David Zaikin: How gold became part of national security infrastructure

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. ... 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: https://www.firstmajestic.com 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: https://www.firstmint.com 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: https://www.amazon.com/Rigged-Exposing-Largest-Financial%20-History/dp/1651405204/ref=sr_1_fkmr1_2?keywords=rugged+stuart+englert&qid=1579708888&sr=8-2-fkmr1 * * * 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: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 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