Support all your favorite nonprofits with a single donation.
Donate safely, anonymously & monthly, in any amount. It's a smarter way to give online. Learn more
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
5:24p ET Wednesday, February 11, 2026
Dear Friend of GATA and Gold:
In his latest commentary, Myrmikan Capital's managing member Dan Oliver outlines what he sees as the collapse of currencies under the weight of debt and credit bubbles, gold's replacement of the U.S. dollar as the world reserve currency, and the sharp rise in gold mining company profit margins.
Oliver concudes: "We think the bull market in gold mining stocks remains young. The forces identified in this letter should drive gold much higher. The metal is still massively underowned by professionals and domestic institutions. The miners will continue to get a boost from the rising gold price, but the real fireworks will begin when the market starts repricing multiples.
... Dispatch continues below ...
... ADVERTISEMENT ...
USA Gold: Coins and Bullion Since 1973
USAGold, well known for its internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business.
Please call 1-800-869-5115x100 and ask for the trading desk, or visit:
USAGold: Great prices, quick delivery -- all the time.
"The senior miners will do well as capital panics into the space. The juniors should do better as their projects become too compelling to ignore. For the first time since starting Myrmikan 16 years ago, we have seen juniors turning down financing deals. Anyone who wants to play will have to pay up."
All this is more than plausible, but will governments be honest about currency collapse and their responsibility for it and gracefully accept the defeat of their infinite fiat money systems? When gold returns to rule the currency markets and the world financial system, will governments let it rule alone and democratically?
Or will they penalize gold's owners with windfall profits taxes, drastically increase royalty requirements for gold mining companies or nationalize them, and resort to ever-more financial repression or even to confiscation?
Even as monetary metals prices are rising, acquiring them remains relatively easy for the time being. The hard part may be finding a safe planet to keep them on.
Oliver's commentary is headlined "Just the Beginning" and it's posted at the Myrmikan internet site here:
https://www.myrmikan.com/pub/Myrmikan_Research_2026_02_09.pdf
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 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 Barbara Kollmeyer
MarketWatch, New York
Tuesday, February 10, 2026
The dollar's demise is unavoidable, says Myrmikan Capital's founder
Gold yes, dollar no.
While Tuesday is looking flat for stocks, gold is hanging onto the $5,000 an ounce mark.
... Dispatch continues below ...
... ADVERTISEMENT ...
Guanajuato Silver Is Reactivating Silver and Gold Mines in Mexico
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:
While Tuesday is looking flat for stocks, gold is hanging onto the $5,000 an ounce mark.
It's a level that gold surpassed, lost, reclaimed, lost again, and then once again surpassed on Monday.
Gold's story has in large part been the flip side of faltering confidence in the U.S. dollar and American assets.
The founder and managing member of Myrmikan Capital, Daniel Oliver, says we're in the early phases of a massive bull market for the metal, in a note that has been circulating widely on the X social-media network.
The 16-year old Myrmikan Capital is a specialized hedge fund, focused on micro-capitalized gold and silver mining companies. Also manager of the Myrmikan Gold Fund, Oliver has long argued gold is undervalued.
Mapping out gold's boom phases in a new note to clients, he says the move first began in 2022 when the U.S. froze Russia's dollar holdings, drawing in sophisticated gold investors.
Oliver argues that international capital flows have let U.S. financial institutions "carry insane amounts of debt," and sees private equity at the epicenter of a coming dollar blow-up, driving foreign capital away and pushing up funding costs.
That's as Kevin Warsh, President Donald Trump's nominee for Fed chair, is headed into a money-printing trap, unable to cut interest rates and shrink the Fed's balance sheet at the same time, Oliver predicts.
Under then–Fed Chair Ben Bernanke, the central bank after 2008 began buying bonds en masse to push up bond prices and lower rates, flooding banks with reserves.
Since then, the Fed has paid interest on bank reserves to keep a floor under rates, and it's now paying out far higher rates than the interest it receives on the bonds it holds, with a reported $245 billion in operating losses since 2022, Oliver says. "The whole mechanism requires accelerating money printing and deeper losses at the central bank that issues the nation's currency."
Warsh will face $10 trillion in Treasury bonds that will mature over the next 12 months, which the government will be forced to roll over, says Oliver.
Warsh, despite his stated complaints about bonds on the Fed's balance sheet, may have to turn toward quantitative easing.
"This will be the second phase of the gold bull market, a move that has not yet begun, the move to reflect the market realization that the Fed is powerless to save private equity or control interest rates without buying the entire bond market," Oliver says.
The third phase comes when those higher rates "create a government-bond death spiral: The higher the interest rates rise, the larger the interest payments go, the worse the deficits, the greater the supply of Treasurys and the higher rates will rise," in Oliver's view.
The endgame, per Oliver, is either that the government defaults or it orders the central bank to buy all Treasurys, destroying the dollar.
"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved," he says.
As for where gold should trade, Oliver explains that, over history, markets have forced central banks to keep gold reserves at between one-third and one-half of their balance sheets, implying a price between $8,395 and $12,595 per ounce. As long-term Treasury bonds are "worth less than where the Fed-manipulated market prices them," a panic could bring those reserves at least temporarily up to 100%, he says.
As for how to play this, Oliver says mining companies remain undervalued, even after a strong run.
Gold-mining exchange-traded funds have been underfunded even as those stocks have soared, he says, noting the number of shares outstanding for the VanEck Junior Gold Miners ETF GDXJ fell by a third between 2024 and 2026. "This lack of interest suggests we are at the very beginning of the bull market," he says.
That's as gold remains massively underowned by professionals and domestic institutions, he adds.
"The miners will continue to get a boost from the rising gold price, but the real fireworks will begin when the market starts repricing multiples. The senior miners will do well as capital panics into the space. The juniors should do better as their projects become too compelling to ignore," he says. For the first time since the founding of Myrmikan, junior miners have started turning down financing deals, he notes.
* * *
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 Associated Press
via ABC News, New York
Monday, February 9, 2026
MEXICO CITY -- Mexican authorities said today that five of the 10 workers missing from a mine operated by a Canadian company in the northwestern state of Sinaloa have been identified among 10 bodies found in clandestine graves last week in a nearby community.
The Attorney General's Office said in a statement that the remaining bodies were still awaiting identification.
... Dispatch continues below ...
... ADVERTISEMENT ...
First Majestic Mines Silver and Gold,
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:
Vancouver-based Vizsla Silver Corp. said in a statement earlier today that it "has been informed by a number of families that their relatives, our colleagues, who were taken from the company's project site in Concordia, Mexico, have been found deceased.”
The company said it was still awaiting confirmation from Mexican authorities. Neither the company nor Mexican authorities have commented on what a possible motive could be.
"We are devastated by this outcome and the tragic loss of life," said Vizsla President and CEO Michael Konnert. "Our focus remains on the safe recovery of those who remain missing and on supporting all affected families and our people during this incredibly difficult time." ...
... 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 Adam Sharp
Daily Reckoning, Baltimore
Monday, February 9, 2026
Germany has the second-largest gold reserves in the world at 3,350 tons.
The U.S. is first with 8,133 tons.
China says they hold 2,300 tons, but it's widely known they've been secretly buying for decades. The country's true holdings may even surpass America's.
... Dispatch continues below ...
... ADVERTISEMENT ...
Fisher Precious Metals offers great prices
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/
But let's get back to Germany. The country holds 37% of its hoard in Manhattan at the New York Federal Reserve vault. That gold is valued at about $170 billion today.
Why would Germany store so much gold in New York? Because back in the 1970s there was fear that the Soviet Union would send 20,000 tanks through the Fulda gap into West Germany.
So the gold was stored in the U.S. for safekeeping.
But ever since Germans have occasionally demanded their bullion back. With limited success. ...
... For the remainder of the commentary:
https://dailyreckoning.com/germany-wants-its-gold-back-again/
* * *
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
5p ET Monday, February 9, 2026
Dear Friend of GATA and Gold:
Nicolaus Copernicus wasn't just an astronomer who figured out that the Earth revolves around the Sun and not the other way around. He was also all sorts of other things, including an economist who, 500 years ago, figured out that inflation was largely a function of excessive money creation and published a notable essay about it.
... Dispatch continues below ...
... ADVERTISEMENT ...
Bullion Star Opens in the U.S., Selling and Vaulting Gold and Silver
Bullion Star is now open in the United States, offering gold and silver bullion at extremely competitive prices with free delivery. Bullion Star also offers customers a year of free vault storage along with free delivery as well as storage in its secure precious metals vault in Dallas, Texas.
Storing precious metals is challenging. Homeowner's insurance seldom covers precious metals, and safe deposit boxes offered by banks are neither insured nor covered by the government deposit insurance. Bullion Star's vault is an independently run, Class III UL-rated vault with uncompromising surveillance and round-the-clock security.
With Bullion Star you can transact and store your metals securely and confidentially. Your bullion is fully insured against all risks at full replacement value. Bullion Star uses five audit methods to verify the existence and correctness of your stored bullion.
For more information, please visit:
Gold standard advocate, prolific author, and former Reagan White House legal counsel Ralph Benko has edited a 500th anniversary edition of Copernicus' essay "Monetae Cudendae Ratio" -- "On the Minting of Money" -- translated from Latin by Gerald Malsbary and published by The Websters' Press.
The book is essentially a rationale for a gold standard for money and is especially timely now that the configuration of the financial universe is changing with the monetary metals moving back toward the center. It's available for $9.99 via Amazon here:
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 Jp Cortez
Sound Money Defense League
via Money Metals News Service, Eagle, Idaho
Monday, February 9, 2026
The South Dakota legislature today rejected a vendor-inspired "transactional gold" bill that would harm South Dakotans, free enterprise, and the gold industry by entangling the state in a sweeping, government-run gold scheme.
The South Dakota Senate State Affairs Committee voted 7-1 to kill Senate Bill 112, making South Dakota the latest state to reject such proposals across the country. The Mount Rushmore State joins Michigan, Wyoming, New Jersey, Oklahoma, Iowa, West Virginia, Idaho, and Mississippi, which just last week rejected three similar measures that sought to entangle the state.
... Dispatch continues below ...
... ADVERTISEMENT ...
Buy metals at GoldMoney and enjoy international storage
GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars.
To learn more, please visit:
http://www.goldmoney.com/?gmrefcode=gata
More specifically, SB 112 would have created an elaborate public-private partnership whereby the state enters the market and either establishes a state bullion depository or puts the state's credibility behind one bullion depository over all competing firms while designing and overseeing a state-run precious metals purchase, storage, and electronic payment system. ...
... 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 Bloomberg News
Monday, February 9, 2026
Chinese regulators have advised financial institutions to rein in their holdings of U.S. Treasuries, citing concerns over concentration risks and market volatility, according to people familiar with the matter.
Officials urged banks to limit purchases of U.S. government bonds and instructed those with high exposure to pare down their positions, the people said, asking not to be identified discussing private deliberations. The directive doesn't apply to China's state holdings of U.S. Treasuries.
... Dispatch continues below ...
... ADVERTISEMENT ...
Ireland's Tree of Life Gold and Silver Coins Are Available
from Money Metals Exchange For Delivery or Secure Storage in Idaho
Money Metals Exchange and Tara Coins, supporters of sound money and GATA, are selling Ireland's Tree of Life Gold and Silver Coins, non-legal tender, for U.S. and international delivery or secure storage in the ultra-secure MMX vault in Eagle, Idaho:
https://www.moneymetals.com/
The Gold and Silver Trees of Life can be bought directly by retail stackers, retail distributors, and wholesale dealers. The Gold Trees (.9999 purity) are in 1-ounce, 0.25-ounce, and 0.1-ounce sizes, and the Silver Trees (.999 purity) in 1-ounce size.
All are approved for individual retirement accounts.
Tara Coins is a designer, wholesaler, and retailer of Irish bullion products, selling beautiful, store-of-value, 99.99% pure Irish silver and gold bullion.
The Gold Trees of Life are the first 99.99%-pure Irish bullion coins and are beautiful and truly sovereign (non-legal tender) coins.
For more information, visit Ireland Trees of Life at Money Metals Exchange --
https://www.moneymetals.com/
-- or contact Shane Lee at [email protected]
Communicated orally to some of the nation's biggest banks in recent weeks, the guidance reflects growing wariness among officials that large holdings of U.S. government debt may expose banks to sharp swings, the people said. The worries echo those made by governments and fund managers elsewhere amid a brewing debate over the safe haven status of U.S. debt and the appeal of the dollar.
The move was framed around diversifying market risk rather than anything to do with geopolitical maneuvering or a fundamental loss of confidence in U.S. creditworthiness, the people said, adding that officials didn't given any specific target on size or timing. While significant tensions remain between Beijing and Washington, relations have steadied in the wake of a trade truce last year. ...
... 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 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/
... ADVERTISEMENT ...
Are you ready to safeguard your assets using precious metals?
Hero Bullion is a precious metals dealer with an extensive inventory of competitively priced gold, silver, and platinum products.
We didn't get into this business just to sell metals. Our goal is to educate investors to help them make sounder financial decisions. For four years we have focused on educational resources, competitive prices, and reliable, secure shipping.
Check out our reviews. Hero Bullion is quickly becoming a favorite of customers all over the country. We're committed to helping you cut through the hype and build your portfolio with high-quality, affordable precious metals.
Visit us here: www.herobullion.com
Hero Bullion: Gold and silver simply delivered
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
Create Your Account:
