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Warsh knows the score about gold price suppression. Will he share it?
11:06a ET Friday, January 30, 2026
Dear Friend of GATA and Gold (and Silver):
Is President Trump's nominee for chairman of the Federal Reserve, former Fed Board of Governors member Kevin M. Warsh, really a "hawk" on interest rates, as mainstream financial news organizations are claiming as an explanation for the sharp declines in monetary metals prices in the last 24 hours?
While Warsh used to be considered "hawkish" on rates, his more recent statements have been more favorable to reducing them. Would the president be nominating someone he considered a "hawk" on rates after spending months demanding lower rates and deriding Fed Chairman Jerome Powell in the crudest terms for not lowering them faster?
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Mainstream news organizations are also hailing Warsh as someone who will defend "central bank independence," the euphemism for the Fed's subservience to the investment banking industry.
In any case, two things can be said about Warsh as a matter of indisputable fact, though they aren't likely to be acknowledged by mainstream news reports.
First is that Warsh knows all about U.S. gold price suppression policy. He volunteered his knowledge to GATA's lawyer, William J. Olson of Vienna, Virginia, in September 2009 during GATA's freedom-of-information litigation for access to the Fed's gold records.
Warsh wrote to Olsen that among the records the Fed was insisting on keeping secret from GATA were records of gold swap arrangements between the Fed and foreign banks:
http://www.gata.org/node/7819
Two years later in December 2011 Warsh wrote an essay in The Wall Street Journal about what he called "financial repression" by governments. Warsh wrote: "Policy makers are finding it tempting to pursue 'financial repression' -- suppressing market prices they don't like," adding, "Efforts to manage and manipulate asset prices are not new":
https://www.wsj.com/articles/SB10001424052970204770404577080181384917926
http://www.gata.org/node/10839
Soon after Warsh's essay was published your secretary/treasurer reached him by e-mail at Stanford University in California and asked him if he had learned about "financial repression" through his service at the Fed. Your secretary/treasurer also asked him if he would specify the asset prices being manipulated by policy makers.
Warsh cordially wished your secretary/treasurer a nice day.
So Warsh knows the score about gold price suppression and market rigging by government generally. Will he ever risk sharing it with the public as a matter of democratic accountability? And how long will he be in office as Fed chairman before Trump starts denouncing him as stupid and worse for not following presidential preferences, the fate that has befallen the president's previous appointee as Fed chairman?
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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