Chairman of Anti-Maga Law Firm Resigns After Release of Emails Linking Him to Jeffrey Epstein

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Chairman of Anti-Maga Law Firm Resigns After Release of Emails Linking Him to Jeffrey Epstein

(Headline USA) Brad Karp, chairman of one of the country’s most anti-MAGA law firms, has resigned from his position after the release of emails revealing his exchanges with Jeffrey Epstein, a high-profile departure in the fallout among those with ties to the late convicted sex offender.

A statement Wednesday from Paul, Weiss, Rifkind, Wharton & Garrison did not explicitly mention any connection Karp had with Epstein, whom the firm has said it never represented. But Karp, who will remain at the firm where he has practiced for 40 years and served as chairman since 2008, said “recent reporting has created a distraction and has placed a focus on me that is not in the best interests” of Paul Weiss.

The Department of Justice last week released the largest batch of documents so far from its Epstein investigative files in compliance with a new law intended to reveal what the government knew about the millionaire financier’s sexual abuse of young girls, as well as his interactions with rich and powerful people.

Former President Bill Clinton and former Secretary of State Hillary Clinton have agreed to testify before a House committee investigating Epstein after Republicans pressed for criminal contempt of Congress charges against them. Bill Clinton had a well-documented relationship with Epstein in the late 1990s and early 2000s. Neither Trump nor Clinton has been credibly accused of wrongdoing in their interactions with the late financier.

The fallout has spread beyond the United States. A top official in Slovakia resigned after photos and emails revealed he had met with Epstein in the years after Epstein was released from jail, and British Prime Minister Keir Starmer issued an apology for appointing an ambassador to Washington who had ties to Epstein.

Among the newly released documents was a July 22, 2015, email in which Karp thanked Epstein for hosting an evening that the lawyer said was “once in a lifetime” and one he would “never forget.” Epstein responded that Karp was “always welcome,” adding, “there are many many nights of unique talents. you will be invited often.”

Later that day, Epstein told Karp he wanted to connect him with Larry Summers, whom he described as “funny and warm.” Summers is a former treasury secretary and Harvard University president who has been ostracized from a number of organizations after Epstein files made public earlier showed his close relationship with Epstein.

In 2016, Karp was trying to help his son, who was interested in a film career, and reached out to Epstein in hopes of making a connection with Woody Allen. Karp’s son sent several follow-up messages to Epstein, but it was not clear whether they connected further. In 2018, Karp was invited for dinner with Epstein. Karp said he could arrange to have a car outside to take him back to his office for a video call, before rejoining the dinner.

“Im easy,” Epstein, in suggesting arrangements. “I know you are,” Karp replied.

The messages between the two continued through the years.

In February 2019, Karp emailed with Epstein seeking advice on behalf of John Havens, the former Citigroup president who, according to Karp’s message, needed “immediate help” before Haven’s name came out in what turned out to be a Florida massage parlor investigation. Epstein also offered help finding a local lawyer for New England Patriots owner Robert Kraft in the matter, with Karp suggesting Kraft needed “the best there is.”

Both Kraft and Havens were among 300 men accused of being patrons of massage parlors engaging in prostitution.

A month later, Karp was apparently reviewing a draft court filing in which Epstein’s lawyers argued that his plea deal in a decade-old federal sex abuse investigation in Florida should not be reopened.

“The draft motion is in great shape. It’s overwhelmingly persuasive. Truly,” Karp wrote in a March 3, 2019, email to Epstein, according to documents published online by the Justice Department. “I particularly liked the argument that the ‘victims’ lied in wait and sat on their rights for their strategic advantage, knowing you were in prison, before they came forward.”

Epstein pleaded guilty to state charges in that case, spent 13 months in jail, paid settlements to victims and became a registered sex offender.

Paul Weiss was founded in 1875. The storied New York firm has advanced the cause of civil rights, handled the legal affairs of corporate power brokers and grown into a multibillion-dollar global enterprise.

In his return to the White House, Trump has sought to take action against firms whose lawyers have performed legal work to undermine him. Paul Weiss was among the targets. In March 2025, the Republican president issued an executive order threatening the suspension of security clearances for its attorneys as well as the termination of any federal contracts involving the firm.

That order noted that a former Paul Weiss attorney, Mark Pomerantz, had been a central player in an investigation by the Manhattan district attorney’s office into Trump’s finances before Trump became president.

Karp was initially prepared to sue over the order, saying his firm “would not be able to survive a protracted dispute with the Administration.” Karp later cut a deal with Trump, saying that he did so to save the firm. The move was ridiculed by lawyers outside Paul Weiss, and more than 140 alums of the firm signed a letter assailing it as well.

DHS Names Antifa Leader… Based on Fox News Reports?

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DHS Names Antifa Leader… Based on Fox News Reports?

(José Niño, Headline USA) Chandler Patey has spent months protesting outside his local ICE facility in South Portland, offering protesters access to his bathroom or a place to wash off pepper spray, according to Oregon Live. The Department of Homeland Security sees something different. To them, the 29 year old “is the leader of Antifa in Portland, OR.”

That designation appears in an internal report produced by DHS. Patey faces no criminal charges and resembles what investigative journalist Ken Klippenstein describes as a “random protester” plucked off Minneapolis streets, yet federal authorities have branded him a domestic terrorist.

Fox News hosts Laura Ingraham and Jesse Waters characterized Patey’s residence as an “Antifa safe house” across multiple segments. The federal government appears to have embraced this narrative. Leaked documents obtained by Klippenstein show Patey and numerous other American protesters have been labeled domestic terrorists, with their private information “collected and stored in a DHS intelligence system.”

The DHS did not respond when asked how this squares with spokesperson Tricia McLaughlin’s previous statement that “There is NO database of ‘domestic terrorists’ run by DHS.”

Documents reveal that since nearly the beginning of the Trump administration, DHS has worked to assemble evidence of an epidemic of left wing domestic terrorism, no matter how thin the supporting material.

Customs and Border Protection and other agencies under the DHS’s umbrella produce this evidence through the Intelligence Reporting System Next Generation, a portal created to track foreign terrorists attempting to enter America. Federal agents can access at least 28 different government databases through this system, including the Terrorist Screening Dataset, Watchlist Service, National Crime Information Center, and Automated Biometric Identification System.

The system also accesses DMV licenses, license plate data, information from confiscated electronic devices, and “certain law enforcement and intelligence data,” according to a DHS privacy assessment issued during the first week of the Trump administration.

As agents gather information about individuals like Patey, they use the system to track legal names, aliases, birthdates, social security numbers, passport numbers, home addresses and biographical details.

“Chandler Patey was identified through open source research as an active participant in the protests,” his entry states. “Online platforms indicate he is the leader of Antifa in Portland, OR. Patey is seen in many videos advocating the principles of Antifa.”

Those online platforms translate to content from social media sites. Ingraham declared in October “ANTIFA SAFE HOUSE EXPOSED—and Portland police look the other way.”

Portland police looked away because little warranted attention. When asked about his supposed safe house, Patey showed local news his apartment. “This is my very normal apartment, and it has been referred to by right wing social media grifters as the ‘Antifa safe house,'” Patey told The Oregonian. “But I just let people use my sink and use my bathroom.”

One homeland security official told Klippenstein that many federal agents have embraced rhetoric about shadowy Antifa networks. “Intel frequently has Alex Jones level paranoia and wild leaps” about Antifa, the official stated. “‘So and so has made threats and may be Antifa’; ‘such and such motorcycle club has Antifa loyalty.'”

Other leaked documents show similar surveillance of activists. Dustin Ragsdale, photographed holding a pride flag while wearing sweatpants with a Batman logo, is described as “aggressive to counterprotesters” with further research being conducted. A photographer using the pseudonym Mossy Matriarch who advocated collecting supplies for Portland protesters also appears in the system, despite no criminal allegations.

These documents carry “LAW ENFORCEMENT SENSITIVE” stamps, preventing their release through Freedom of Information Act requests.

José Niño is the deputy editor of Headline USA. Follow him at x.com/JoseAlNino 

Melinda Gates Breaks Silence on Husband’s Link to Epstein

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Melinda Gates Breaks Silence on Husband’s Link to Epstein

(José Niño, Headline USA) Melinda French Gates addressed the Justice Department’s release of over three million pages of Epstein related documents on February 3, speaking publicly for the first time about references to her ex-husband Microsoft co-founder Bill Gates according to a report by CNN.

Speaking on NPR’s Wild Card podcast hosted by Rachel Martin, French Gates described her reaction to seeing Bill Gates named in the newly released files as “unbelievable sadness.” She expressed what she characterized as unimaginable sorrow when additional documents detailing her former spouse’s connections to the late convicted sex offender became public.

French Gates made clear where responsibility for explaining these connections lies. “Whatever questions remain there of what I don’t—can’t even begin to know all of it—those questions are for those people and for even my ex-husband. They need to answer to those things, not me,” she stated as reported by NBC News.

The philanthropist expressed relief at having separated herself from the controversy surrounding her ex husband. “I am so happy to be away from all the muck that was there,” she said, adding “I needed to leave my marriage. I needed to leave my marriage. I felt that I had to eventually depart from the foundation. It’s just sad. That’s the reality.”

French Gates finalized her divorce after 27 years of marriage in 2021 and resigned as co-chair of the Bill and Melinda Gates Foundation in 2024.

She acknowledged the personal toll of the revelations. “For me, it’s personally hard whenever those details come up, right, because [it] brings back memories of some very, very painful times in my marriage. But I have moved on from that,” French Gates said.

The philanthropist directed attention toward Epstein’s victims, expressing hope for justice. “No girl, no girl should ever be put in the situation that they were put in by Epstein and whatever was going on with all of the various people around him. It’s beyond heartbreaking, right? I remember being those ages those girls were, I remember my daughters being those ages,” she stated.

“I’m able to take my own sadness and look at those young girls and say, ‘my God, how did that happen to those girls’? At least for me, I’ve been able to move on in life, and I hope there’s some justice for those now-women,” French Gates continued, according to ABC News.

The Justice Department released approximately three million pages of Epstein files on January 30, 2026. Among the documents were draft emails from 2013 found in Epstein’s account, messages he apparently composed to himself written from the perspective of a Gates employee. These drafts alleged extramarital affairs, requests for medication and concealment, and references to marital disputes.

Representatives for Bill Gates vigorously denied all allegations, calling them claims “from a proven, disgruntled liar” that are “absolutely absurd and completely false,” per reporting by the BBC. Gates has maintained he never visited Epstein’s island or had involvement in unlawful activities, acknowledging that meeting Epstein was a serious error in judgment.

French Gates previously told CBS in 2022 that “I did not like that he had meetings with Jeffrey Epstein, no. I made that clear to him.” She indicated Gates’ association with Epstein was one factor among many contributing to their divorce.

 

José Niño is the deputy editor of Headline USA. Follow him at x.com/JoseAlNino 

Nancy Mace’s Staff Reportedly Used Fake Social Media Accounts to Boost Her Image

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Nancy Mace’s Staff Reportedly Used Fake Social Media Accounts to Boost Her Image

(José Niño, Headline USA) Rep. Nancy Mace, R-S.C., allegedly ordered congressional staff members to create fake social media accounts to monitor public sentiment and artificially inflate her online reputation, according to a Wired investigation published in May 2025. 

The controversy reflects a broader pattern of escalating scandals and erratic behavior that former staffers described to New York Magazine in February 2026, with some suggesting it may be time for Mace to step back.

Former staffers told Wired that Mace, who chairs the House Subcommittee on Cybersecurity, Information Technology, and Government Innovation, instructed them to establish multiple burner accounts on Twitter, Facebook, and Reddit. These fake profiles were used to reply to comments “saying things that weren’t true” to defend and promote the congresswoman, according to People.

The allegations gained credibility through a sworn deposition from political consultant Wesley Donehue, whose firm assisted Mace’s campaigns before severing ties. Donehue described Mace as a “computer nerd or a computer geek” and testified extensively about her alleged use of “Twitter burner accounts.”

Former staffers also claimed Mace deployed automated bots across social media platforms to amplify her political messaging. Multiple sources reported she frequently described herself as a “self-taught coder,” allegedly making this claim “at least weekly, if not daily.”

Mace denied the allegations. Her communications director Sydney Long called the report “laughable,” stating she had “never been asked to create a burner account.” Mace dismissed the sources as “bitter exes” and told Fox News that “Unlike some folks, I don’t need a burner phone to tell the truth. I say what I mean, I mean what I say, and I post it from my real account, with my name on it.”

In a Fox News appearance, Mace displayed multiple cellphones and iPads, seemingly responding to the burner account allegations.

The controversy represents just one element of Mace’s rapidly deteriorating political situation. In February 2025, she delivered an extraordinary House floor speech accusing her former fiancé Patrick Bryant and three other men of rape and sexual misconduct. Bryant’s lawsuit alleged Mace hacked his phone and installed data extraction software to recover deleted files for leverage in property disputes.

The House Ethics Committee announced in January 2026 it was investigating allegations against Mace. Though the committee released no specifics, Mace’s office responded with a letter addressing “lodging expenses and reimbursement practices,” according to a report by POLITICO. Sources suggest the probe involves using House staff for campaign purposes.

Her office experienced some of the highest turnover rates in Congress from 2021 to 2024. Former staffers described being commanded to clean Airbnb rental properties, bring liquor after midnight, and boost her standing on Reddit forums ranking the “hottest women in Congress.”

Sources believe her chances of receiving an endorsement from Donald Trump have fallen to nearly zero. Most observers expect Mace may not even win her own Low Country district when the June 9 primary arrives.

José Niño is the deputy editor of Headline USA. Follow him at x.com/JoseAlNino 

 

Antifa Activist Busted for ICE Threats

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Antifa Activist Busted for ICE Threats

(Headline USA) A Minneapolis man was arrested Thursday on charges of cyberstalking and threatening to kill or assault Immigration and Customs Enforcement officers involved in the crackdown in Minnesota.

Federal prosecutors said in a statement that Kyle Wagner, 37, of Minneapolis, was charged by complaint, and that a decision to seek an indictment, which is necessary to take the case to trial, would be made soon.

Court records in Detroit, Michigan, where the case was filed, do not list an attorney who can speak on Wagner’s behalf. The complaint was filed on Tuesday and unsealed Thursday.

Attorney General Pamela Bondi alleged in a statement that Wagner doxed and threatened law enforcement officers, claimed an affiliation with antifa and “encouraged bloodshed in the streets.”

President Donald Trump announced in September that he would designate antifa a “major terrorist organization.” Antifa, short for “anti-fascists,” is an umbrella term for far-left-leaning militant groups and is not a singular entity. It consists of groups that resist fascists and neo-Nazis, especially at demonstrations.

When Trump administration border czar Tom Homan announced Wednesday that about 700 federal officers deployed to Minnesota would be withdrawn immediately, he said a larger pullout would occur only after there’s more cooperation and protesters stop interfering with federal personnel.

According to prosecutors, Wagner repeatedly posted on Facebook and Instagram encouraging his followers to “forcibly confront, assault, impede, oppose, and resist federal officers” whom he referred to as the “gestapo” and “murderers.”

The complaint alleges Wagner posted a video last month that directly threatened ICE officers with an obscenity-laden rant. “I’ve already bled for this city, I’ve already fought for this city, this is nothing new, we’re ready this time,” he said, concluding that he was “coming for” ICE.

The complaint further alleges that Wagner advocated for physical confrontation in another post, stating: “Anywhere we have an opportunity to get our hands on them, we need to put our hands on them.”

It also details how Wagner used his Instagram account to dox a person identified only as a “pro-ICE individual” by publishing a phone number, birth month and year, and address in the Detroit suburb of Oak Park, Michigan. The complaint says Wagner later admitted that he doxed the victim’s parents’ house.

Federal prosecutors didn’t immediately respond to a request for comment on why the case was filed in Michigan instead of Minnesota. The alleged doxing was the only Michigan connection listed in the complaint.

Adapted from reporting by the Associated Press. 

 

Ridiculous:’ Republicans Reject Dems’ 10 Demands for DHS Reforms

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Ridiculous:’ Republicans Reject Dems’ 10 Demands for DHS Reforms

(Thérèse Boudreaux, The Center Square) ​​ With a partial shutdown looming, U.S. lawmakers have eight days to broker a deal on the Department of Homeland Security’s annual budget. 

Progress, however, remains elusive as Republicans have already shot down Democratic leadership’s all-or-nothing list of demands released Wednesday night.

“The Democrats’ proposal is ridiculous because it would stop our ability to deport illegal immigrant criminals who present a danger to America,” U.S. Sen. Lindsey Graham, R-S.C., said Thursday. “They are not serious about working to reform the immigration system or ICE […] I had hoped we would debate and find a solution. But it looks like we’re just going to debate.”

Democratic leaders laid out 10 changes they want added to the Homeland Security appropriations bill – the only fiscal year 2026 appropriations bill not yet law – which includes funding for agencies such as Immigration and Customs Enforcement.

Demands for greater accountability blew up after an ICE agent fatally shot another U.S. citizen protesting in Minneapolis in January, 37-year-old Alex Pretti.

The proposal includes prohibiting DHS agents from wearing masks, racially profiling, indiscriminately arresting people, tracking protestors, or entering private property without a judicial warrant in addition to an immigration court warrant. 

Other demanded changes include requiring agents to display ID, wear body cameras, and obtain the consent of states and localities to conduct large-scale operations, among other things.

“Federal immigration agents cannot continue to cause chaos in our cities while using taxpayer money,” Democratic leaders wrote. “It is critical that we come together to impose common sense reforms and accountability measures that the American people are demanding.”

But the entire Senate Republican Conference has come out against it, with Sen. Markwayne Mullin, R-Okla., echoing their Thursday statement that enacting all 10 provisions is “Not going to happen.”

“Thanks to Joe Biden’s either willfulness or incompetence, our border was obliterated,” Graham added, referencing the millions of migrants who crossed U.S. borders illegally and were released into the U.S. “Twelve states have sanctuary city policies. Left unaddressed, these states will always be magnets for future illegal immigration.”

House Republicans, including Speaker Mike Johnson, R-La., are taking the same stance as their Senate colleagues, arguing that many of the requirements, such as making agents obtain an extra warrant, are “unimplementable.” 

“Enforcing federal immigration law isn’t optional,” Rep. Keith Self, R-Texas, said Thursday on social media. “The safety of the American people and the rule of law isn’t a game.”

Due to the partisan discord, some lawmakers have expressed doubts that Congress will be able to successfully negotiate a funding bill before the Feb. 13 deadline. If a deal fails and Democrats refuse to extend the current funding stopgap for DHS agencies, the lapse in funding would not even impact ICE operations. 

Republicans’ budget reconciliation bill, which became law in July, boosted the agency’s funding by $75 billion, so immigration enforcement efforts would continue while agencies like FEMA and the Coast Guard would flounder.

CENTCOM Says It Launched Five Strikes Against ISIS in Syria Within One Week

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CENTCOM Says It Launched Five Strikes Against ISIS in Syria Within One Week

(Dave DeCamp, Antiwar.com) US Central Command said on Wednesday that its forces conducted five strikes against ISIS in Syria from January 27 to February 2, while the US is also backing the Syrian government, which is led by Hayat Tahrir al-Sham, an offshoot of al-Qaeda with a similar ideology to ISIS.

“CENTCOM forces located and destroyed an ISIS communication site, critical logistics node, and weapons storage facilities with 50 precision munitions delivered by fixed-wing, rotary-wing, and unmanned aircraft,” CENTCOM said in a press release.

CENTCOM said that pressure was also being applied to ISIS by “partner forces,” which include government forces, who reportedly released ISIS fighters held in prison camps in territory the government recently took from the Kurdish-led SDF, the US’s previous main partner in the fight against ISIS.

At the end of January, CENTCOM began an operation to move thousands of ISIS detainees from Syria to Iraq after the government took control of the prisons, suggesting the US doesn’t trust HTS to guard the ISIS fighters. Iraq’s government said this week that more than 1,300 ISIS fighters have been transferred so far.

CENTCOM said in its press release that the strikes against ISIS were part of “Operation Hawkeye Strike,” an operation launched in response to US Iowa National Guard soldiers and an American civilian interpreter being killed in Palmyra, central Syria, on December 13. The US blamed ISIS for the attack, though the gunman was a member of Syria’s security forces.

“After nearly two months of targeted operations, more than 50 ISIS terrorists have been killed or captured,” CENTCOM said. The command also said that it killed an ISIS leader on January 16, who it claimed was connected to the attack in Palmyra.

This article originally appeared at Antiwar.com.  

 

US Launches Its 27th Airstrike in Somalia of the Year

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US Launches Its 27th Airstrike in Somalia of the Year

(Dave DeCamp, Antiwar.com) US Africa Command said in a press release on Tuesday that its forces launched an airstrike in Somalia on February 1 as the Trump administration continues escalating its air war in the country.

The command said the strike targeted the ISIS affiliate in Somalia’s northeastern Puntland region, where the US is backing the local government in its fight against ISIS militants based in caves in a remote mountain region. AFRICOM said the attack was launched about 25 miles southeast of the Gulf of Aden port city of Bosaso.

AFRICOM provided no additional details about the strike, as it has stopped sharing casualty estimates and assessments of potential civilian harm. “Specific details about units and assets will not be released to ensure continued operations security,” the command said.

AFRICOM launched a total of 26 airstrikes in Somalia in January, making the February 1 attack the 27th US bombing of the year. If the US keeps up the pace of 26 airstrikes per month, it would result in a total of 312 US airstrikes in Somalia in 2026, an unprecedented number. US airstrikes this year have also targeted al-Shabaab in southern Somalia.

The Trump administration has dramatically escalated the US war in Somalia as AFRICOM launched at least 124 airstrikes in Somalia in 2025, breaking the previous annual record for US bombings in the country, which President Trump set at 63 during his first term in 2019.

According to New America, an organization that tracks the air war, the US launched more airstrikes in Somalia in 2025 than were conducted during the administrations of Joe Biden, Barack Obama, and George W. Bush combined. Despite the unprecedented bombing campaign, the US air war in Somalia receives virtually no media coverage in the US.

 

This article originally appeared at Antiwar.com.  

 

Agreement Between Shanghai and Hong Kong to Boost China’s Gold Market

Money Metals News Service
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Agreement Between Shanghai and Hong Kong to Boost China’s Gold Market

(Mike Maharrey, Money Metals News Service) A cooperation agreement between the Hong Kong Special Administrative Region (HKSAR) and Shanghai will facilitate gold trading as part of a push to elevate the role of China’s two financial centers in the global gold market.

Western markets – London, New York, and Switzerland – have dominated the gold trade for nearly two centuries. However, with gold progressively flowing from West to East, China and other Asian hubs are developing the infrastructure to challenge Western dominance.

According to a report by China Daily, the “landmark deal” signed by HKSAR Secretary for Financial Services and the Treasury, Christopher Hui Ching-yu, and Shanghai Gold Exchange Chairman Yu Wenjian will “promote long-term interconnectivity opportunities, with a more integrated renminbi-based Asian gold market in the making.”

Under the cooperative agreement, the Hong Kong Precious Metals Central Clearing Co. (wholly owned by the HKSAR government) will establish “a high-level, collaborative governance structure,” with the Shanghai Gold Exchange providing technical and regulatory input on system design, rulemaking, institutional access, risk management, and operational standards.

According to China Daily, the goal is “to ensure the efficient development of the trade-clearing system for gold and alignment with international gold standards.”

Hong Kong Chief Executive John Lee Ka-chiu said the agreement will “set in motion a cross-boundary, trade-clearing system for the precious metal,” and the goal is to create a “regional gold reserve hub.”

Hong Kong plans to launch a trial run of its centralized gold clearing system later this year. Officials will initially focus on system infrastructure and a regulatory framework before expanding the number of eligible participants.

Hong Kong also plans to expand its gold storage capacity from 200 to more than 2,000 tonnes over the next three years.

Abaxx chief economist David Greely said this all points to the fact that “the center for gold trading is increasingly moving East.”

“There is a big, untapped demand for an Asian trading hub.”

Cooperation with the Shanghai Gold Exchange will reportedly include facilitation of physical gold delivery, warehousing, and further enhancing financial connectivity between the two markets.

Last summer, the Shanghai Gold Exchange launched its first offshore gold delivery vault in Hong Kong. According to China Daily, the SGE also listed relevant gold contracts for delivery on its international board in Hong Kong, “diversifying the options of offshore renminbi assets for investors.”

Deloitte China’s southern region managing partner Edward Au told China Daily the agreement “supports the gradual development of a more integrated renminbi-based Asian gold market, particularly re­levant amid geopolitical tensions, reserve rebalancing and financial fragmentation.”

He said the cooperative structure won’t likely create an immediate wave of international investment, but the deal will help make Asia’s gold market more accessible and institution-friendly.

“With consistent policy execution, deeper capital participation should emerge over time.”

Mike Maharrey is a journalist and market analyst for Money Metals with over a decade of experience in precious metals. He holds a BS in accounting from the University of Kentucky and a BA in journalism from the University of South Florida.

Gold ETF Momentum Continues With Record-Setting January

Money Metals News Service
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Gold ETF Momentum Continues With Record-Setting January

(Mike Maharrey, Money Metals News Service) After rising to an all-time high of 4,025 tonnes in 2025, ETF gold holdings continued to climb in January, growing by another 120.1 tonnes.

In dollar terms, ETFs globally added $19 billion to their gold holdings. It was the strongest monthly gain on record.

The flow of new metal, coupled with a 14 percent price increase, pushed assets under management (AUM) by gold funds up 20 percent month-on-month to a record $669 billion.

It appears the recent sell-off failed to dampen investor interest in gold. According to the World Gold Council, “Even with the recent price decline, all regions except Europe saw net inflows on both 30 January and 2 February, as investors appeared to take advantage of the dip to add exposure to gold.”

Asian funds led the way, reporting their largest increase in gold holdings on record, adding 62 tonnes of metal valued at $10 billion.

Asia accounted for 51 percent of total global ETF inflows. This is especially notable given that Asian holdings are only about one-fifth the size of North America’s.

Chinese funds led Asian inflows, totaling around $6 billion. According to the World Gold Council, “Robust gold prices, lingering geopolitical uncertainty, and strong institutional demand all underpinned the country’s continued appetite for gold ETFs.”

Indian funds also reported strong gold inflows totaling $2.5 billion.

North American funds charted their second-largest monthly gold inflow on record. ETFs based in North America expanded their gold holdings by 43.4 tonnes, valued at around $7 billion.

It was the eighth straight month of gold inflows into North American funds.

Despite the big price drop at the end of the month, coupled with heightened volatility, the region still reported net positive flows on the final trading day of January.

According to the World Gold Council, “Inflows benefited from both the price rally and rising geopolitical tensions involving the U.S. and regions such as Iran, Greenland, and parts of Europe, which helped sustain investor interest in gold.”

European ETFs added gold for the third straight month, boosting regional holdings by 12.9 tonnes, valued at $2 billion.

Geopolitical turmoil surrounding President Trump’s bid to acquire Greenland boosted safe haven demand in the region.

The UK led regional inflows as the country grapples with persistent price inflation.

Funds in other regions, including Australia and Africa, reported a 1.8-tonne increase in gold holdings.

ETFs are a convenient way for investors to play the gold market, but owning ETF shares is not the same as holding physical gold.

ETFs are relatively liquid. You can buy or sell an ETF with a couple of mouse clicks. You don’t have to worry about transporting or storing metal. In a nutshell, it allows investors to play the gold market without buying full ounces of metal at the spot price.

Since you are just buying a number in a computer, you can easily trade your ETF shares for another stock or cash whenever you want, even multiple times on the same day. Many speculative investors take advantage of this liquidity.

But while a gold ETF is a convenient way to play the price of gold on the market, you don’t actually possess any gold. You have paper. And you don’t know for sure that the fund has all the gold either, especially when the fund sees inflows. In such a scenario, there have been difficulties or delays in obtaining physical metal.

Gold Trading Volumes

Global market trading volumes surged to $623 billion per day in January, a 52 percent month-on-month increase. The rise in trading volume was primarily during the last week of the month.

Over-the-counter (OTC) activity also strengthened last month, with volumes rising to $280 billion per day, a 29 percent month-on-month increase. Increased LBMA trading boosted overall OTC activity.

Meanwhile, rising price volatility supported a sharp pick-up in derivatives trading across major exchanges, with volumes climbing to $320 billion per day, a 73 percent m/m rise.

COMEX net longs fell 6 percent during the month to 642 tonnes. According to the World Gold Council, the decline does not capture the final days of elevated volatility. Money manager net longs slipped 4 percent to 378 tonnes, while Other net longs declined 8 percent to 264 tonnes. According to the WGC, “This likely reflects profit‑taking after steady net‑long buildup earlier this month.”

Mike Maharrey is a journalist and market analyst for Money Metals with over a decade of experience in precious metals. He holds a BS in accounting from the University of Kentucky and a BA in journalism from the University of South Florida.

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