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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
8:23a ET Saturday, March 28, 2026
Dear Friend of GATA and Gold (and Silver):
On this week's episode of Kinesis Money's "Live from the Vault" program, London metals trader Andrew Maguire says the U.S. government has been using derivatives to hold U.S. oil prices down while Asian governments have begun to sell dollars to buy the recent dips in gold and silver, which are ready to resume their climb.
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Silver's extreme physical shortage will be leading gold higher again, Maguire says, while the U.S. Federal Reserve is trapped in an impossible situation: The Fed can't lower interest rates without triggering an inflationary explosion and can't raise rates without exploding U.S. government debt payments.
Whatever happens in the war with Iran, Maguire says, physical demand for the monetary metals will remain strong.
The "Live from the Vault" episode is 41 minutes long and can be viewed at the Kinesis Money channel at YouTube here:
https://www.youtube.com/watch?v=ZNJEkUTWvI0
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 Jack Ryan
Bloomberg News
Friday, March 27, 2026
The Iran war is threatening to put a key driver of gold's record-breaking rally into reverse.
Turkey has offloaded $8 billion of gold reserves this month in a bid to protect its currency from soaring energy costs and higher demand for dollars. The country's central bank sold and swapped about 60 tons of bullion over two weeks in March.
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That's bigger than the outflow triggered by investors' flight from gold-backed exchange traded funds over the same period,, which was fueled by a dash for cash amid a broader meltdown in financial markets, rising bond yields and a resurgent dollar.
If more monetary institutions follow Turkey's example, it would slow the overall pace of purchases and call into question long-term assumptions that central banks are loath to sell gold.
"The narrative of central banks as perpetual one-directional buyers is being challenged," said Nicky Shiels, head of metals strategy at MKS PAMP SA, a trader and refiner. ...
... 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
From Channel News Asia, Singapore
Friday, March 27, 2026
SINGAPORE -- Singapore will develop measures to strengthen the country's gold ecosystem, deputy chairman of the Monetary Authority of Singapore Chee Hong Tat said today amid growing interest among investors to vault and trade gold here.
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In particular, the measures will focus on areas such as improving Singapore's physical infrastructure for storing and transporting gold, and providing gold storage services to foreign central banks and sovereign entities.
The other focus areas are broadening the range of gold-related capital market products, and setting up a clearing and settlement system to ensure the secure transfer of assets such as large bar and kilobar gold.
Large bars are around 12.4kg gold bars, the preferred standard in the London market for institutional trading and settlement, while the 1kg kilobar is the preferred standard in Asian markets. ...
... For the remainder of the report:
https://www.channelnewsasia.com/singapore/gold-trading-vault-mas-central-bank-6020216
* * *
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
Turkey's $8 Billion Gold Drawdown on Iran War Hits Bullion
By Kerim Karakaya, Jack Ryan, and Beril Akman
Bloomberg News
Thursday, March 26, 2026
Turkey’s central bank sold and swapped about 60 tons of gold, worth more than $8 billion, in two weeks after the start of the war in Iran, adding to downward pressure on bullion prices.
Turkish gold reserves show a decline of 6 tons in the week of March 13 and another 52.4 tons in the week of March 20, marking a sharp drawdown in reserves, according to the latest data published by the central bank.
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Some of that was sold outright, while the majority was used to secure foreign exchange or liras via swap agreements, according to people familiar with the matter.
Turkey's central bank declined to comment.
The move comes amid strains on Turkey's disinflation strategy, which relies heavily on maintaining a stable or steadily depreciating lira, including with hard-currency interventions, usually via state-run banks. Rising energy import costs and increased dollar demand since the conflict began have made that approach more challenging to maintain.
Officials have turned to gold sales and gold swap arrangements from the central bank's $135 billion stockpile to meet liquidity needs and stabilize domestic demand, according to Iris Cibre, the founder of Phoenix Consultancy in Istanbul. She estimated total sales at 58.4 tons, with more than half of that conducted via gold-for-foreign-exchange swaps abroad. ...
... 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
By Can Sezer and Nevzat Devranoglu
Reuters
Thursday, November 26, 2026
ISTANBUL -- The Turkish Central Bank's gold reserves fell by almost 50 tonnes to 772 tonnes last week, bank data showed, marking the largest weekly drop since August of 2018 amid fallout from the Iran war.
The central bank sold about $3 billion worth of gold last week for the first time, adding to the $26 billion in foreign currency sales it has carried out since the Iran war began nearly a month ago, reflecting steps by authorities to stabilise markets.
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According to calculations made by bankers based on central bank data released today, the central bank sold approximately 22 tonnes of gold last week. The amount of gold-backed Turkish lira and foreign currency swaps was some 31 tonnes last week, the bankers said. ......
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
By Humza Jilani and Camilla Hodgson
Financial Times, London
Thursday, March 26, 2026
Barrick Mining is postponing its huge copper and gold project in Pakistan in response to the war in the Middle East and deteriorating security situation in the south Asian country.
The decision comes after the Toronto-based group last month launched a review of the Reko Diq development following a rise in separatist violence in the province of Balochistan, where the mine is located.
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"Following the preliminary findings of the review and in light of the subsequent escalation in security issues in Pakistan and the Middle East, the company considers it necessary to further assess the potential impacts and delivery strategy," the miner told its Pakistani equity partners and the project's local operator this week in correspondence seen by the FT.
"As a result, development activity will be slowed, with a corresponding reduced project spend, for a 12-month period commencing in July," it added, while the review period and slower pace of development "will impact previously stated budgets and timelines." ...
... For the remainder of the report:
https://www.ft.com/content/3b175490-d91e-46c1-b7f8-56b23f176afb
* * *
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 Przemyslaw Radomski
Kitco News, Montreal
Wednesday, March 25, 2026
Silver flash-crashed 44% from its January high in a single week. What the price chart didn't show was happening inside the delivery system.
Silver hit $121.67 on January 29. By the intraday low on March 19, it was trading at $66–68 -- a 44–46% decline from the all-time high, compressed into less than eight weeks. If you positioned in silver throughout 2025 and watched that number, I understand the discomfort.
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But there is a version of this week's events that the price chart simply cannot show.
The price chart shows paper contracts repricing in response to a hawkish Federal Reserve hold, a Strait of Hormuz disruption, and a dollar surge. What it does not show is what was happening simultaneously inside the Comex physical delivery system, in Turkish vaults, and in Micron's Q2 earnings call.
Those three data points -- each confirmed, each independent of the others -- describe a physical market that got tighter during the same week the paper price collapsed. ...
On March 19 -- the same session that silver flash-crashed to its intraday low -- the CME's own publicly available Metals Issues and Stops MTD Report recorded a striking concentration inside the Comex delivery system. According to analysis derived from that primary document and independently confirmed by two separate Substack researchers, the CME's house account (the clearinghouse itself) absorbed 114 of 138 delivery notices on March 19. That is 82% of a single day's entire delivery flow going through one account: the exchange itself, rather than independent counterparties.
To put that number in context: Through March 20, approximately 43.4 million ounces had already been delivered in the March 2026 Comex contract -- one of the largest delivery months on record -- against a registered pool of 79.20 million ounces. The delivery cycle was historic in scale. The 82% house account concentration occurred at its most stressed point.
There are two legitimate ways to read this.
The more routine reading: The clearing house acted as a temporary counterparty in the normal management of an unusually compressed cycle, absorbing notices that would subsequently be rematched.
The more significant reading: The shorts could not deliver, and the exchange stepped in to prevent visible settlement failure.
The CME has not commented publicly, and the data alone cannot distinguish between the two. What is not in dispute is that an 82% concentration on the most volatile session of the year is rare -- and directionally consistent with the delivery stress that prior issues have been documenting for months.
The paper price and the physical delivery system moved in opposite directions on March 19. Paper sold off sharply. Physical delivery demand did not ease. A paper price crash and a record delivery cycle running simultaneously, on the same day, is the kind of divergence that the delivery data makes visible even when the price chart does not. ...
... For the remainder of the analysis:
* * *
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 Marcus Ashworth
Bloomberg News
via NDTV, New Delhi
Thursday, March 26, 2026
Gold's reputation as the ultimate store of value has been tarnished by its 15% decline since the Iran conflict began. It has failed to act as a haven or a geopolitical hedge.
However, that's not unusual -- the pattern seen this month mirrors similar price corrections during the 2008 global financial crisis and when Covid struck in March 2020. After all, gold is easy to sell and many holders will be able to reap large profits: Despite the recent drop, it's still up by more than 50% in the past year.
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One new market dynamic, though, is that central banks, the biggest gold buyers over the past four years, are starting to contemplate using some of their holdings to pay for vastly increased energy and defense expenditure.
The sharp rise in energy prices has certainly hit some resource-poor countries hard and, with petrol rationing already becoming a feature in several countries, it must be tempting to raid the piggy bank. Central bankers are the custodians of national wealth, with reserves management one of their principal tasks; taking some of the profit from gold's better than 150% gain during the past five years to meet emergency needs makes sense. ...
... For the remainder of the commentary:
* * *
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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