 1,236 tons of gold, roughly the same weight as three Air Force 1 jets, at the U.S. Federal Reserve in New York, worth around E164 billion (E122 billion).
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Economists and politicians warned that this vast wealth was exposed to the whim of an increasingly erratic U.S. president, who this month alone threatened Europe with crippling sanctions over Greenland, captured the president of Venezuela, and was poised to launch air strikes on Iran.
Emanuel Monch, the former head of research at the Bundesbank, Germany's central bank, told Handelsblatt, the financial newspaper: "Given the current geopolitical situation, it seems risky to store so much gold in the U.S.
"In the interest of greater strategic independence from the U.S., the Bundesbank would therefore be well advised to consider repatriating the gold."
Germany keeps more than a third of its total gold reserve of 3,552 tons in New York, the second-largest reserve in the world behind the 8,130 tons stored by the U.S.
Achim Wambach, the president of the Liebniz Centre for European Economic Research, said that America was "not a reliable partner of the European Union" and so the "dependencies arising from the storage of German gold reserves" must be reassessed. ...
... 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 $500 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
Die Tageszeitung is among the 15 largest newspapers in Germany.
* * *
By Wolfgang Mulke
Die Tageszeitung, Berlin
Saturday, January 24, 2026
https://taz.de/Deutsches-Gold-in-den-USA/!6147790/
A discussion is underway regarding Germany's gold reserves. Even if the Bundesbank, as the entity responsible for the national treasury, doesn't want to hear it, at least a significant portion should be withdrawn from the United States.
This is dictated by the realization that the U.S. administration no longer fundamentally adheres to applicable law or existing agreements. Furthermore, President Donald Trump is undermining the independence of the Federal Reserve, in whose custody the gold is stored.
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This means that Germany's assets, worth approximately E160 billion, could potentially be used as leverage against Germany. This risk exists and can be avoided by repatriating the gold.
Panic is not warranted, but sending a message is. The mere intention of such an action would signal a significant loss of confidence in American financial policy and demonstrate its vulnerability to former partners. Until now, only the financial markets have been able to restrain the president. He depends on their trust.
Moving the gold would not have practical consequences, such as those expected from selling U.S. bonds.
One argument for storing assets in international financial centers is the ability to intervene immediately on-site in the event of market disruptions -- for example, to counter currency turmoil. However, given today's digitized trading systems, which are available around the clock anywhere in the world, this should also be possible through other means.
At the very least the Bundesbank should explain in concrete terms what advantages the vaults in New York still offer today.
Repatriation would not only send a strong signal externally that a lack of trust could prove costly for the U.S. itself. It would also send an important signal internally. Across the country, the impression of a helpless, ever-compromising Europe and Germany is growing stronger. A little less dependence on decisions made across the Atlantic would be beneficial.
* * *
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 $500 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
From Reuters
via CNBC, New York
Saturday, January 24, 2026
The Trump administration is taking a 10% stake in mining company USA Rare Earth as part of a $1.6 billion debt-and-equity investment package aimed at helping the company develop a domestic mine and magnet facility, two sources familiar with the deal told Reuters.
The deal and a separate $1 billion private investment will be unveiled on Monday and Oklahoma-based USA Rare Earth will host a morning conference call with investors to discuss the terms, according to one of the sources who was briefed on the plans.
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The White House did not immediately respond to a Reuters request for comment. USA Rare Earth declined to comment.
China is the largest global processor of rare earths, a group of 17 minerals used to make a range of electronics and military equipment. The U.S. produces only small volumes of rare earths, which has sparked a push in recent years from Washington to increase output.
USA Rare Earth has been developing a mine in Sierra Blanca, Texas, with Texas Mineral Resources, which is slated to open by 2028 and has a magnet manufacturing facility in Stillwater, Oklahoma, that is expected to launch this year. ...
... For the remainder of the report:
https://www.cnbc.com/2026/01/24/us-rare-earths-miner.html
* * *
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 $500 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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