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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 Piyush Shukla
The Times of India, Mumbai
Tuesday, December 9, 2025
JP Morgan is going long on silver and making history. The bank now holds over 750 million ounces of physical silver, the largest stockpile in the world. In just six weeks, it added 21 million ounces. That's a staggering move in a market already under pressure.
Between June and October, JP Morgan reportedly sold off its entire 200-million-ounce paper short position. This freed cash to acquire physical silver, leaving the bank long in both physical and paper silver for the first time ever. Experts say this is a rare and powerful market position.
... Dispatch continues below ...
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The move coincided with the U.S. Mint announcing a shortage of silver coins. Physical supply is tightening while demand is rising. JP Morgan is holding real silver, not paper contracts. This is a key difference from the Hunt brothers' attempt to corner silver in 1980. Back then reliance on paper contracts led to intervention and collapse. JP Morgan's approach reduces risk of regulatory disruption.
If history is any guide, silver could move sharply upward. Adjusted for inflation, silver's 1980 peak would be over $600 per ounce today. Nobody can predict exact prices, but the structural setup favors a major squeeze. Industrial demand is rising, mine supply is falling, and institutional accumulation is accelerating. ...
... 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 $300 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
Silver Prices Just Smashed a New Record. What Does This Mean for the Economy?
By Aaron Gregg
The Washington Post
via MSN News, Redmond, Washington
Wednesday, December 10, 2025
Silver is giving gold a run for the money.
The precious metal has more than doubled in value since the start of the year and broke a fresh record Tuesday, rising above $60 per troy ounce on New York's commodity exchange for the first time. Now it's up 102% for 2025, far outpacing the record-building rush that has lifted gold 59%.
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A mix of forces is boosting silver, including the weakened dollar, tariff politics, and supply shortages.
Especially critical in recent weeks, though, is the growing expectation that the Federal Reserve will announce another rate cut today as the U.S. economy continues to slow down. Analysts say that's likely to further pressure the dollar lower while lifting silver -- a classic safe-haven asset -- even higher.
In light of Fed concerns, "precious metals prices are rising as a bit of a hedge," Michael Farr of the D.C.-based investment firm Farr, Miller and Washington said ahead of the meeting. By late Tuesday the price had surged to around $61.20, for a 4.8% gain on Tuesday alone. ...
... 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 $300 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
11:50a ET Tuesday, December 9, 2025
Dear Friend of GATA and Gold (and Silver):
GATA board member Ed Steer, publisher of Ed Steer's Gold & Silver Digest, was interviewed Sunday by Dave Janda on WAAM-AM1600 in Ann Arbor, Michigan, discussing the ongoing collapse of the latest cycle of Western government gold and silver price suppression policy. The interview is 24 minutes long and can be heard at Janda's internet site here:
https://davejanda.com/wp-content/uploads/2025/12/EdSteer120725.mp3
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 $300 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
Gold Frenzy Puts Thai Trading House on Record Trajectory
By Suttinee Yuvejwattana
Bloomberg News
Monday, December 8, 2025
Unprecedented gold prices and a surge in retail sales may push revenue at Thailand's largest gold trading house to a record 5 trillion baht ($157 billion) this year, according to Hua Seng Heng Chief Executive Officer Tanarat Pasawongse.
That amount would be bigger than even the government's fiscal 2026 spending plan of about 3.8 trillion baht, testimony to the sheer number of residents in the Southeast Asian nation embracing the precious metal as a store of wealth amid low interest rates and a lackluster stock market.
... Dispatch continues below ...
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Heightened geopolitical risks and uncertainty over where Thailand's economy may be headed in light of U.S. tariffs are also seeing waves of Thais dip into the commodity, said 50-year-old Tanarat, a third generation member of a family that started the business in 1950 in the heart of Bangkok's Chinatown. ...
... 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 $300 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
Monday, December 8, 2025
Developments this year have strengthened suspicions that the Bank of England is complicit in gold price suppression, especially developments with the custody of the United Kingdom's reserves of foreign exchange and gold held in the government's Exchange Equalisation Account.
The audited annual report of the EEA for the year to March 31, 2025, still has not been published. It is usually published in July. This delay was disclosed by GATA in a dispatch on October 7:
https://www.gata.org/node/24155
Normally the UK Treasury publishes an audited annual report of the EEA in July. So the report is now eight months late. A company listed on a major stock exchange almost certainly would experience severe share price and regulatory pressure to explain such a delay.
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In late August this writer contacted the Treasury via his member of Parliament to request an explanation for the delay and a likely publication date. Getting a response took more than five weeks and it offered no nothing other than to suggest that certain audit procedures needed to be completed. Neither was any likely date provided for publication of the annual report.
It's not clear why a five-week delay was needed to say so little.
Hence there appears to be a problem with obtaining approval of the accounts from an independent auditor.
Indeed, there are many potential problems that might affect the judgment of an independent auditor of the EEA.
The delay might be connected to the rush to get gold to the United States shortly after the Trump administration took office, amid fears that tariffs could be imposed on U.S. gold imports.
Early this year it was widely reported that the Bank of England was unable to get gold out of its vaults promptly. In a meeting with journalists February 6 the following statement about gold delivery delays this following statement was made by the bank's deputy governor, Dave Ramsden:
"Gold is a physical asset, so there are real logistical constraints and security constraints. Getting into the bank for me this morning was a bit trickier because there was a lorry in the bullion yard. ... It takes time and the stuff is also quite heavy. ... We've got slots for all the people who currently want to get their gold" but "if you were coming in new to us, you might have to wait a bit longer because all the existing slots are booked up":
https://finance.yahoo.com/news/bank-england-suffers-exodus-gold-060200514.html
During the second, third, and fourth quarters this year there was a substantial increase in the use of the "exchange for risk" mechanism on the New York Commodities Exchange. This is a transaction where a futures contract is exchanged for an over-the-counter derivative, such as a swap. GATA's consultant about the Comex, Harvey Organ, has speculated that one of the major users of the mechanism is the Bank of England, pursuing an unconventional way to acquire physical gold.
Now is it really just a coincidence that the annual report of the UK's EEA is still not published when the Bank of England was not only unable to remove gold from its vaults promptly but, in need of real metal, could be responsible for the increased volume of "exchange for risk" transactions on the Comex in recent months?
In the absence of more information from the UK Treasury, this question remains open, and the problem causing the delay in publishing the annual report of the EEA, whatever it is, seems to be getting more serious.
The difficulties recently experienced by the Bank of England prompted this writer to review previous disclosures concerning the role of the bank as a gold custodian and its involvement with other gold-related matters.
A report by Bullion Star's Ronan Manly in December 2022 was headlined: "Has GLD Been Failing to Disclose Gold Held at BoE in 2022?":
Manly's report included a reference to the bank's serving as a sub-custodian of GLD, SPDR Gold Shares, the biggest gold exchange-traded fund.
Manly also noted that JP Morgan was becoming a custodian for GLD along with HSBC. He wrote that the Bank of England held 70 tonnes of GLD gold in 2020 and that subsequent disclosures by GLD did not include any details on how much of its gold (which now is said to total 1,010 tonnes) is warehoused by the Bank of England. Apparently, under U.S. Securities and Exchange Commission regulations this detail should have been disclosed.
Those who follow GATA dispatches know that each month we publish an estimate of gold swaps arranged by the BIS, which in the absence of contrary evidence are assumed to be swaps of gold deposited in exchange-traded funds and held in gold sight accounts at the Federal Reserve. It now seems possible that the Bank of England is both a recipient of some swapped gold and the source of gold physically too as a sub-custodian of HSBC or JP Morgan, acting as the custodians for GLD.
The Bank of England has been a sub-custodian of GLD’s gold since at least 2014 and the bank may have been a recipient of the gold as far back as 2009, when the current use of gold swaps began.
A GATA dispatch report cited press coverage of the first use of gold swaps by the Bank for International Settlements, which seems to be the only time the BIS has discussed the swaps with a news organization:
https://www.gata.org/node/18826
The press coverage, from the Financial Times, "BIS Gold Swaps Mystery Is Unravelled," is here:
https://www.ft.com/content/3e659ed0-9b39-11df-baaf-00144feab49a
So it is possible that the Bank of England's seemingly trying to acquire physical gold via the "exchange for risk" mechanism at the Comex is even more complicated than just squaring the books for the Exchange Equalisation Account. Maybe the bank has leased out gold supposedly "owned" by both GLD and the UK government.
It seems doubtful that the Bank of England would be doing things like this without the explicit endorsement of the U.S. Federal Reserve.
After recent review of Manly’s report, this writer began investigating whether the Bank of England is a sub-custodian of any other exchange-traded fund or other funds involved with precious metals.
The bank appears as a sub-custodian for at least four other exchange-traded bullion products (and one closed-end trust) besides GLD. No other major central bank has been identified as a sub-custodian. The other funds listing the Bank of England as a sub-custodian are:
1) iShares Gold Trust (IAU). JP Morgan lists the Bank of England with the identical clause used for GLD.
2) iShares Silver Trust (SLV). This fund uses the same custody agreement template. The Bank of England appears alongside Scotia Bank, Deutschebank, ICBC-Standard Chartered, JP Morgan, and UBS.
3) Granite Shares Gold Trust (BAR). Its gold custodian is ICBC Standard Chartered. The Bank of England is listed as a permitted sub-custodian.
4) Perth Mint Physical Gold ETF (AAAU). The gold custodian here is JP Morgan. The Bank of England is named in Paragraph 8.1.
5) Sprott Physical Gold Trust (closed-end, TSX: PHYS). The Bank of England is cited as a sub-custodian "from time to time" with no tonnage disclosed.
All five funds use virtually the same paragraph about custodianship, copied from the London Bullion Market Association model custody agreement.
From the iShares Silver Trust custodian information it appears that the Bank of England also may be storing physical silver, although the LBMA says the bank does not store physical silver. So maybe the bank's sub-custodian role for the fund is just a contingency matter.
Has any other central bank ever been publicly named as a sub-custodian for gold and silver exchange-traded funds?
An extensive search of U.S. Securities and Exchange Commission EDGAR (8-K, S-1, 10-K) filings for every U.S.-listed bullion ETF (IAU, SLV, BAR, SGOL, AAAU, OUNZ, GLDM, PHYS, PSLV, SGLN, etc.) finds no reference to the Federal Reserve Bank of New York, Banque de France, Bundesbank, Swiss National Bank, Banca d'Italia, European Central Bank, People's Bank of China, Bank of Canada, Riksbank, the Austrian Mint, and other institutions.
Among central banks only the Bank of England appears in filed agreements as custodians or sub-custodians. All other custodians are commercial LBMA members (Scotiabank, Deutschebank, ICBC-Standard Chartered, JP Morgan, UBS, HSBC, Brinks, Malca-Amit, and Loomis).
For some years GATA has reported suspicions that BIS gold swaps represent double-counted gold where at least two parties considered that they had good title to the same metal. The problems that the Bank of England and UK Treasury are having -- with finalizing the audited annual report of the EEA and the delays shipping out gold while possibly trying to buy gold via the Comex -- and then the bank's recently recalled role as a sub-custodian to various investment funds -- raise concerns that the Bank of England may be involved in some way as both a recipient of swapped gold and as the physical source of that gold as well.
In any case it is reasonable to wonder exactly what the Bank of England is doing with the gold held in the EEA and the gold of others, and why it is doing it. Does this include gold price control or suppression?
-----
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.
* * *
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 $300 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
Retail Investors Help Drive Gold and U.S. Stocks to Bubble Territory, BIS warns
By Leslie Hook and Martin Arnold
Financial Times, London
Monday, December 8, 2025
Retail investors are helping drive gold and U.S. stocks toward "bubble" territory, raising the risk of a disorderly reversal, the Bank for International Settlements has warned.
In its latest quarterly review, published Monday, the BIS said that gold and U.S. stocks showed the hallmarks of a bubble, including retail investor "exuberance," surging valuations, and media hype.
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Gold has surged 60% this year in its best annual performance since 1979. U.S. stocks, led by a handful of big tech companies riding the artificial intelligence boom, are on track for annual gains, with the S&P 500 up 17% and the Nasdaq up 22%.
The decision to sound the alarm over the gold market is striking because the BIS, known as the "bank for central banks" and renowned for its secrecy, helps central banks trade the metal and stores it for them.
"The past few quarters represent the only time in at least the last 50 years in which gold and equities have entered this territory simultaneously," the BIS noted. "Following its explosive phase, a bubble typically bursts with a sharp and swift correction." ...
... For the remainder of the report:
https://www.ft.com/content/8e5a4fcf-dc99-4014-853a-b2585e2396b9
* * *
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 $300 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 Marino and Yvonne Yue Li
Bloomberg News
via Yahoo News, Sunnyvale, California
Sunday, December 7, 2025
Silver and copper have replaced gold as the hot metal trade heading into 2026, with institutional and retail traders positioning for record rallies.
Silver has nearly doubled this year, with most gains occurring in the past two months due to a historic supply squeeze in the benchmark London market amid surging demand from India and silver-backed exchange-traded funds. While that crunch has eased in recent weeks as more metal is shipped to London vaults, other markets have seen supply constraints: Chinese inventories are at decade lows.
... Dispatch continues below ...
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The silver rally has seen higher volatility, said Ed Meir, an analyst with Marex Group Inc. "If you look at the chart, there's been a steeper parabolic move up than seen in previous rallies. The buying is much more concentrated, and in a much shorter time frame."
Silver has outpaced gold of late. Since bullion hit a record on Oct. 20, it has moved mostly sideways, while silver has gained more than 11% to a fresh record and copper has climbed almost 9%. ...
... For the remainder of the report:
https://finance.yahoo.com/news/silver-copper-eclipse-gold-top-143000841.html
* * *
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 $300 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
11:47p ET Saturday, December 6, 2025
Dear Friend of GATA and Gold:
GATA consultant Robert Lambourne reported today that gold swaps undertaken by the Bank for International Settlements, the central bank of the central banks and a broker for them in the gold market, fell markedly in November, from 54 tonnes in October to 39 tonnes.
... Dispatch continues below ...
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The information can be calculated from the bank's monthly statement of account for November, published this week:
https://www.bis.org/banking/balsheet/statofacc251130.pdf
The decline in swaps implies that the BIS was not recruited to intervene as much in the gold market in November on behalf of its member central banks and that there continues to be little interest among them in incurring more gold liabilities or in letting their metal get far from home.
The report written by Lambourne on July 1 --
https://www.gata.org/node/23935
-- provides some history on the swap transactions and their volatility since the bank in 2010 adjusted its public accounting to make it possible for its gold swaps to be calculated, though the swaps are still not reported plainly by the bank.
As recently as January 2022 the bank's swaps exceeded 500 tonnes but they have fallen sharply since, indicating a change of policy toward or outlook on gold, a trend that seems to have correlated with increasing central bank acquisitions and repatriations, along with gold's rising price.
Nevertheless, the BIS has a well-placed confidence that no mainstream financial news organization will ever ask it to explain the purposes of the swaps and to identify the parties to them, lest gold cease being the immensely powerful secret knowledge of the financial universe.
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 $300 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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