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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
7:45p ET Monday, March 10, 2025
Dear Friend of GATA and Gold:
We are so close to victory now. Gold is all over mainstream financial news organizations now even as they strive not to expose the real reasons for the monetary metal's spectacular rise: the collapse of the derivatives-based gold price suppression system.
Gold price suppression is almost a respectable topic now, even if GATA is still not respectable enough to get mentioned by mainstream financial news organizations even as we pummel them every day with evidence of their dishonesty.
... Dispatch continues below ...
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So please help us stay in the fight all the way to victory: free and transparent markets in the monetary metals and limited and accountable government.
Our friends at Money Metals Exchange in Eagle, Idaho, support our struggle so much that they have minted a beautiful 1-ounce silver round honoring GATA -- and they want you to have at least one.
On the front of the round is an engraving copied from the GATA painting by Alain Despert, depicting GATA as a modern-day Don Quixote leading a march of gold and silver advocates on the U.S. Treasury Department building in Washington:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png
The back of the round shows the torch of liberty breaking the chains of price suppression and recognizing gold and silver as the crucial defenders of liberty:
https://www.gata.org/sites/default/files/GATA-silver-round-back.png
You can purchase the GATA commemorative silver round from Money Metals Exchange for around $34 here:
https://www.moneymetals.com/gata-silver-round-1-troy-ounce-999-pure/1873
But if you'd like to help GATA directly, each donation of $250 to GATA will entitle the donor to one of these silver rounds, which GATA will arrange to have shipped to the donor from Money Metals Exchange, which is now the operator of the largest precious metals depository in the United States west of New York, a depository larger than even Fort Knox.
Your gift today will propel GATA's important work, and we'll be very grateful for it.
We just need to remind donors that the metal value of each of the rounds they receive as thanks for their donation must be subtracted from federal tax-deductibility of their contribution to GATA. For example, with the silver round priced at $34, a $250 donation made to GATA would be federally tax-deductible for $216.
Of course these silver rounds are likely to increase in value along with the silver price in the years ahead -- another reason to consider supporting GATA this way.
So please consider making a donation to GATA tonight, especially now that this special 25th anniversary GATA silver round is available to memorialize it.
To donate, please mail a check payable to GATA to:
Gold Anti-Trust Action Committee Inc.
c/o Chris Powell, Secretary/Treasurer
7 Villa Louisa Road
Manchester, Conn. 06043-7541 USA
Or visit GATA's internet site here:
Please include your e-mail address so we can thank you without incurring the time and expense of surface mail. And if you're donating $250 or more, please let us know your shipping address so we can speed the silver round on its way to you.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
* * *
GATA is grateful to these companies for their recent support:
Apollo Silver Corp.
Barksdale Resources
Dolly Varden Silver Corp.
Dryden Gold Corp.
Group Eleven Resources
Guanajuato Silver
IBK Capital Corp.
Independent Trading Group
Mining Discovery
Power Nickel
Silver North
Strike Point Gold
The National Investor
The Prospector
Western Alaska Minerals
* * *
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 $250 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 Money Metals News Service
Eagle, Idaho
Friday, March 7, 2025
Idaho yesterday formally ended state income taxes on gold and silver as part of its largest tax cut in state history.
House Bill 40, sponsored by House Speaker Mike Moyle and begrudgingly signed by the state's liberal Republican governor, Brad Little, provides a sweeping $253 million income tax cut for Idaho taxpayers by lowering the rate from 5.695% to 5.3% while also adding two specific exemptions.
... Dispatch continues below ...
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The new law includes a tax-neutral provision whereby taxpayers back out any "net capital gains or losses that meet the definition of precious metal bullion or monetized bullion ... included in the taxpayer's federal adjusted gross income."
Idaho already had a long-standing sales tax exemption on purchases of precious metals. By exempting income connected with precious metals sales, it now becomes less difficult for gold and silver to resume their constitutional role as money in Idaho. All tax cuts contained in HB 40 take effect as of January 1, 2025, pursuant to the bill's emergency provisions. ...
... For the remainder of the report:
https://www.moneymetals.com/news/2025/03/07/idaho-eliminates-income-taxes-on-gold-and-silver-003891
* * *
GATA is grateful to these companies for their recent support:
Apollo Silver Corp.
Barksdale Resources
Dolly Varden Silver Corp.
Dryden Gold Corp.
Group Eleven Resources
Guanajuato Silver
IBK Capital Corp.
Independent Trading Group
Mining Discovery
Power Nickel
Silver North
Strike Point Gold
The National Investor
The Prospector
Western Alaska Minerals
* * *
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 $250 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
11a ET Monday, March 10, 2025
Dear Friend of GATA and Gold:
In a 21-minute video posted at Gold-Eagle, market analyst Vince Lanci argues that the big recent shipments of gold from London to the United States constitute the unwinding of the gold carry trade begun by the U.S. during the Clinton administration for gold price suppression purposes.
That is, the gold is being put back where it was only pretended to be for decades when it was really being leased, rehypothecated, and sold to protect the ever-inflated U.S. dollar against competition.
Lanci's analysis is headlined "Was U.S. Gold Repatriated to Refill Fort Knox?" and it can be viewed here:
https://www.gold-eagle.com/article/was-us-gold-repatriated-refill-fort-knox
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
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GATA is grateful to these companies for their recent support:
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Barksdale Resources
Dolly Varden Silver Corp.
Dryden Gold Corp.
Group Eleven Resources
Guanajuato Silver
IBK Capital Corp.
Independent Trading Group
Mining Discovery
Power Nickel
Silver North
Strike Point Gold
The National Investor
The Prospector
Western Alaska Minerals
* * *
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 $250 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
10:40a ET Monday, March 10, 2025
Dear Friend of GATA and Gold:
What might the price of gold have to be return the United States to a more traditional and sustainable level of debt relative to gross domestic product?
GATA consultant Robert Lambourne attempted such a calculation the other day and it shows how out of whack the gold price has become after decades of Western central bank gold price suppression policy.
... Dispatch continues below ...
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Of course as Lambourne notes, nothing in law or custom requires any particular ratio of the gold price and the value of national gold reserves to national government debt. But the U.S. government's debt has grown so explosively in recent years that even the new U.S. Treasury secretary has spoken of the need to "monetize" national government assets to maintain the government's financial stability, and gold may be foremost among those assets.
So Lambourne provides the following calculations to make an estimate of a new gold price.
* * *
"Further to our recent continuing discussions about possible gold price resets initiated either by China or the U.S. government, I have set out below a relatively straightforward calculation of the implied gold price required to return the U.S. to a more typical post-World War II debt level.
"The metric used for this calculation is the ratio of non-financial debt to gross domestic product. This is a metric used by the International Monetary Fund and the Bank for International Settlements, and much data is available on it for many countries. This is not to claim that one ratio is all that needs to be considered, but just to provide a snapshot of where the United States and its debt levels stand today.
"The Federal Reserve publishes historical tables of the ratio of non-financial debt to gross domestic product, as well as the statistics used to calculate and analyze it, going back to 1952:
https://www.federalreserve.gov/releases/z1/dataviz/z1/nonfinancial_debt/table/
"The table shows that non-financial debt to GDP from 1952 to 1980 was always in the range of 120-140%. More recently the ratio has risen substantially and in the most recent available quarter is 259.9%.
"The BIS data on international debt to GDP ratios quotes 249% for the U.S. So to keep the calculation easier, the rest of this note calculates an implied gold price simply by halving the approximate present level of non-financial debt to GDP from 250% to 125%
"From this link --
https://fred.stlouisfed.org/series/GDP/
-- the reported GDP is $29.7 trillion. So let's call it $30 trillion.
"Hence the total U.S. non-financial debt is assumed to be $75,000,000,000,000, which is 250% of the GDP of $30,000,000,000,000.
"The target new total level for non-financial debt is half: $37,500,000,000,000.
"To achieve this new total level the gold price reset for the U.S. federal government is calculated by dividing the reduction in debt by the number of troy ounces of gold held in te reported U.S. gold reserve.
"According to the US debt clock --
https://www.usdebtclock.org/gold-precious-metals.html
-- that figure is 286,906,640 troy ounces. This equates to a gold price of around $130,700."
* * *
Of course that figure of $130,700 seems extreme. And yet gold price suppression is just the other side of the federal government's profligacy. Indeed, gold price suppression long has been the prerequisite for that profligacy. Otherwise the devaluation of the U.S. dollar would have become so obvious that financing the government with treasury bonds might have become impossible at any bearable interest rate, and there would have been no concealing commodity price inflation.
Attempts by others to estimate a gold price in a financial world returned to normal ratios have reached $10,000 or more. This one appeared at the Kitco internet site just last week:
Indeed, the higher the official gold price and the official valuation of the Treasury Department gold certificate held by the Federal Reserve, the more money the Treasury Department can instruct the Fed to print to be used to increase federal government spending or to repay government debt. To a great extent gold revaluation is another mechanism of money creation.
Gold prices at $10,000 or more might be shocking enough and capable of scaring capital away from the United States and its Treasury bonds insofar as it signified a devaluation of the currency. So the U.S. government might impose capital controls to lock money into the country, especially if China, needing to stop deflation in its economy, revalued gold upward, incentivizing gold exports to China from the United States. In that case the U.S. government might even try confiscating gold again.
Don't think such things are impossible. They are formally authorized by the Emergency Economic Powers Act of 1977 --
https://en.wikipedia.org/wiki/International_Emergency_Economic_Powers_Act
-- and in 2005 a Treasury Department official confirmed to GATA that upon proclamation of an emergency by the president, the department would be authorized to seize or freeze not just any gold- and silver-related assets but just about any financial asset:
https://www.gata.org/node/5606
So the times are turbulent and dangerous, and to survive financially people may want to take precautions, even as nowhere may be entirely safe.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
* * *
GATA is grateful to these companies for their recent support:
Apollo Silver Corp.
Barksdale Resources
Dolly Varden Silver Corp.
Dryden Gold Corp.
Group Eleven Resources
Guanajuato Silver
IBK Capital Corp.
Independent Trading Group
Mining Discovery
Power Nickel
Silver North
Strike Point Gold
The National Investor
The Prospector
Western Alaska Minerals
* * *
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 $250 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
10:42p ET Saturday, March 8, 2025
Dear Friend of GATA and Gold:
Market analyst and author James G. Rickards this week schooled ITM Trading's Daniela Cambone about the gold depository at Fort Knox.
A visit to Fort Knox by President Trump and his adviser Elon Musk would be, Rickards says, "the mother of all photo ops," but the gold is still there, even if all of it isn't of the highest purity.
... Dispatch continues below ...
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The bigger question, Rickards says, is whether the gold is leased or rehypothecated. That is, "You can have a hundred tonnes of paper gold transactions supported by one physical tonne that got leased by the Treasury to JPMorganChase."
While Rickards says he would suggest posing the leasing question during a tour of Fort Knox, if you ask the leasing question, "you're tampering with the primal forces."
He elaborates, quoting the former head of the JPMorganChase commodity desk, Blythe Masters, as having said, "Gold never settles." That is, gold trading long has been just a lot of paper trading, and if it was ever more than that -- if, instead, delivery of real metal was commonly demanded -- "the price would explode."
With delivery apparently being demanded more often lately by central banks and others, the gold price indeed has been rising fast.
Of course for many years GATA has shared Rickards' analysis of gold leasing as a key element of Western gold price suppression policy. Seven years ago Rickards kindly gave GATA permission to reprint the section of his book, "The New Case for Gold," that explains how gold leasing has been used to manipulate the gold price:
https://www.gata.org/node/18235
Such analysis of gold price suppression could not be publicized during Cambone's long tenure doing softball interviews for the Kitco internet site. But now, apparently, the gold leasing racket is understood widely enough that it can start to be discussed in polite company. Cambone seems to endorse Rickards' comments about gold leasing as if she knew what was going on all along.
Well, maybe she did but just wasn't permitted to share that knowledge with her audience, and flash! Now it can be told! Better late than never.
Rickards' remarks to Cambone about gold leasing deserve the widest audience and can be heard at YouTube here:
https://www.youtube.com/watch?v=ZvbNcXQPFyA
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
* * *
GATA is grateful to these companies for their recent support:
Apollo Silver Corp.
Barksdale Resources
Dolly Varden Silver Corp.
Dryden Gold Corp.
Group Eleven Resources
Guanajuato Silver
IBK Capital Corp.
Independent Trading Group
Mining Discovery
Power Nickel
Silver North
Strike Point Gold
The National Investor
The Prospector
Western Alaska Minerals
* * *
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 $250 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
6:45p ET Saturday, March 8, 2025
Dear Friend of GATA and Gold:
GATA board member Ed Steer's weekend letter from Ed Steer's Gold and Silver Digest is headlined "Heavy Comex Silver Deposits Continue Unabated" and is posted in the clear at SilverSeek here:
https://silverseek.com/article/heavy-comex-silver-deposits-continue-unabated-2025
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
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GATA is grateful to these companies for their recent support:
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Barksdale Resources
Dolly Varden Silver Corp.
Dryden Gold Corp.
Group Eleven Resources
Guanajuato Silver
IBK Capital Corp.
Independent Trading Group
Mining Discovery
Power Nickel
Silver North
Strike Point Gold
The National Investor
The Prospector
Western Alaska Minerals
* * *
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 $250 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
5:55p ET Saturday, March 8, 2025
Dear Friend of GATA and Gold:
Signs of shortcovering in the gold market are getting harder to hide, London metals trader Andrew Maguire tells this week's episode of Kinesis Money's "Live from the Vault" program. The bullion banks that used to sell gold unrelentingly are buying for their own accounts, he adds. He believes silver will follow gold's breakout soon.
The program is 53 minutes long and can be viewed at YouTube here:
https://www.youtube.com/watch?v=L74N9RO7bvM
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
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GATA is grateful to these companies for their recent support:
Apollo Silver Corp.
Barksdale Resources
Dolly Varden Silver Corp.
Dryden Gold Corp.
Group Eleven Resources
Guanajuato Silver
IBK Capital Corp.
Independent Trading Group
Mining Discovery
Power Nickel
Silver North
Strike Point Gold
The National Investor
The Prospector
Western Alaska Minerals
* * *
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 $250 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
12:02p ET Saturday, March 8, 2025
Dear Friend of GATA and Gold:
Gold swaps undertaken by the Bank for International Settlements remained extremely low in February, according to GATA consultant Robert Lambourne, who deciphers the bank's monthly statements of account to make plain what the bank refuses to do except in its annual report.
Lambourne writes that the bank's February statement, published this week --
https://www.bis.org/banking/balsheet/statofacc250228.pdf
-- indicates that the BIS' gold swaps rose 6 tonnes, from 16 tonnes in January, to 22 tonnes in February. The bank's gold swaps stood at 78 tonnes at the end of 2024. The bank's gold swaps were above 500 tonnes at the beginning of 2022 and have fallen gradually but fairly steadily since then.
... Dispatch continues below ...
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Since the BIS is exclusively an association of central banks, the swaps are a measure of their largely surreptitious intervention in the gold market, intervention that has been happening for decades but has been dutifully ignored by mainstream financial news organizations and the so-called World Gold Council, lest the world discover that the free markets preached to the world by Western nations are actually heavily rigged against the developing world.
In 2005 the head of the BIS' monetary and economic department, William R. White, told a conference at the bank's headquarters in Basel, Switzerland, that a primary purpose of international central bank cooperation is "the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful":
https://www.gata.org/node/4279
The near-elimination of BIS gold swaps implies a change of policy among many central banks and the BIS itself regarding gold price suppression, as does the recent heavy accumulation of gold by many central banks.
Lambourne writes of the February BIS report: "Such a low level of swaps was the expectation if we were moving toward a time when gold was going to be revalued, as it always seemed sensible to eliminate the swaps before a reset.
"Our conjecture was always that the swaps were sourced from the gold exchange-traded funds and were possibly a return route for gold that is subject to multiple claims that originated from the Federal Reserve and were being used to hide the multiple claims.
"We are now in the period during the calendar year when no updates are provided by the BIS. This is because March 31 is the end of the bank's financial year and one assumes that no information is published until the bank's auditors are satisfied that the draft annual accounts are accurate.
"In the past this has usually resulted in the March statement of account being published in late May or even early June. The annual report itself is typically published in June."
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
* * *
GATA is grateful to these companies for their recent support:
Apollo Silver Corp.
Barksdale Resources
Dolly Varden Silver Corp.
Dryden Gold Corp.
Group Eleven Resources
Guanajuato Silver
IBK Capital Corp.
Independent Trading Group
Mining Discovery
Power Nickel
Silver North
Strike Point Gold
The National Investor
The Prospector
Western Alaska Minerals
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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:
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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 $250 will entitle the donor to a 1-ounce silver round commemorating GATA's work:
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