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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
9:53p ET Tuesday, June 9, 2026
Dear Friend of GATA and Gold:
As gold prices keep falling, gold swaps arranged by the Bank for International Settlements on behalf of its member central banks keep rising.
Drawing on the bank's monthly statement for May --
https://www.bis.org/banking/balsheet/statofacc260531.pdf
-- which was published today hard upon publication of the bank's statements for March and April, Lambourne calculates that the bank's gold swaps rose another 12 tonnes to 146 tonnes.
... Dispatch continues below ...
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The bank's gold swaps stood at only 56 tonnes in December, making May's swaps total an increase of 260%. The swaps totaled 181 tonnes in March.
The monthly table below shows that BIS gold swap levels change considerably. They indicate active gold trading by the bank's central bank members via the swaps, using the BIS for camouflage.
The last 12 months have seen the volume of swaps recover strongly after a long subdued period. The BIS swaps peaked at an estimated 594 tonnes in November 2017.
The BIS has actually advertised to potential central bank members that its services include surreptitious interventions in the gold and currency markets:
https://www.gata.org/node/11012
According to Lambourne, the gold involved in the BIS swaps is believed to be held by a commercial bullion bank -- probably as a custodian of a gold exchange-traded fund -- and is swapped for dollars via the BIS, probably on behalf of the U.S. Federal Reserve, which can apply the gold in the markets as necessary to influence prices.
The steady decline in BIS gold swaps in recent years may correlate with bullion bank JPMorganChase's having become co-custodian of the gold claimed to be held by the major gold exchange-traded fund, GLD, which may have become another source of metal for U.S. government intervention.
Since ordinary shareholders of GLD cannot redeem their shares for actual metal -- a right restricted to the big bullion bank "authorized participants" associated with the fund -- it may be relatively easy for JPMorganChase and other bullion banks to juggle claims to GLD gold that add up to more metal than the ETF actually owns or thinks it owns, thus perpetuating the gross "rehypothecation" of gold in the market.
Only in its annual report has the BIS explicitly reported its gold swap total. Those reports have always confirmed Lambourne's estimates and the bank has never disputed them.
The BIS long has refused to explain the purpose of its gold swaps or to identify the parties to them, but this has yet to arouse the curiosity of mainstream financial news organizations -- nor, for that matter, the interest of the World Gold Council or major gold mining companies.
Here are the monthly BIS’ gold swap totals since December 2024 as estimated by Lambourne going back to December 2024:
May 2026: 146
Apr 2026: 134
Mar 2026: 181
Feb 2026: 104
Jan 2026: 106
Dec 2025: 56
Nov 2025: 39
Oct 2025: 54
Sep 2025: 54
Aug 2025: 30
Jul 2025: 34
Jun 2025: 34
May 2025: 32
Apr 2025: 5
Mar 2025: 10
Feb 2025: 22
Jan 2025: 16
Dec 2024: 78
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
* * *
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Wednesday-Saturday, October 28-31, 2026
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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 Craig Hemke
Sprott Money, Toronto
Tuesday, June 9, 2026
Central bank demand has been a key driver of the gold price since 2023. While a few countries have sold some gold in early 2026, several others have picked up the pace and their continued demand provides long term support for price.
During interviews in late 2025, I recall being asked what could derail the bull market in precious metals. My answer was an interruption in the record level of central bank gold demand that had persisted from 2023-2025. At the time, there were no signs that central bank gold demand would relent but we didn't have to wait long for things to change.
... Dispatch continues below ...
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The onset of the Iran war disrupted the fundamental drivers of many markets, crude oil being the most obvious. But the market for U.S. treasuries has also been impacted by selling due to inflation expectations and global central bank reserve management as sovereign holdings have been sold in order to provide liquidity and local currency support.
And these central bank actions extended to gold sales too, most notably from Turkey, where the central bank is reported to have sold as many as 120 metric tonnes of gold in March and April. ...
... For the remainder of the analysis:
https://www.sprottmoney.com/blog/central-banks-bid-central-bank-gold-demand-gold-price-trends
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2026
https://neworleansconference.com
* * *
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 Timothy Goh
The Straits Times, Singapore
Monday, June 8, 2026
SINGAPORE -- Wealthy investors will soon be able to buy and store physical gold bars with OCBC Bank, as demand for holding bullion in Singapore grows amid persistent geopolitical tensions and economic uncertainty.
The service will be available from June 10 to OCBC's institutional clients, as well as high-net-worth and ultra-high-net-worth clients of its private banking arm, Bank of Singapore.
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Guanajuato Silver Is Reactivating Silver and Gold Mines in Mexico
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Additionally, the company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango state.
With four operating mines and three processing facilities, Guanajuato Silver is one of the fastest growing silver producers in Mexico.
For more information, please visit:
The move marks the bank's entry into the physical gold business, expanding beyond its existing paper gold offerings.
Clients will be able to purchase 1kg bars or larger 400-troy-ounce bars weighing about 12.4kg. The bars will be individually allocated and identified by serial numbers, giving investors direct ownership of specific bars rather than a claim on a pooled reserve. ...
... For the remainder of the report:
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2026
https://neworleansconference.com
* * *
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
10a ET Sunday, June 7, 2026
Dear Friend of GATA and Gold:
The weekend edition of GATA board member Ed Steer's Gold and Silver Digest is headlined "A Brutal Bear Raid: Gold's 200-Day Moving Average Falls" and is posted in the clear at SilverSeek here:
https://silverseek.com/article/brutal-bear-raid-golds-200-day-moving-average-falls
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
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To review First Mint’s full product range, visit:
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2026
https://neworleansconference.com
* * *
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 Jessica Zhou
Bloomberg News
Saturday, June 6, 2026
China's central bank extended its gold-buying streak in May, adding to holdings as prices of the precious metal remained under pressure.
Bullion held by the People's Bank of China rose by 320,000 troy ounces last month, according to data released today. The latest addition extended its buying streak to 19 months, the longest since at least 2015, when the PBOC began publishing more regular updates on its gold reserves.
... Dispatch continues below ...
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Gold edged lower in May, marking a third consecutive monthly decline after it hit a record in late January. Persistent inflation concerns and expectations for higher-for-longer interest rates triggered by the war in the Middle East have weighed on the appeal of non-yielding assets. ...
... For the remainder of the report:
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2026
https://neworleansconference.com
* * *
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 Joseph Solis-Mullen
MoneyMetals.com, Eagle, Idaho
Friday, June 5, 2026
One of the most common mistaken arguments against a return to sound money is that the dollar's international dominance supposedly depends upon American military supremacy.
According to this view, the United States cannot seriously consider restoring monetary discipline -- whether through embracing the classical gold standard or gold convertibility, anything that would put a limit on monetary expansion -- because the dollar's role as the global reserve currency ultimately rests upon Washington's ability to project overwhelming force abroad. Aircraft carriers, overseas bases, and the Pentagon's vast security architecture, we are told, are what truly "back" the dollar.
... Dispatch continues below ...
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Guanajuato Silver is a precious metals producer reactivating past-producing silver and gold mines in central Mexico. The company produces silver and gold concentrates from the El Cubo Mines Complex, Valenciana Mines Complex, and the San Ignacio mine. All three mines are located within the state of Guanajuato, which has a 480-year mining history.
Additionally, the company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango state.
With four operating mines and three processing facilities, Guanajuato Silver is one of the fastest growing silver producers in Mexico.
For more information, please visit:
The implication is clear enough: If the United States were to retreat from perpetual military supremacy or return to a genuinely sound monetary standard, the dollar would lose its privileged position in global trade and finance.
Yet historically this argument holds little water as examples to the contrary abound. ...
... For the remainder of the commentary:
https://www.moneymetals.com/news/2026/06/05/sound-money-and-the-myth-of-militarism-004970
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2026
https://neworleansconference.com
* * *
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 Alasdair Macleod
GoldMoney, Toronto
Friday, June 5, 2026
Over the last six months, gold and silver are barely changed. Investors are losing patience. It's time to stand back and examine the big picture and ignore short-term sentiment.
As our introductory chart shows, gold and silver are barely changed on the year. As a measure of investor sentiment, North American investors sold down 12 tonnes in gold exchange-traded funds in the last two weeks of May, according to the World Gold Council. Doubtless, this week they sold some more.
... Dispatch continues below ...
... ADVERTISEMENT ...
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Mints Its Own Silver Bars, Ingots, Coins, and Medallions,
and Sells Them Online at Low Premiums
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The company owns and operates four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver and Gold Mine, the San Dimas Silver and Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon gold project in northeastern Nevada, U.S.A.
In 2025 these mines are projected to produce between 27.8 to 31.2 million silver-equivalent ounces, consisting of 13.6 to 15.3 million ounces of silver and 129,000 to 144,000 ounces of gold, with an all-in sustaining cost of $19.89 to $21.27 per payable silver-equivalent ounce.
For more information about the company, visit:
In a practice unique to First Majestic, the company is proud to manufacture exceptional silver bullion products from its 100%-owned and operated minting facility, First Mint, offering a portion of its own silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at the company's bullion store at low premiums.
To review First Mint’s full product range, visit:
This is one proxy for market sentiment. This indifference is also reflected in open interest on Comex, which has collapsed to the lowest levels for decades, even lower than at the end of the 2011-16 bear market when sentiment was extremely negative, and from which the current bull market commenced. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/summer-doldrums
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2026
https://neworleansconference.com
* * *
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
10:52a ET Friday, June 5, 2026
Dear Friend of GATA and Gold:
Western gold futures markets are collapsing as China corners the world's physical gold markets, London metals trader Andrew Maguire tells this week's episode of Kinesis Money's "Live from the Vault" program at YouTube:
https://www.youtube.com/watch?v=j81nPyBJPeA
And GATA board member Ed Steer, publisher of Ed Steer's Gold and Silver Digest letter, addresses a range of monetary metals market topics in an interview with Jesse Day at the Commodity Culture channel at YouTube:
https://www.youtube.com/watch?v=I2oGMydv-FY
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
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with personal service from a family team
Family-owned and operated Fisher Precious Metals is a great low-cost source for precious metals -- coins, rounds, and bars. But we also get you the highest prices available when you sell your precious metals.
Expect a personal approach with Fisher Precious Metals. You can always speak directly with the owners within 24 hours if not immediately. We provide you a team you can get to know and call at any time to discuss your investments with no pressure to buy.
Check our Google reviews to see what our clients have to say:
https://g.page/FisherPreciousMetals?share
Contact us at 1-800-390-8576 or [email protected] or visit us here:
https://fisherpreciousmetals.com/
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2026
https://neworleansconference.com
* * *
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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