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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 Dylan Duan and Ryan Woo
Reuters
Tuesday, July 7, 2026
China's central bank reported its biggest monthly increase in gold reserves in more than 2 1/2 years in June, official data showed today, though bullion prices tumbled.
The People's Bank of China maintained gold purchases for a 20th straight month, with its reserves hitting 75.44 million fine troy ounces by the end of June, versus 74.96 million a month earlier. The 480,000-ounce rise, equivalent to near 15 metric tons, marked the biggest monthly addition since October 2023, when holdings rose by 740,000 ounces, according to data from the bank. ...
... For the remainder of the report:
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Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2026
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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
Enoch Yiu, Julie Zhang and Wynna Wong
South China Morning Post, Hong Kong
Tuesday, July 7, 2026
Hong Kong inaugurated on Tuesday the trial operation of a gold clearing and settlement system, a step toward building the city into a trading hub and price-setter for the precious metal.
The decision was announced at the Hong Kong FIC & Bond Connect Summit by Chief Executive John Lee Ka-chiu, who hailed it as a "milestone."
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"The government-owned Hong Kong Precious Metals Central Clearing [Company] will offer a comprehensive suite of services ranging from gold deposits and withdrawals to transaction settlements in the over-the-counter market in Hong Kong," Lee said.
The first transaction involved multiple banks, refiners, and mining and jewelry companies.
Amid geopolitical crises and macroeconomic volatility, Lee said gold was "becoming one of the key pillars for liquidity and risk management." ...
... 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 Leslie Hook
Financial Times, London
Monday, July 6, 2026
Citigroup is set to join the "club" of banks that control London's $200 billion-a-day physical bullion market, as the U.S. bank expands its reach into precious metals at a time of huge volatility for gold and silver.
The bank is the first new clearing member to join the biggest gold market in a decade, and will bring to five the total number of clearing banks approved by London Precious Metals Clearing Ltd.
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For years a powerful clique known as the "Big Four" -- JPMorgan, UBS, ICBC, and HSBC -- have been the only banks allowed to clear physical gold and silver on the London market, which in practice often forces other banks and brokers to use their services to participate in the market.
London is the largest and most liquid market for physical gold trading, recording around $207 billion of daily turnover in the second quarter, and setting the benchmark for bullion prices worldwide.
Its status is underpinned by an extensive network of bullion vaults, including at the Bank of England as well as at private institutions, which collectively held around $1.4 trillion in gold at the end of May. ...
... For the remainder of the report:
https://www.ft.com/content/a0fb2ba5-f463-4479-a200-aa9aa782ec55?syn-25a6b1a6=1
* * *
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
10:55a ET Wednesday, June 24, 2026
Dear Friend of GATA and Gold (and Silver):
The last year has been dramatic for the monetary metals. Sharp increases in price, indicative of short squeezes, have been offset by counterintuitive downward smashes even as a major war has broken out while another has intensified. News reports and analysis have emphasized the role of some central banks as major longs in the gold and silver markets but not the continuing role of other central banks on the short side in defense of their currencies and particularly the U.S. dollar.
The Gold Anti-Trust Action Committee long has focused on the monetary metals markets -- not just the public activity but also the surreptitious activity, which is usually more influential. We have alerted investors, elected officials, financial journalists, and even central banks themselves to many things they would not have known otherwise. By exposing the government-engineered short position in gold and celebrating the virtues of the monetary metals, including their protection of individual liberty, GATA has spurred demand for the metals and the shares of gold and silver mining companies.
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We sometimes have been able to break through the blackout that many mainstream financial news organizations have imposed on the gold and silver manipulation issue, as we broke through a few weeks ago with this report in Canada's Financial Post:
https://financialpost.com/commodities/mining/gold-bugs-right-price-5000-big-bank-theory
We have detailed and publicized the monthly interventions against gold undertaken by the Bank for International Settlements on behalf of their central bank members, interventions that seem to correlate with smashes in the gold price:
https://www.gata.org/node/24742
We have spread the word at financial conferences around the world --
https://www.gata.org/node/24226
https://www.gata.org/node/23210
-- and through many programs on YouTube, like this one:
https://www.youtube.com/watch?v=Mteda1USjlY
We have maintained and updated our master compendium of the documentation that confirms gold price suppression policy, a compendium that is the only such work in the world:
https://www.gata.org/node/20925
And with daily dispatches we have kept our supporters informed about important developments in gold and silver:
https://www.gata.org/taxonomy/term/2
If you're not already on our dispatch list, please subscribe. It's free:
https://lists.gata.org/lists/gata-dispatch/
But the struggle for free and transparent markets in the monetary metals and for limited and accountable government everywhere is not yet won, even as it can be won if enough people around the world support the cause. We need your help to continue. We get no support from the World Gold Council, which has a huge budget financed by large mining companies and which should be doing the work we have been doing but is too timid to challenge the enemies of free and transparent markets and sometimes seems aligned with them.
We're still up against enormous undemocratic financial and political power. So please consider supporting GATA financially:
Donations of $500 or more will entitle the donor to a beautiful 1-ounce silver round commemorating GATA's work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png
We very much need your help now.
With good wishes.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
* * *
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
10:19a ET Sunday, July 5, 2026
Dear Friend of GATA and Gold:
A friend from the U.S. heartland writes:
"Over the decades we gold bugs have seen numerous rumors of gold price surges, crashes, and coming disasters of one sort or another come and go without materializing. So naturally I am skeptical of the latest one making the rounds about prices gravitating to China from London and New York.
"Nevertheless, I am hopeful that the monetary metals will finally get their due and their true prices set. I wonder what your sense is.
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"Will we look back on July 2026 and remember that this was the month when the monetary metals reflected the true value of our currencies? It would seem fitting on our semiquincentennial."
Your secretary/treasurer is hopeful as well, for these reasons, among others:
-- The shift of gold and the gold trade from West to East seems undeniable.
-- The steady acquisition of gold by central banks in recent years seems undeniable as well.
-- Gold seems to be the only practical international alternative to the dollar -- seems to be the once and future world reserve currency.
-- The U.S. national debt is out of control and politics will never let it be controlled.
-- U.S. foreign policy has antagonized so much of the world in recent years that many countries have stopped cooperating with the longstanding gold price suppression policy supporting the dollar.
Of course asking your secretary/treasurer about the prospects for the monetary metals is a bit like asking the barber if you need a haircut. But even as we're often annoyed and feeling thwarted by daily events, we should remember that when GATA got into this crazy sector 27 years ago the gold price was less than $300 and silver was under $5. What is that -- gains of 1,300%, an average of 48% per year?
Yes, to calculate real gains you have to deduct the real inflation rate from that 48%, so maybe the average real annual gain for the monetary metals in all this time is "only" 30%.
The average annual rate of return for the stock market is said to be 10% and the average rate of return for Warren Buffett's Berkshire Hathaway is said to be 20%. If Buffett is a genius, what does all this make investors in the monetary metals?
Maybe some discouragement of monetary metals investors is a matter of their seeking leverage by investing in mining company shares in preference to the metals themselves. This is logical but markets are not necessarily logical, especially not highly manipulated markets.
It seems that mining company shares have increased in value in the last 27 years by about 300% while the general stock index, the S&P500, is up about 950%. But then some people don't realize that mining is a terribly difficult business on top of being the most capital-intensive and most regulated business. Spectacular gains are possible but ordinary gains are often hard enough to achieve.
Resentful as GATA is about the corruption and cowardice of mainstream financial news organizations -- their refusal to report honestly about the gold and currency markets, and their suppressing information about government interventions against gold -- most governments and central banks know the score by now, especially those that are members of the International Monetary Fund and Bank for International Settlements. Those agencies are where currency market rigging -- call it "management" if you want -- is conducted, and major governments and central banks now seem to be anticipating fundamental change.
GATA can be credited for alerting some of them to what has been going on.
But then what else would GATA's secretary/treasurer say?
Would he say that GATA's work over all this time has been in vain, based on misapprehensions, because the world is actually at peace and in harmony, governments and central banks actually tell the truth about the most important things, that their chronic secrecy is actually innocent, that they really have no interest in gold, that gold is actually just a pet rock and doesn't possess a millennia-long history not just as money but as money without counterparty risk, that U.S. government debt is actually moderate, and that financial markets are actually free and transparent?
People don't need GATA to tell them that. They can hear that any day from most mainstream financial news organizations and many financial advisers.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
* * *
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
3:50p ET Saturday, July 4, 2026
Dear Friend of GATA and Gold:
The 2025-26 annual report of the Bank for International Settlements, the central bank of the central banks, was published a week ago --
https://www.bis.org/about/
-- and GATA's consultant on the bank, Robert Lambourne, has reviewed it incisively. Predictably enough, he has underemphasized the detail that may be of most interest to those who follow GATA: the bank's validation of his monthly calculations of the bank's surreptitious interventions in the gold market via gold swaps undertaken by its central bank members.
The volume of those swaps can be calculated, as Lambourne calculates them, from the bank's monthly statements of account, but they are totaled explicitly only in the bank's annual report. The BIS' gold swaps continue to be the most contemporaneous evidence of monthly and perhaps even daily interventions in gold by central banks, and the new annual report shows again that Lambourne's calculations have been correct,
Tellingly, the BIS refuses to explain the purposes and objectives of its gold swaps and the parties to them.
... Dispatch continues below ...
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While the bank celebrates itself in its new annual report, outsiders should remember that the bank's objectives go far beyond its stated ones -- "the pursuit of price stability and a resilient financial system" -- and include keeping the world ignorant of how central banks are striving in secret to control its money and the value of all the world's capital, labor, goods, and services. Nothing could be more undemocratic.
Lambourne's summary of the BIS annual report is appended.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
* * *
Robert Lambourne's notes on the 2025-26 annual report of the Bank for International Settlements
1. In his introductory remarks, the new general manager of the BIS, Pablo Hernandez de Cos, made the following point: "Net profit was Special Drawing Rights 1,018 million, while total comprehensive income ended the financial year at a record level of SDR 4.7 billion."
The major contributor to the record comprehensive income of SDR 4.7 billion was a gain of SDR 3.47 billion or 74% from gold price appreciation.
The general manager does not mention this dominant component of the bank's record comprehensive income. So yet again the importance of gold price gains is not highlighted. The impact of the gold price gain is more than three times the profit earned by the BIS in the financial year. This is hardly balanced reporting.
Highly amusingly, the general manager uses plenty of words to emphasize that the BIS is going to renew itself. This doesn't seem to extend to highlighting the importance of the bank's own gold in the bank's financial results.
2. The annual report confirms that the BIS still holds 102 tonnes of gold for its own account at the balance sheet date of March 31, 2026.
3. The bank's gold swaps are reported to be 184 tonnes as of March 31, 3 tonnes higher than what GATA estimated when the bank's monthly statement of account for March was published in June:
https://www.gata.org/node/24732
This discrepancy is due to the gold price used by GATA for the estimate, drawn from USAGold.com, was slightly different from the gold price quoted in SDRs.
4. The report also enables a reader to conclude that the swapped gold comes from non-central bank gold holdings. For some time GATA has conjectured that this gold is sourced from gold exchange-traded funds, where a bullion bank is acting as custodian of the gold held by the ETF.
5. The annual report also reports on the allocated gold held by the BIS on behalf of central banks, which was up 14 tonnes to 460 tonnes. This gold is held in earmarked accounts and is not treated as a BIS asset but is held on behalf of the central bank clients of the BIS. Since the BIS has no vault of its own, this gold will be vaulted at a central bank and held in BIS earmarked accounts.
-----
Robert Lambourne is a retired business executive in the United Kingdom who consults for GATA about the Bank for International Settlements and U.S. government debt.
* * *
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 Brisa Colon
KFSN-TV30, Fresno, California
Friday, July 3, 2026
MARIPOSA, California -- More than a century after prospectors helped establish Mariposa during California's Gold Rush, mining companies are once again turning their attention to the area in search of valuable minerals.
Mariposa, located in California's historic Mother Lode gold belt, was founded during the Gold Rush era. Today new mining projects are drawing attention from residents, investors, and industry observers as companies seek to develop sites with significant mineral deposits.
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"We are the gold mining capital of all California. Here was the biggest hit across the entire state. In fact, it's coming back a little," Mariposa County Supervisor Jennifer Kiser says.
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Lode Gold is pursuing a high-grade development project at the historic Fremont Mine. Preliminary assessments estimate the site contains about $8 billion in gold. ...
Another company, Blue Moon Metals, is also exploring the region. In addition to gold, the company is searching for minerals including zinc, copper, and silver. ...
... 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
New Gold Monetisation Scheme in the Works: How Government Aims to Reduce Dependence on Imported Gold
From The Times of India, Mumbai
Friday, July 3, 2026
The government is evaluating a proposal to allow jewellers to participate in a revamped Gold Monetisation Scheme (GMS) as part of efforts to bring into circulation a portion of the nearly 30,000 tonnes of gold estimated to be lying idle with Indian households.
The move is aimed at reducing India's reliance on imported gold and would mark the first time jewellers are being included in the scheme, according to an ET report. Their participation is expected to make the programme more attractive and improve its uptake.
... Dispatch continues below ...
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The proposal has gained traction following multiple meetings held over the past two weeks involving senior government ministers, officials from the Reserve Bank of India, banks and representatives of the gold industry, the report said.
The Reserve Bank of India (RBI) said on Tuesday that the pace of growth in gold imports slowed sharply in May. During the month, PM Narendra Modi had repeatedly urged citizens to curb gold purchases amid economic uncertainty arising from the Gulf conflict.
In its bi-annual Financial Stability Report, the RBI noted that "growth in gold imports ... decelerated substantially in May 2026 compared with the previous month." Gold imports during the month were estimated at around $12 billion.
Despite being in operation for 11 years, the Gold Monetisation Scheme (GMS) has succeeded in mobilising only 39 tonnes of gold from Indian households, according to industry executives.
Introduced in 2015, the scheme was designed to encourage households and institutions to deposit idle gold into the formal financial system. It allowed deposits starting from 10 grams, with no upper limit. However, the programme has since been scaled back.
From March 26, 2025, only the Short-Term Bank Deposit (STBD) option, with tenures ranging from one to three years, has remained in force after the government discontinued the medium- and long-term deposit variants.
Under the scheme, depositors submit their gold to an authorised Collection and Purity Testing Centre (CPTC), where it is tested for purity. After obtaining the depositor's consent, the gold is melted and refined into standard 995-purity gold before being credited to a Gold Deposit Account maintained with a bank.
Depositors receive interest in rupees and, on maturity, have the option of withdrawing either an equivalent quantity of gold or its value in rupees based on the prevailing market price.
Industry executives said the government is keen to roll out the revamped scheme before the festive season, as high gold prices and high import duties continue to dampen jewellery demand and add pressure to the country's import bill.
According to trade sources, the revised Gold Monetisation Scheme is likely to be unveiled in August. The bullion industry has submitted several recommendations to the government aimed at unlocking idle household gold.
"The government is seriously examining the proposal to bring jewellers under the scheme because their involvement can help channel idle household gold into the formal system," said a senior executive from the gold trade who participated in all the meetings.
Under the proposed model, jewellers would function as collection and aggregation centres, routing the gold to authorised refiners and banks while maintaining transparency and traceability throughout the process.
In return, they are expected to receive a service or handling fee for mobilising household gold, conducting purity assessments, processing deposits and facilitating transactions.
In addition, access to monetised domestic gold would provide jewellers with a dependable and relatively lower-cost source of raw material, reduce reliance on imported bullion, improve inventory management and lower financing expenses.
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