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Donate safely, anonymously & monthly, in any amount. It's a smarter way to give online. Learn moreThe 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 Tim Carpenter
Kansas Reflector, Washington, D.C.
Monday, April 13, 2026
TOPEKA, Kansas -- Republican state Sen. Michael Murphy sold the Kansas Legislature on granting investors in gold and silver an exemption from state capital gains tax by noting the insightful allegory about monetary policy woven into "The Wonderful Wizard of Oz."
Murphy, who represents the Sylvia area near Hutchinson, fought the past three years as a member of the House and now the Senate to pass a bill declaring gold and silver coin or bullion to be legal tender in Kansas. Under House Bill 2515, forwarded to Gov. Laura Kelly, future transactions conducted with the two precious metals wouldn't be subject to the state income tax nor be subject to assessment of sales or property taxes.
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Comments from skeptical legislators about rewarding investors with the tax break prompted Murphy to delve into L. Frank Baum's story about a young Kansan swept away by a tornado to the Land of Oz. With her dog, Toto, she traveled with Scarecrow, Tin Man, and Cowardly Lion on the Yellow Brick Road. Children have been taught the book was a tale about an individual's bond with home, the value of friendship, and discovering inner strength.
"Lots of people don't think about it, but that was written about monetary policy," Murphy 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:
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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
1:55p ET Monday, April 13 2026
Dear Friend of GATA and Gold:
Myrmikan Capital's Dan Oliver brilliantly analyzes the world situation, and gold's prospects, in his report published today, titled "Realpolitik."
Oliver begins by dismissing the 10 major rationalizations offered in March for the fall in gold prices. He writes that all of them "describe liquidity conditions" while "none address gold's value as measured by U.S. dollars, value which the war [with Iran] has undoubtedly increased."
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Even so, Oliver argues that while President Trump is "a gangster," his war with Iran may put the United States in position to restore its empire.
"Realpolitik" is posted in PDF format at the Myrmikan internet site here:
https://www.myrmikan.com/pub/Myrmikan_Research_2026_04_13.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 $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 Xinyi Wuin
South China Morning Post
Monday, April 13, 2026
BEIJING -- Faltering confidence in the US dollar has handed China a "golden window of opportunity" to promote the global use of its currency, according to a former head of the Chinese central bank.
"The core driving force behind the current changes in the international monetary system is the United States' own policy choices," Zhou Xiaochuan was quoted as saying in a report published on Sunday by the New Economist, a Chinese think tank.
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He cited the broad application of American tariffs, the frequent use of the dollar in sanctions, and geopolitical conflicts as factors that have eroded the U.S. currency's global credibility.
Meanwhile, the yuan is facing appreciation pressure as capital flows back into China, Zhou added.
"The current period is a golden window of opportunity for promoting the internationalisation of the renminbi," Zhou was quoted as saying at the Shanghai Currency Forum earlier this month, using the official name of China's currency.
Zhou, who was the longest-serving governor of the People's Bank of China, having held the position from 2002 to 2018, laid the foundation for the yuan to go global by officially introducing it for cross-border trade settlements in 2009.
Addressing key theoretical hurdles to the yuan's internationalisation, Zhou argued that China's trade surplus was not a barrier to currency exports, as the yuan could still be supplied to global markets via capital accounts and foreign loans. He also suggested that China did not need to match the massive debt issuance of the U.S. to be successful, as actual global demand for reserve currencies is far lower than the total stock of U.S. Treasuries.
Nonetheless, a supply of safe, convertible, and liquid assets remains crucial for yuan internationalisation, Zhou noted.
"While China's government bond market has gradually opened up, the supply scale and investment convenience of safe assets still need improvement," he said.
He emphasised that a strong alternative to the dollar was unlikely in the short term, despite recent challenges to its dominance, given the relatively low current pace of yuan internationalisation.
China should "seize this favourable opportunity to steadily advance reform and open up ... so that the internationalisation of the renminbi is commensurate with China's economic strength," Zhou said.
He suggested enhancing the free usability of the yuan and its capital account convertibility, avoiding excessive regulation, improving cross-border financial infrastructure for the yuan, and promoting international financial centres such as Shanghai.
Beijing recently undertook the first major update to business rules governing the Cross-border Interbank Payment System (CIPS), China's alternative to the dominant U.S.-led global financial infrastructure.
In the revised regulations, which came into effect in February, the CIPS added the offshore yuan into its mandate and broadened participation for financial institutions, while leaving room for it to be compliant with multicurrency settlements.
* * *
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 Solomon Ekanem
Business Insider Africa, New York
Sunday, April 12, 2026
The Democratic Republic of Congo has received its first batch of refined gold ingots at the central bank, marking a key milestone in its effort to rebuild monetary gold reserves through a new state-led gold purchasing program.
According to DRC Gold Refinery SA -- DR Congo's first gold refinery -- the country has taken a major step toward restoring its monetary gold system nearly half a century after it was largely absent from official reserve accumulation.
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The company said the contract signed last February between the Central Bank of the Congo and Drc Gold Trading SA is already yielding results, with the state-owned entity delivering its first batches of refined gold ingots to the issuing institute.
The refinery explained that it specializes in the purchase, aggregation, and transformation of artisanal gold into refined bullion, ensuring that output from small-scale miners is processed into standardized bars suitable for official reserve use. ...
... 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 David Zaikin
Mining.com, Toronto
Sunday, April 12, 2026
In April 2026 the Banque de France confirmed that every ounce of French sovereign gold is now stored on French soil. Through 26 transactions between July 2025 and January 2026, the central bank sold 129 tonnes of non-standard legacy bars held at the Federal Reserve Bank of New York and purchased equivalent compliant bullion on the European market. Total reserves of 2,437 tonnes remained unchanged. The capital gain was E12.8 billion.
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The Banque de France described the exercise as operational. But the outcome is political regardless of the motive. A founding NATO ally has removed 100% of its gold from American custody.
France is the latest in an accelerating sequence. Germany repatriated 674 tonnes between 2013 and 2017, though 1,236 tonnes, roughly 37% of its total, remains at the Federal Reserve. German economists are now calling for those reserves to come home, with the head of the Association of German Taxpayers arguing that Germany's gold is "no longer safe in the Fed's vaults." India has brought home 274 tonnes since March 2023, bringing over 65% of its reserves under domestic custody.
Nobody repatriates 129 tonnes of sovereign metal across an ocean because the storage fees are inconvenient. The Western freeze of $300 billion in Russian reserves in 2022 was a legitimate and necessary response to military aggression. But it also demonstrated to every central bank on earth that reserve assets held in foreign jurisdictions carry sovereign risk. Non-aligned states took note. ...
... For the remainder of the commentary:
https://www.mining.com/op-ed-how-gold-became-national-security-infrastructure/
* * *
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
10:54a ET Sunday, April 12, 2026
Dear Friend of GATA and Gold:
The weekend edition of GATA board member Ed Steer's Gold and Silver Digest letter, headlined "The Big 8 Commercial Shorts Continue to Cover," is posted in the clear at SilverSeek here:
https://silverseek.com/article/big-8-commercial-shorts-continue-cover
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
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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
By Robert Lambourne
Sunday, April 12, 2026
A GATA dispatch published on October 22, 2023, scrutinized the buying of U.S. Treasuries by hedge funds during 2022:
https://www.gata.org/node/22875
The hedge fund buying was achieved mainly by way of a basis trade where a Treasury bond was purchased more or less simultaneously with the hedge fund acquiring a short position in a Treasury future. Given that the U.S. Treasuries market was generally considered to be highly liquid and efficient, that there were regular trading opportunities to make highly leveraged profitable basis trades was seemingly unusual and ran counter to economic theory of how efficient large and liquid markets should operate.
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In addition, these theoretically unlikely trades produced a strange coincidence with the process of quantitative tightening, which the Federal Reserve commenced in the spring of 2022. Perhaps the clearest way to visualize the coincidence is to view the chart produced within the original GATA dispatch here:
https://www.gata.org/sites/default/files/Lambourne-Chart1A.pdf
Hence, as discussed in October 2023, it appears possible that the basis trades were set up to allow quantitative tightening to happen smoothly. To anyone who has followed GATA's work, which has focused on efforts to suppress precious metals prices for more than 30 years, it is no surprise that strange coincidences occur in major financial markets. This one seemingly enabled the U.S. Treasuries market to grow beyond a level that already seems stretched using conventional metrics.
In GATA's view, since the 2023 dispatch it has become increasingly likely that a point was coming close where the Treasuries market could not readily accommodate any further borrowing, unless the Federal Reserve started buying newly issued bonds. As of March 31 this year the total U.S. Treasury debt was more than $39 trillion.
It was pointed out then and subsequently that the release valve of a gold price reset would probably have to be activated as U.S. government and non-government debt increased relative to gross domestic product. Here is a GATA report on how this might work based on the assumption of returning the United States to a comparable ratio of non-financial debt to GDP that was common for the country up to the early 1980s:
https://www.gata.org/node/23538
A recent column in the Financial Times --
https://www.ft.com/content/c5a34c74-416c-4c90-8fc3-60a1c94d7cd5?syn-25a6b1a6=1
-- noted that hedge funds are still heavily involved in the buying of U.S. Treasuries and that in addition to using the basis trade, a new interest rate swap trade is being used.
The FT column mentions this report from the Federal Reserve --
-- and this report from the Bank for International Settlements --
https://www.bis.org/publ/qtrpdf/r_qt2512y.htm
-- which gives much more information on what might be happening.
The BIS report describes the interest rate swap trade in more detail and it seems that tradeable opportunities are arising whereby hedge funds can make a small profit margin by buying Treasuries and then using interest rate swaps to fix the interest rate effectively used on the financing of the purchase of the Treasury.
Again, similar to the basis trade described above, it seems quite strange that regular repeat trading opportunities are appearing to allow these profitable swap trades to occur. Maybe the banks offering the interest rate swaps are themselves incentivized by the U.S. Treasury Department to offer the opportunities to certain hedge funds.
It is perhaps important to explain that the authors of the Federal Reserve paper are (rightly) concerned about apparent inconsistencies in the DATA being reported on the size of the hedge fund positions in the Treasuries market. This is not something that will be covered here, but perhaps one of the reasons the U.S. Treasuries market was able to became so large was the reputation of the United States for providing reliable data regularly on its major financial markets.
Under the current administration this reputation is fraying because of less regular reporting and even the fear that deliberately misleading data is being issued.
GATA followers might allow themselves a wry smile since gold price suppression has seemingly been going on while U.S. financial markets in general have enjoyed such a strong reputation.
Perhaps the overall situation with the Treasuries market can now be best described as one in which the main marginal buyers of Treasuries are hedge funds that appear to have had profitable trades created for them as an incentive to buy Treasuries.
According to figures published by the BIS in the above-mentioned report, the total hedge fund investment into the U.S. Treasuries market in June 2025 using either a basis or swaps trade or other mechanisms, was $2.4 trillion. Typically these hedge fund purchases are concentrated on bonds with two years or LESS to maturity, and this has changed the maturity profile of the Treasuries market.
The FT column cited above made clear that Treasury Secretary Scott Bessent's main role seems to be figuring out how to roll over the increasing load of maturing bonds.
The FT column notes that the Treasury Department needs to roll over about 33% of Treasury debt next year. This is hardly a comforting statistic with a seemingly difficult war in progress.
If this apparently highly unusual level of government debt being funded at the margin by seemingly opaque hedge fund trades is, as GATA suspects, unsustainable (unless the Federal Reserve starts buying new debt issues), then a significant gold price reset seems imminent.
While GATA has nothing to say about the war with Iran, huge costs are being reported for replacing equipment that has been destroyed and rebuilding stocks of offensive and defensive weapons. One estimate is for defense spending to have to increase by $500 billion, and this could go much higher.
Also, the Trump administration may feel obliged to help Israel finance restoring its military capacity to pre-war levels. So perhaps as much as $1 trillion may have to be spent on top of the $1.5 trillion defense budget the Trump administration wants.
Maybe the future of the Iran conflict is tied much more tightly to the financial position of the United States than is commonly understood. Resetting the gold price earlier might have been a better approach if the U.S. government was seriously considering entering several high-risk military conflicts.
---
Robert Lambourne is a retired businessman in the United Kingdom who consults for GATA about the Bank for International Settlements and U.S. government debt.
* * *
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 Solomon Ekanem
Business Insider Africa, New York
Saturday, April 11, 2026
African central banks are gradually aligning with a global shift toward gold-backed reserves, as total central bank purchases reached 27 tonnes in February 2026, valued at about $2 billion depending on prevailing prices.
The uptick marks a rebound from January's slowdown and reflects a sustained push toward reserve diversification.
... Dispatch continues below ...
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Global gold demand from central banks remains highly concentrated among a small group of consistent buyers rather than being evenly spread across the global financial system.
Although more than 60 central banks have added gold in recent years, the bulk of net demand is still driven by a narrow group of aggressive accumulators, mainly in emerging markets. ...
African participation remains modest but increasingly strategic. Uganda is at the forefront, launching a domestic gold purchasing programme targeting at least 100 kilograms (0.1 tonnes) over four months.
Last year African central banks delivered mixed but increasingly strategic performances, with gold playing a central role in managing currency pressures and economic instability. ...
... 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
