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Genesis Minerals (ASX:GMD,OTCPL:GSISF) has struck a recommended deal to acquire Magnetic Resources (ASX:MAU) in a transaction that would add more than 2 million ounces of high-grade gold to its Laverton inventory and reshape its production growth outlook in Western Australia.

Under a binding Scheme Implementation Deed announced Tuesday (February 17), Genesis will acquire 100 percent of Magnetic via a court-approved scheme of arrangement. The offer values Magnetic at approximately US$450 million on a fully diluted basis.

At the centre of the deal is Magnetic’s flagship Lady Julie gold project in the Laverton region, which hosts a mineral resource of approximately 2.2 million ounces grading 1.8 grams per tonne (g/t) gold, and ore reserves of around 1 million ounces at 1.7 g/t. The project sits roughly 20 kilometres from Genesis’ operating 3 million tonne per annum Laverton mill.

“This transaction creates substantial value for both groups of shareholders, delivering genuine synergies while combining the right assets with the right people,” Genesis Executive Chair Raleigh Finlayson said.

“Magnetic’s Lady Julie Gold Project will add more than 2Moz at an attractive high grade to Genesis’ Laverton inventory, further bolstering the mine life and production outlook.”

Lady Julie’s northern boundary adjoins ground recently acquired by Genesis through its purchase of Focus Minerals’ (ASX:FML,OTCPL:FCSUF) Laverton gold project, creating the potential to integrate what would otherwise be neighbouring standalone developments into a larger open pit operation.

Genesis said removing tenement boundaries between the assets presents tangible cost and operational synergies. The acquisition would expand its Laverton mineral resources to approximately 8.4 million ounces, representing a 40 percent increase, and lift its pro forma total mineral resources to 21 million ounces.

The company signaled that the deal could support an uplift to its “ASPIRE 500” growth strategy, with an updated multi-year plan expected following completion.

Magnetic Managing Director George Sakalidis said the deal follows a strategic review exploring development pathways for Lady Julie: “Genesis’ offer follows a strategic review which the Board and its advisers have been working on for several years to explore potential options to collaborate with other operators which have the existing skill set or combination synergies to develop Magnetic’s discoveries and unlock value for our shareholders.’

If implemented, Magnetic shareholders would own approximately 2.4 percent of the enlarged Genesis. Major shareholders representing about 19.6 percent of Magnetic’s issued shares have already committed to vote in favour of the scheme, subject to customary conditions.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

The president of a Florida insurance brokerage firm and the CEO of a marketing company were sentenced Wednesday to 20 years each in prison for leading a sprawling, $233 million Affordable Care Act fraud scheme that preyed on Florida’s most vulnerable residents — including homeless and jobless individuals and newly displaced hurricane victims — to pocket millions in unearned commissions.

Cory Lloyd, 46, of Stuart, Florida, and Steven Strong, 42, of Mansfield, Texas, were convicted of conspiracy and fraud for their roles in the scheme, which involved lying and falsifying government forms to obtain coverage for individuals and lying to or bribing would-be enrollees to sign up for plans even when they knew doing so would cost them their existing insurance coverage. In addition to their prison time, the pair were ordered to pay $180.6 million in restitution to their victims. 

Lloyd and Strong profited handsomely for years from the scheme, Justice Department officials said, using the proceeds to purchase luxury vehicles, an 80-foot yacht and an oceanfront home in the Florida Keys.

‘Preying upon medically compromised consumers to rob hundreds of millions of taxpayer-funded programs is evil and unforgivable,’ Attorney General Pam Bondi told Fox News Digital in a statement. 

‘Fraud schemes like this rob citizens and shake faith in our institutions. Today’s sentencing is the latest example of this DOJ’s commitment to fighting fraud nationwide,’ Bondi said.

An estimated 35,000 individuals were fraudulently enrolled in Affordable Care Act plans during the years-long scheme led by Lloyd and Strong, Justice Department officials with knowledge of the case told Fox News Digital. The two sought more than $233 million in fraudulent payments, including about $180 million in federal Affordable Care Act funding.

‘These defendants were sophisticated, licensed insurance brokers,’ Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division said in a statement. 

‘They had everything and intentionally took advantage of people who had nothing. The message from these sentences is simple: Those who seek to line their own pockets with taxpayer dollars, victimize our most vulnerable and deplete federal programs will be held accountable.’

The two intentionally targeted people in the state who were experiencing homelessness and people experiencing mental health disorders, including addiction to opioids or other drugs, according to materials reviewed by Fox News Digital. 

Prosecutors said at trial that Lloyd and Strong conspired to circumvent federal income and eligibility verification safeguards. They also intentionally submitted Medicaid applications designed to trigger denials, allowing them to steer those same individuals into fully subsidized Affordable Care Act plans outside the open enrollment period, maximizing commissions year-round.

Their lavish lifestyle contrasted starkly with that of the individuals they lied to and scammed. 

‘One of the really awful things about the case is that it’s not only a scheme that’s taking money from the elderly and the disabled and defrauding the taxpayers, but that it actually resulted in real harm to the patients as well,’ one Justice Department official said in an interview.

That harm included individuals losing access to life-saving treatments for opioid use disorders, mental health disorders and serious infectious diseases.

Text messages introduced at trial showed Strong and Lloyd discussing sending ‘street marketers’ into Florida hurricane shelters to recruit enrollees.

In one text exchange, Strong suggested sending their team of ‘street marketers’ into Florida hurricane shelters to recruit enrollees. Lloyd responded enthusiastically, stating, ‘It’s a killer idea, if we could pull it off!’

Prosecutors said the efforts were particularly harmful because they disrupted existing coverage plans and jeopardized access to treatment for serious conditions.

Many of the victims were experiencing homelessness or unemployment or qualified for Medicaid coverage — an insurance option for low-income or vulnerable populations that, in many cases, best suited their needs.

Jurors heard from a Jacksonville-based psychiatrist who treats homeless individuals and testified about the harm some of his patients suffered as a result of the fraud, which caused them to lose their Medicaid coverage.

This included an individual ‘living in the woods behind Walmart’ who was suffering from schizoaffective disorder, a person familiar with the case told Fox News Digital.

Like others, this individual had previously been enrolled in Medicaid, which covered the entirety of a $2,000 shot used to treat the schizoaffective disorder. Enrollment in an Affordable Care Act plan caused the individual to lose that coverage.

The sentencing comes as the Justice Department has moved aggressively to crack down on healthcare fraud, including through its ongoing ‘strike force’ program that operates across 25 federal districts and has resulted in criminal charges against about 5,000 individuals, according to information shared with Fox News Digital.

It also comes as the DOJ’s Health Care Fraud Unit secured the largest national healthcare fraud takedown in its history in 2025, officials said, charging more than $15 billion in alleged losses and forfeitures and returning more than $560 million to the public.

Justice Department officials noted the amount is ‘many, many, many times our annual budget.’

This post appeared first on FOX NEWS

A South Korean court sentenced former President Yoon Suk Yeol to life in prison Thursday for leading an insurrection after declaring martial law in December 2024.

Yoon was found guilty of abuse of authority and masterminding the insurrection.

Yoon, 65, denied the charges and argued that he had presidential authority to declare martial law and that his action was aimed at sounding the alarm over opposition parties’ obstruction of government.

Prosecutors said in January that Yoon’s ‘unconstitutional and illegal emergency martial law undermined the function of the National Assembly and the Election Commission … actually destroying the liberal democratic constitutional order.’

Yoon’s attempt to impose martial law lasted roughly six hours, sparking mass street protests before parliament quickly voted it down.

Under South Korean law, masterminding an insurrection carries a maximum sentence of death or life imprisonment. Prosecutors hadsought the death penalty.

While courts last imposed a death sentence in 2016, South Korea has not carried out an execution since 1997.

Yoon is expected to appeal the ruling.

Yoon faces eight ongoing trial proceedings and was already given a five-year prison sentence last month in a separate case on charges including obstructing authorities’ attempts to arrest him following his martial law declaration. He has appealed that sentence.

Reuters contributed to this report.

This post appeared first on FOX NEWS

: This was the kind of prison break officials say could have changed the region, and perhaps even the world, overnight.

Nearly 6,000 ISIS detainees, described by a senior U.S. intelligence official as ‘the worst of the worst,’ were being held in northern Syria as clashes and instability threatened the Kurdish-led Syrian Democratic Forces, the guards responsible for keeping the militants locked away and preventing a feared ISIS resurgence. U.S. officials believed that if the prisons collapsed in the chaos, the consequences would be immediate.

‘If these 6,000 or so got out and returned to the battlefield, that would basically be the instant reconstitution of ISIS,’ the senior intelligence official told Fox News Digital.

In an exclusive interview, the official walked Fox News Digital step by step through the behind-the-scenes operation that moved thousands of ISIS detainees out of Syria and into Iraqi custody, describing a multi-agency scramble that unfolded over weeks, with intelligence warnings, rapid diplomacy and a swift military lift.

The risk, the official explained, had been building for months. In late October, Director of National Intelligence Tulsi Gabbard began to assess that Syria’s transition could tip into disorder and create the conditions for a catastrophic jailbreak.

The ODNI sent the official to Syria and Iraq at that time to begin early discussions with both the SDF and the Iraqi government about how to remove what the official repeatedly described as the most dangerous detainees before events overtook them.

Those fears sharpened in early January as fighting erupted in Aleppo and began spreading eastward. Time was running out to prevent catastrophe. ‘We saw this severe crisis situation,’ the official said.

According to the source, the ODNI oversaw daily coordination calls across agencies as the situation escalated. The official said Secretary of State Marco Rubio was ‘managing the day to day’ on policy considerations, while the ODNI drove a working group that kept CENTCOM, diplomats and intelligence officials aligned on the urgent question: how to keep nearly 6,000 ISIS fighters from slipping into the fog of war.

The Iraqi government, the official said, understood the stakes. Baghdad had its own reasons to move quickly, fearing that if thousands of detainees escaped, they would spill across the border and revive a threat Iraq still remembers in visceral terms.

The official described Iraq’s motivation bluntly: leaders recognized that a massive breakout could force Iraq back into a ‘2014 ISIS is on our border situation once more.’

The U.S. Embassy in Baghdad, the official said, played a pivotal role in smoothing the diplomatic runway for what would become a major logistical undertaking.

Then came the physical lift. The official credited CENTCOM’s surge of resources to make the plan real on the ground, saying that ‘moving in helicopters’ and other assets enabled detainees to be removed in a compressed timeframe.

‘Thanks to the efforts… moving in helicopters, moving in more resources, and then just logistically making this happen, we were able to get these nearly 6000 out in the course of just a few weeks,’ the official said.

The SDF, he said, had been securing the prisons, but its attention was strained by fighting elsewhere, fueling U.S. fears that a single breach could spiral into a mass escape. Ultimately, detainees were transported into Iraq, where they are now held at a facility near Baghdad International Airport under Iraqi authority.

The next phase, the official said, is focused on identification and accountability. FBI teams are in Iraq enrolling detainees biometrically, the official said, while U.S. and Iraqi officials examine what intelligence can be declassified and used in prosecutions.

‘What they were asking us for, basically, is giving them as much intelligence and information that we have on these individuals,’ the official said. ‘So right now, the priority is on biometrically identifying these individuals.’

The official said the State Department is also pushing countries of origin to take responsibility for their citizens held among the detainees.

‘State Department is doing outreach right now and encouraging all these different countries to come and pick up their fighters,’ he said.

While the transfer focused strictly on ISIS fighters, the senior intelligence official said families held in camps such as al-Hol were not part of the operation, leaving a major unresolved security and humanitarian challenge.

The camps themselves were under separate arrangements, the official said, and responsibility shifted as control on the ground evolved. 

According to the official, the Syrian Democratic Forces and the Syrian government reached an understanding that Damascus would take over the al-Hol camp, which holds thousands of ISIS-affiliated women and children.

‘As you can see from social media, the al-Hol camp is pretty much being emptied out,’ the official said, adding that it ‘appears the Syrian government has decided to let them go free,’ a scenario the official described as deeply troubling for regional security. ‘That is very concerning.’

The fate of the families has long been viewed by counterterrorism officials as one of the most complicated, unresolved elements of the ISIS detention system. Many of the children have grown up in camps after ISIS lost territorial control, and some are now approaching fighting age, raising fears about future radicalization and recruitment.

For now, the official said, intelligence agencies are closely tracking developments after a rapid operation that, in their view, prevented thousands of experienced ISIS militants from reentering the battlefield at once and potentially reigniting the group’s fighting force. 

‘This is a rare good news story coming out of Syria,’ the official concluded.

This post appeared first on FOX NEWS

The debate over U.S. missile defense is increasingly focused on space, and defense experts argue that stopping threats in the earliest moments after launch could determine whether the homeland remains protected against Russia and China’s expanding arsenals.

At a policy discussion marking roughly a year since the rollout of the ‘Golden Dome’ homeland defense initiative, former senior defense officials said the United States can no longer rely primarily on deterrence and retaliation to shield the country from missile attacks.

‘I think geography is no longer’ a shield, former Air Force Undersecretary Kari Bingen said during a C-SPAN panel Friday. ‘There are different types of threats that can reach the homeland.’

The Golden Dome initiative stems from a January 2025 executive order signed by President Donald Trump directing the Pentagon to accelerate development of a next-generation homeland missile defense architecture. The order calls for integrating existing ground-based interceptors with advanced tracking networks, new space-based sensors and potentially space-based interceptors capable of detecting and defeating ballistic, cruise and hypersonic missile threats earlier in flight.

Administration officials have framed the effort as a response to rapid modernization by Russia and China. 

Russia has fielded new intercontinental ballistic missiles and hypersonic glide vehicles designed to penetrate missile defenses, while China has expanded its nuclear arsenal and constructed hundreds of new missile silos in recent years. 

Both countries have invested heavily in maneuverable reentry vehicles and countermeasures intended to complicate U.S. interception efforts.

Stopping missiles early

Supporters of a stronger space layer argue that intercepting a missile early in flight — before it can deploy warheads or countermeasures — simplifies the defensive challenge and reduces the strain on systems closer to U.S. territory.

‘It gives the ability to neutralize before they manifest here at home,’ missile defense expert Thomas Karako said, referring to space-enabled capabilities that could track and potentially intercept threats sooner in their trajectory.

Karako said there is ‘a compelling case’ for space-based interceptors ‘not just against nonnuclear attack but even limited nuclear attacks,’ arguing that raising the threshold for adversaries contemplating a strike strengthens deterrence overall.

‘If you raise the threshold for having enough capability to meaningfully invest in enemies … there’s goodness in there,’ he said.

Panelists emphasized that the objective is not absolute protection against thousands of intercontinental ballistic missiles, but improving the odds of defeating smaller or more limited attacks, including those that could involve large salvos or advanced countermeasures.

Threats are evolving

Melissa Dalton, a former senior Pentagon official, said missile and drone use has become increasingly normalized in recent conflicts, lowering the perceived threshold for employment.

‘They don’t respect the boundaries,’ Dalton said, noting the growing frequency of missile and drone attacks.

Bingen argued that the U.S. historically leaned heavily on the threat of retaliation to deter attacks but that changing technologies and adversary capabilities require a broader approach.

‘Americans would be surprised how reliant we have been on vulnerability and retaliation,’ she said.

Space and integration challenges

While space-based missile defense once drew skepticism due to cost and technical hurdles, Karako said advances in commercial launch and satellite technology have changed the feasibility calculus.

‘This is not the Soviet Union in the ’80s or the ’90s,’ he said. ‘The technology has evolved quite a bit.’

Still, experts acknowledged that integration — linking sensors, interceptors and command-and-control systems at machine speed — may be the most difficult challenge.

‘We have to remember this is a layered defense system,’ Bingen said. ‘We’re not asking the space layer to do it all.’

Participants also stressed that any major expansion of homeland missile defense will require bipartisan political support to endure through election cycles and shifting budget priorities.

‘If you don’t persuade people what it’s about, it will never be built,’ Karako said.

Officials have floated an aggressive timeline — including a three-year push to stand up initial capabilities — but the Golden Dome is still in early development, with much of the work focused on planning, prototypes and initial contracts. Significant technical and acquisition hurdles remain, particularly for any space-based interceptor layer, which defense officials acknowledge would take years to fully field.

The effort marks a broader shift in how the U.S. approaches homeland defense. Rather than relying mainly on midcourse interceptors and the threat of retaliation, Golden Dome is designed to push defenses earlier in a missile’s flight — and further into space — with the goal of stopping threats before they can deploy countermeasures or overwhelm existing systems.

This post appeared first on FOX NEWS

A Washington, D.C., grandmother who lost her grandson to gun violence delivered a fiery defense of President Donald Trump during a Black History Month celebration Wednesday at the White House.

Forlesia Cook’s grandson, Marty William McMillan Jr., was killed in 2017 at the age of 22. Cook has since spoken publicly about the loss, including testifying before Congress about his killing.

After Trump invited Cook to say a few words at the event, she used the moment to defend him, urging critics to ‘get off the man’s back.’

‘I love him, I don’t want to hear nothing you got to say about that racist stuff,’ she said. ‘And don’t be looking at me on the news, hating on me because I’m standing up for somebody that deserves to be standing for.’

Cook’s voice grew louder as she continued.

‘Get off the man’s back,’ she said. ‘Let him do his job. He’s doing the right thing. Back up off him.’

She ended her remarks by declaring, ‘And grandma said it.’

The East Room crowd erupted in applause and cheers.

Trump appeared to welcome the praise, joking that she should run for public office.

‘Wow, that’s pretty good,’ Trump said. ‘When is she running for office? Forlesia, when are you running for office? You have my endorsement.’

Cook also thanked Trump for calling the National Guard to the capital and praised his tough-on-crime approach.

‘One thing I like about him, he keeps it real, just like grandma,’ she said. ‘I appreciate that because I can trust him.’

The White House event marked the annual celebration of Black History Month.

Trump also addressed the death of the Rev. Jesse Jackson, saying, ‘I wanted to begin by expressing a sadness at the passing of a person who was, I knew very well, Jesse was a piece of work. He was a piece of work, but he was a good man.’

‘I just want to pay my highest respects to Reverend Jesse Jackson,’ Trump added, calling him ‘a real hero’ and saying, ‘he really was special, with lots of personality, grit and street smarts.’

The president also announced that former Housing and Urban Development (HUD) Secretary Ben Carson would receive the Presidential Medal of Freedom.

Fox News Digital’s Jasmine Baehr contributed to this report.

This post appeared first on FOX NEWS

The Commodity Futures Trading Commission (CFTC) is stepping in to stop what it calls an “onslaught” of state-level regulation of prediction markets.

CFTC Chairman Michael Selig said Tuesday in a video posted on X that the agency has filed a “friend of the court brief” in support of Crypto.com in its escalating legal battle with regulators in Nevada.

The move is significant because it marks the first time under Selig that the CFTC has taken sides in what is shaping up to be an epic fight between regulators and prediction markets, platforms that allow users to trade contracts tied to a wide range of events, from local elections to the Super Bowl.

By intervening, Selig’s CFTC is effectively arguing that prediction markets are federally regulated and not subject to state-level gambling laws.

“Over the past year, American prediction markets have been hit with an onslaught of state-led litigation,” Selig said in the video.

“The CFTC will no longer sit idly by while overzealous state governments undermine the agency’s exclusive jurisdiction over these markets by seeking to establish statewide prohibitions on these exciting products,’ said Selig.

The debate over how the platforms should be regulated comes as they explode in popularity. Kalshi said Super Bowl 60 generated more than $1 billion in total trading volume — a 2,700% increase from last year.

It’s a fight with broad implications and high stakes. Over the past year, several states including Massachusetts and Nevada have moved to restrict prediction markets, filing lawsuits, issuing cease-and-desist letters and arguing that the platforms amount to unlicensed gambling.

Utah’s Republican governor, Spencer Cox, said in a post on X Tuesday that he will use “every resource” within his disposal to “beat” Selig in court.

“These prediction markets you are breathlessly defending are gambling—pure and simple,” he said. “They are destroying the lives of families and countless Americans, especially young men. They have no place in Utah.”

Meanwhile, Cox’s fellow Republican, Sen. Bernie Moreno of Ohio, issued his support of Selig’s announcement on X. “Clear lines of delineation and clarity on regulations is essential for American led innovation,’ he said.

Selig’s move comes days after a group of Democratic senators led by Nevada’s Catherine Cortez Masto sent the chairman a letter urging the CFTC to ‘abstain from intervening in pending litigation involving contracts tied to sports, war, or other prohibited events.’

As states attempt to rein in these fast-growing platforms, the question is no longer simply whether these products amount to gambling. It’s who gets to decide that question.

Industry advocates argue that the platforms aren’t gaming, which is traditionally regulated by states. Instead, they claim the prediction markets are financial exchanges that fall under the CFTC’s purview, where users trade contracts with one another. and don’t bet against a “house.” The exchanges don’t set odds or take the opposite side of trades. Instead, they collect transaction fees, similar to a brokerage.

In the video, Selig said prediction markets allow Americans to “hedge commercial risks like increases in temperature and energy price spikes,” and they act as “an important check on our news media and our information screens.”

He ended the video with a warning directed at the state attorneys general who are on the front lines of the legal fights to regulate prediction markets: “To those who seek to challenge our authority in this space, let me be clear: We will see you in court.”

This post appeared first on NBC NEWS

Warner Bros. Discovery said Tuesday that it was reopening talks with Paramount Skydance, giving the studio a week to rival Netflix in its bid to take over the streaming and cable giant.

In a statement, Warner Bros. Discovery said it had rejected the latest $30-a-share offer from Paramount but would give the company until Monday ‘to make its best and final offer.’

It also said a ‘senior representative’ of Paramount had indicated that the CBS owner would be willing to meet an even higher price, $31 a share, seemingly enticing the board back to the table.

At the same time, Warner Bros. is still recommending its shareholders vote at a special meeting March 20 to approve the $82.7 billion deal it reached in December to sell its streaming service, studio and HBO cable channel to Netflix.

Paramount is seeking to buy the entirety of Warner Bros. Discovery.

‘Every step of the way, we have provided [Paramount Skydance] with clear direction on the deficiencies in their offers and opportunities to address them,’ David Zaslav, CEO of Warner Bros. Discovery, said in the statement.

In a letter to the Paramount board — chaired by David Ellison, also the company’s CEO and controlling shareholder — Warner Bros. said that while Paramount had indicated it would address ‘unfavorable terms and conditions,’ these had not yet been removed from the proposed merger agreement.

Warner Bros. has repeatedly rejected previous bids from Paramount, citing the ‘insufficient value’ offered.

In a separate statement, Netflix hit out at what it called Paramount’s ‘antics.’

‘Throughout the robust and highly competitive strategic review process, Netflix has consistently taken a constructive, responsive approach with WBD, in stark contrast to Paramount Skydance,’ it said.

Netflix said that it was ‘confident that our transaction provides superior value and certainty’ but also recognized ‘the ongoing distraction for WBD stockholders and the broader entertainment industry caused by’ Paramount. The company said it granted Warner Bros. the one-week window to reopen talks with Paramount to ‘fully and finally resolve this matter.’

Netflix also took aim at the regulatory process required for either company to complete a takeover.

It said that Paramount has ‘repeatedly mischaracterized the regulatory review process by suggesting its proposal will sail through.’

‘WBD stockholders should not be misled into thinking that PSKY has an easier or faster path to regulatory approval — it does not,’ Netflix said.

In a statement, Paramount Skydance reiterated its existing offer to Warner Bros. Discovery of $30 per share. The company did not indicate if it would submit a higher bid.

Paramount called the one-week negotiating window ‘unusual’ but said it ‘is nonetheless prepared to engage in good faith and constructive discussions.’

The Ellison-backed media giant also said it would continue advocating against the Netflix deal and submit a slate of directors for Warner Bros.’ board at the upcoming shareholder meeting, as it previously planned to.

President Donald Trump, whose administration approved Ellison’s takeover of Paramount last year, said early in the bidding process he would be involved in approving a deal with Warner Bros.

But earlier this month, Trump changed his tune. ‘I’ve been called by both sides, it’s the two sides, but I’ve decided I shouldn’t be involved,’ he told ‘NBC Nightly News’ anchor Tom Llamas.

Trump still hinted that one company looked problematic to him. ‘I mean, there’s a theory that one of the companies is too big and it shouldn’t be allowed to do it,’ he said.

‘They’re beating the hell out of each other and there’ll be a winner,’ Trump said.

Warner Bros. has an archive of storied movies, as well as a diverse portfolio of brands including CNN and HBO.

The bidding war for the media empire comes at a pivotal time for the entertainment industry, with traditional broadcasters and studios facing serious challenges from digital newcomers Netflix, Apple and Amazon.

Since Netflix announced its deal to buy parts of Warner Bros. Discovery, its shares have tumbled nearly 25%.

This post appeared first on NBC NEWS

Global central banks own about 17 percent of all the gold ever mined, with reserves topping 36,520.7 metric tons (MT) at the end of November 2025. They acquired the vast majority after becoming net buyers of the metal in 2010.

Central banks purchase gold for a number of reasons: to mitigate risk, to hedge against inflation and to promote economic stability. Increased concerns over another global financial crisis have as expected led central banks once again to build up their gold reserves.

In a mid-2025 survey, the World Gold Council (WGC) said that 95 percent of the central bankers it polled expect global gold reserves to increase over the next 12 months. The precious metal’s ‘performance during times of crisis’ was cited by 85 percent of respondents as highly or somewhat relevant to their decision, while 80 percent cited its long-term store of value.

Central banks added 863.3 metric tons of gold to their vaults in 2025. While this was lower than the previous three years, which all topped 1,000 MT each, the reserve gains were still well above the 2010 to 2021 annual average of 473 MT.

Yearly central bank gold purchases since 2019.

Chart via the WGC.

A record 95 percent of respondents to the WGC survey stated their belief that central banks will continue to grow their holdings, with 5 percent suggesting they would hold at current levels. For the second year in a row, no respondents expected reserves to decrease.

The Council found that sentiment was consistent across advanced and emerging economies and reflected the strategic role of gold amid dynamic economic and geopolitical uncertainty.

Which central banks hold the most gold?

Read on to find out the 10 top countries by central bank gold holdings, as per data from the WGC, including recent Q4 2024 and full-year 2024 reports.

1. United States

Gold reserves: 8,133.46 metric tons

When it comes to the largest gold depository in the world, the American central bank is number one with 8,133.46 metric tons of gold.

A large percentage of US gold is held in “deep storage” in Denver, Fort Knox and West Point. As the US Treasury explains, deep storage is “that portion of the US Government-owned gold bullion reserve which the Mint secures in sealed vaults that are examined annually by the Treasury Department’s Office of the Inspector General and consists primarily of gold bars.”

The rest of US-owned reserves are held as working stock, which the country’s mint uses as raw material to mint congressionally authorized coins.

2. Germany

Gold reserves: 3,350.3 metric tons

The Bundesbank, Germany’s central bank, currently owns 3,351.53 metric tons of gold. Like many of the central banks on this list, the German national bank stores a significant portion of its gold in foreign central banks.

Today, just over half of Germany’s gold holdings are stored within Frankfurt, while internationally 1,236 MT of gold is stored in the vaults of the New York Federal Reserve, and 12 percent of its holdings are in London.

The Bundesbank’s foreign gold reserves came into question in 2012, when the German Federal Court of Auditors, the Bundesrechnungshof, was openly critical of the Bundesbank’s gold auditing. The German bank issued a public statement defending the security of foreign banks. Privately, the Bundesbank then began the arduous process of repatriating some of its gold stock back to German soil. By 2016, more than 583 MT of gold had been transferred back to Germany.

The economic upheaval and geopolitical volatility brought about by US President Donald Trump’s tariff wars and adversarial posturing toward Europe has led to calls for Germany to consider further repatriating its gold, reported The Guardian in January 2026.

3. Italy

Gold reserves: 2,451.9 metric tons

Banca d’Italia, the national bank of Italy, holds 2,451.84 metric tons of gold. The central bank began amassing its gold in 1893, when three separate financial institutions merged into one. From there, its 78 MT of holdings slowly grew into the large gold reserves it holds today.

Like Germany, Italy stores parts of its reserves offshore. In total, 141.2 MT are located in the UK, 149.3 MT are in Switzerland and 1,061 MT are kept in the US Federal Reserve. Italy houses 1,100 MT of gold domestically.

4. France

Gold reserves: 2,437 metric tons

The Banque de France has 2,437 metric tons of gold reserves, all of which it keeps on hand. The precious metal is stored in the bank’s secure underground vault, dubbed La Souterraine, which is located 27 meters below street level.

La Souterraine’s gold vaults are one of the four designated gold depositories of the International Monetary Fund.

According to Investopedia, the collapse of the Bretton Woods gold standard system was in part due to former French President Charles de Gaulle, who “called the U.S. bluff and began actually trading dollars in for gold from the Fort Knox reserves.” At the time, US President Richard Nixon “was forced to take the U.S. off the gold standard, ending the dollar’s automatic convertibility into gold.”

5. Russia

Gold reserves: 2,326.5 metric tons

The Bank of Russia is the official central bank of the Russian Federation and owns 2,332.74 metric tons of gold. Like France, Russia’s central bank has opted to store all its physical gold domestically. The Bank of Russia stores two-thirds of its gold reserves in a bank building in Moscow, and the remaining one-third in Saint Petersburg.

The majority of the yellow metal is in the form of large, variable-weight standard gold bars weighing between 10 and 14 kilograms. There are also smaller bars on site weighing as much as 1 kilogram each.

Russia, which is the second largest gold producer by country, has been a steady purchaser of the precious metal since roughly 2007, with sales ramping up significantly between 2015 and 2020. However, Russia’s refineries were banned from selling gold bullion into the London market following the country’s invasion of Ukraine. Sanctions by the west also include a freeze on about half of Russia’s gold reserves.

In early 2022, Russia tied its currency, the ruble, to the yellow metal. ‘The plan was to shift the currency away from a pegged value and into the gold standard itself so the ruble would become a credible gold substitute at a fixed rate,’ according to Robert Huish, an Associate Professor in International Development Studies at Dalhousie University.

6. China

Gold reserves: 2,306.3 metric tons

The central bank for Mainland China is the People’s Bank of China (PBoC), located in Beijing. According to the WGC, the national financial institute stores 2,279.56 metric tons of gold, most which has been purchased since 2000. In 2001, the PBoC had 400 MT of gold in reserve, but in just a little more than two decades that total has climbed by 459 percent.

The PBoC issues the Panda gold coin, which was first created in 1982. The Panda coin is now one of the top five bullion coins issued by a central bank. It is among the ranks of the American Eagle, Canadian Maple Leaf, South African Krugerrand and Australian Gold Nugget.

The PBoC was one of the top gold buyers of the world’s central banks for 2024 and 2025, purchasing 44 MT and 27 MT of gold during the years respectively. April 2024 marked the 18th consecutive month of gold buying for China’s central bank, which paused its purchases afterward until picking them up again in November. As of January 2026, it has purchased gold for a further 15 consecutive months.

7. Switzerland

Gold reserves: 1,039.9 metric tons

The Swiss National Bank (SNB) holds the seventh largest central bank gold reserves. Its 1,039.94 metric tons of gold are owned by the state of Switzerland, but the central bank manages and maintains the reserve. The Swiss constitution allows the SNB to buy and sell gold with market trends, but it is not required to report the sales.

After years of opaqueness regarding the country’s golden treasure trove and increased selling in 2011 as prices rose, the Swiss Gold Initiative was launched in 2011.

The initiative called for an amendment to the constitution to add three new points to it. The first was a mandate for all reserve gold to be held physically in Switzerland. The other two dealt with the central bank’s ability to sell its gold reserves, along with a decree that 20 percent of the Swiss bank’s assets be held in gold.

This culminated in a national referendum in 2014 that failed to reach a majority of votes. However, the public conversation did prompt the bank to be more transparent.

According to a 2013 release, the central bank reported that 70 percent of its gold reserve was held domestically, 20 percent was located at the Bank of England and 10 percent was stored with the Bank of Canada.

8. India

Gold reserves: 880.2 metric tons

The Reserve Bank of India is another central bank that has fervently acted to increase its holdings in recent years. It began adding to its gold assets in 2017; however, the majority of its purchases have taken place in the past four years.

Strikingly, after India’s central bank purchased 16 MT of gold in 2023, the institution scooped up another 72 MT of the precious metal in 2024. However, its 2025 purchases totaled just 4 MT, its lowest in eight years.

While more than half of its gold is held overseas in safe custody with the Bank of England and the Bank of International Settlements, about a third of its gold is held domestically. In June 2024, India repatriated 100 MT of gold from the United Kingdom. This was the first time since 1991 that the Reserve Bank of India moved its overseas gold holdings back home.

9. Japan

Gold reserves: 846 metric tons

The Bank of Japan currently holds 846 metric tons of gold. Public information about the Bank of Japan’s gold reserves is hard to come by.

In 2000, the island nation was holding approximately 753 MT of the yellow metal, and by 2004, the Bank of Japan’s gold store had grown to 765.2 MT. Its gold reserves remained at that level until March 2021, when the country purchased 80.76 MT of gold, bringing it to its current total.

10. Turkey

Gold reserves: 613.7 metric tons

The Central Bank of Turkey holds 613.7 metric tons of gold. Turkey has been a consistent gold buyer over the past several years, with its central bank adding 75 MT to its holdings in 2024. While the pace of the country’s buying slowed in 2025, the country accumulated another 27 metric tons through the end of November, making it the year’s fifth-largest gold buyer.

*11. International Monetary Fund

Gold reserves: 2,814 metric tons

The gold reserve held by the International Monetary Fund is the third largest in terms of size at 2,814 metric tons. The large gold reserve was amassed primarily during the founding of the international organization in 1944.

In that inaugural year, it was decided that “25 percent of initial quota subscriptions and subsequent quota increases were to be paid in gold.”

Since 1944, the International Monetary Fund has added gold through the repayment of debts owed by member countries. Nations can also exchange gold for another member country’s currency.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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