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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
By Lewis Jackson, Dylan Duan, and Ellen Zhang
Reuters
Saturday, February 7, 2026
China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.
The country's gold holdings rose to 74.19 million fine troy ounces by the end of January, up from 74.15 million the previous month.
The value of China's gold reserves increased to $369.58 billion at the end of last month from $319.45 billion a month earlier, according to the PBOC. ...
... For the remainder of the report:
https://www.reuters.com/world/china/chinas-central-bank-buys-gold-15th-consecutive-month-2026-02-07/
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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 the Sound Money Defense League
via Money Metals News Service, Eagle, Idaho
Thursday, February 5, 2026
Mississippi lawmakers this week rejected three vendor-inspired bills that would harm Mississippians and the gold industry by entangling the state in a government-run gold scheme.
House Bills 1440, 1530, and 1531 are each now considered dead after having failed to pass out of committee before a key legislative deadline.
... Dispatch continues below ...
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Mississippi joins a growing chorus of states -- including Wyoming, New Jersey, West Virginia, Michigan, Kansas, Iowa, and Idaho -- that are rejecting similar bills because they would significantly increase regulatory burdens on businesses, damage free market competition, and undermine personal privacy.
House Bills 1440, 1530, and 1531 would have created a complex and bureaucratic public-private partnership between the State of Mississippi and a small group of favored vendors to launch a government-backed precious metals purchasing, payment, and storage service -- directly competing with private businesses while expanding government control over the personal finances of Mississippians.
Here are some of the concerns policymakers, businesses, and investors have raised about these transactional gold bills. ...
... 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 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
The Phantom Supply Problem: How Wall Street's Derivatives Machine May Be Quietly Dismantling Bitcoin's Scarcity Thesis
By Corey Blackwell
Web Pro News, Lexington, Kentucky
Friday, February 6, 2026
For more than a decade Bitcoin's investment case has rested on an elegant, almost poetic premise: there will only ever be 21 million coins.
That hard cap, enforced by immutable code, was supposed to make Bitcoin the world's first truly scarce digital asset -- a hedge against central bank money printing, a digital gold for the internet age.
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But a provocative argument gaining traction among veteran crypto analysts suggests that this foundational thesis may have already been fatally compromised -- not by a code change or a 51% attack, but by the very financial infrastructure that was supposed to legitimize Bitcoin and carry it into the mainstream.
The argument, laid out in stark terms by the widely followed crypto analyst 0xNobler on X, is straightforward and unsettling: The moment Wall Street built a derivatives superstructure on top of Bitcoin -- cash-settled futures, perpetual swaps, options chains, exchange-traded funds, prime broker lending, wrapped BTC, and total return swaps -- it effectively created a mechanism for manufacturing synthetic supply. And when supply can be synthetically created at will, scarcity ceases to function as a price floor.
"The moment supply can be synthetically created, scarcity is gone," 0xNobler wrote. "And when scarcity is gone, price stops being discovered on-chain and starts being set in derivatives."
This is not an entirely novel observation. Commodity market veterans have long argued that the same structural dynamic hollowed out price discovery in gold, silver, and oil markets decades ago.
The London Bullion Market Association and Comex futures markets trade multiples of the world's actual physical gold supply on any given day. The Bank for International Settlements has documented how notional derivatives volumes in commodity markets dwarf physical delivery many times over.
Critics of these markets, including the Gold Anti-Trust Action Committee (GATA), have spent years arguing that paper gold suppresses the price of physical metal by creating an effectively unlimited synthetic float. What 0xNobler and a growing chorus of Bitcoin-native analysts are now arguing is that the same playbook has been imported wholesale into crypto.
The mechanics are not complicated. A single physical Bitcoin sitting in a custodial vault -- say, at Coinbase Custody, which serves as custodian for multiple spot Bitcoin ETFs -- can simultaneously serve as the backing for an ETF share, collateral for a futures contract on the Chicago Mercantile Exchange, the reference asset for a perpetual swap on an offshore exchange, the underlying for an options delta hedge, collateral for a prime broker loan, and the reference for a structured note sold to institutional clients.
"That's six claims on one coin," 0xNobler argued. "That is not a free market. That is a fractional-reserve price system wearing a Bitcoin mask." ...
... 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
Macau’s Grand Emperor Hotel Rips Up Lobby Floor to Sell Off Gold Bricks
By Alastair McCready
The Guardian, London
Thursday, February 5, 2026
The Grand Emperor hotel in Macau has ripped up and sold the gold bricks lining its lobby floor, earning nearly $13 million (L9.6 million) amid a rise in the metal's value due to turbulent geopolitical conditions.
The hotel, which opened in 2006, is known for its opulent decor including a "golden pathway" featuring dozens of gold bars in its entranceway.
... Dispatch continues below ...
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But the resort's Hong Kong-based parent company, Emperor Entertainment Hotel Ltd., announced in a Wednesday filing that while the gold bullion had created a "sumptuous and resplendent atmosphere" in the hotel, "in light of the prevailing market conditions" the firm recognised a "good opportunity" to remove and sell them. ...
... For the remainder of the report:
https://www.theguardian.com/world/2026/feb/06/macau-grand-emperor-hotel-lobby-gold-bricks
* * *
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, February 6, 2026
The disconnection between physical reality and derivative volatility became obvious in gold and silver pricing this week. No silver? No matter. Futures carry on regardless.
This week has seen price instability in gold and particularly silver. This morning in European trade gold was $4875, up $210 from last Friday’s close and silver at $73.80 is down $11.60 having been as high as $92 on Wednesday.
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Contrary to most commentary, speculative interest in both metals Comex contracts is very low, in gold’s case the lowest it has been this decade. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/stackers-smiling-traders-trounced
* * *
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
11:40a ET Friday, February 6, 2026
Dear Friend of GATA and Gold:
Last week's smash in Western silver futures prices was an official intervention that did not reduce demand for actual metal, whose price in China remains far higher than the price in the West, London metals trader Andrew Maguire tells this week's edition of Kinesis Money's "Live from the Vault" program.
Silver shortages are worsening and futures raids like this one encourage physical demand, Maguire says, adding, "Fundamentally, nothing has changed."
... Dispatch continues below ...
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The TF Metals Report's Craig Hemke joins the program and ridicules the suggestion that President Trump's nomination of Kevin Warsh for chairman of the Federal Reserve caused the sharp fall in monetary metals prices.
The program is 73 minutes long and can be viewed at YouTube here:
https://www.youtube.com/watch?v=nRfrXMGkaPA
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 Joshua D. Glawson
Money Metals News Service, Eagle, Idaho
Thursday, February 5, 2026
There is a new viral trend on YouTube and social media of an "Asian Guy" generated by artificial intelligence tools, spreading mostly false or misleading information across the precious metals industry.
At this point you might ask yourself: If it is obviously AI, why are so many people falling for it?
... Dispatch continues below ...
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It likely has to do with people's attention spans and their willingness or ability to research everything they see or hear. And not everything the "Asian Guy" AI bot says is a falsehood. But there is so much fabrication and half-truths peppered throughout.
Some of these AI junk videos have gone viral, leading many to believe that the high viewership must mean they are reliable or authentic.
It's unknown whether "Asian Guy" videos are an intentional misinformation operation or just riddled with AI hallucinations. ...
... 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 Jan Krikke
Asia Times, Richmond, British Columbia, Canada
Thursday, February 5, 2026
For decades London reigned supreme in the global gold market. Its vast over-the-counter system, built on unallocated accounts, netted trades, and trust in paper claims set benchmarks and kept most bullion circulating as a financial instrument rather than plain physical metal.
Today the London Bullion Market Association's gold price remains the global reference. But London is no longer the primary venue for most physical bullion transactions, as the physical settlement balance shifts from West to East.
... Dispatch continues below ...
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The Shanghai Gold Exchange, working in close tandem with Hong Kong, is the heart of this transformation. Gold that once flowed freely through Western vaults and ledgers is now increasingly delivered, stored, and held in Asia.
In recent years Shanghai has emerged as one of the dominant hubs for the physical delivery and storage of gold. Persistent structural demand illustrates a clear preference for allocated, tangible ownership over leveraged paper exposure. ...
... For the remainder of the report:
https://asiatimes.com/2026/02/golds-center-of-gravity-moving-from-west-to-east/
* * *
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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