India Reports Record Gold Imports in August

Money Metals News Service
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India Reports Record Gold Imports in August

(Mike Maharrey, Money Metals News Service) India reported record gold imports in August after the country slashed its import duty the month before.

India ranks as the world’s second-largest gold consumer behind China.

In July, the Indian government cut taxes on gold and silver imports by more than half, lowering duties from 15 percent to 6 percent. The domestic gold price fell 6 percent month-on-month after the lower duty went into effect, even as the dollar price of gold increased. As expected, the government’s move spurred a big jump in gold demand.

India reported record gold imports in dollar terms, totaling $10 billion in August. It was over a three-fold increase over the previous month. The World Gold Council estimates the country imported 140 tons of gold, tripling July’s total.

So far, in 2024, Indian gold imports are up 30 percent.

After falling sharply after the import duty cut, the gold price in rupees stabilized and largely moved in tandem with the international price. Gold was up 3.9 percent in rupee terms in August.

Despite the August price gains, the domestic gold price remains about 2 percent lower than it was before the reduction in the import duty.

According to the World Gold Council, domestic demand for gold coins, bars, and jewelry surged after the duty cut and has since stabilized. Market reports indicate that buying momentum remains “healthy,” with an overall uptick before the import duty reduction. 

“Purchases previously deferred are now materializing, and there is increased interest in heavier pieces of jewelry. Industry participants anticipate that this momentum will continue, though they are closely monitoring the crucial festive and wedding season sales that run through late August to December.”

Anecdotal evidence suggests that festival buying kicked off on a strong note.

The World Gold Council also reported that rural gold buying has shown improvement in recent months. A favorable monsoon season is expected to increase crop production, and additional income for farmers will likely boost gold demand in the fall months.

Evidencing strong investor interest in gold, Indian ETFs continue to report inflows of metal. According to World Gold Council estimates, India-based funds experienced the highest monthly inflows of gold on record in August.

So far, in 2024, Indian gold ETFs have added about 9.5 tons of gold.

According to the WGC, total assets under management by Indian gold ETFs have increased to INR374 billion (US$4.4 billion), an 8 percent month-on-month rise and a 54 percent year-on-year increase.

The Reserve Bank of India (RBI) continues to add gold to its reserves. Based on the latest figures, the Indian central bank has increased its gold holdings by 50 tons this year.

The RBI has been buying gold since 2017. Over that period, it has increased its gold holding by over 260 tons. 

The Indian central bank now holds a record 853.6 tons of gold. The yellow metal makes up 9 percent of its foreign reserves, up from 7.5 percent a year ago.

An Indian economist told the Times of India that the push to accumulate gold was based on both political and economic factors. He said that the “reliability” of the U.S. dollar has “diminished.” He noted the “noticeable decline” in the confidence in U.S. dollar assets. 

Another economist told the Times, “It makes a lot of sense (to invest in gold), given the increased volatility in the FX market, elevated interest rates in the U.S., and, of course, also as the central banks in each economy would like to diversify the asset classes in which they are parking their reserves.”

Last spring, the RBI transported 100 tons of its gold from the UK back into India. 

Indians have historically had an affinity for gold. Indian households own an estimated 25,000 tons of gold, and that likely understates the amount given the large black market in the country. Gold is deeply interwoven into the country’s marriage ceremonies and cultural rituals. Indians have long valued the yellow metal as a store of wealth, especially in poorer rural regions. Around two-thirds of India’s gold demand comes from beyond the urban centers, where large numbers of people operate outside the tax system.

Gold isn’t considered a luxury in India. Even poor Indians buy gold. According to a 2018 ICE 360 survey, one in every two households in India had purchased gold within the last five years. Overall, 87 percent of Indian households own some gold. Even households at the lowest income levels in India hold some of the yellow metal. According to the survey, more than 75 percent of families in the bottom 10 percent of income managed to buy some gold.

The yellow metal was a lifeline for Indians buffeted by the economic storm caused by the government’s response to COVID-19. After the Indian government locked down the country, banks tightened credit to mitigate the default risk. Unable to secure traditional loans, Indians used gold to secure financing. As Indians endured a second wave of lockdowns, many Indians resorted to selling gold outright to make ends meet.

Mike Maharrey is a journalist and market analyst for MoneyMetals.com 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.

Gov. DeSantis: Feds Are Blocking State’s Investigation into 2nd Trump Assassination Attempt

Ken Silva
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Gov. DeSantis: Feds Are Blocking State’s Investigation into 2nd Trump Assassination Attempt

(Ken Silva, Headline USA) Gov. Ron DeSantis announced Tuesday that Florida law enforcement officials will launch their own criminal investigation into Sunday’s assassination attempt on former President Donald Trump—but since then, the feds have blocked state investigators from doing their work.

“They are not being cooperative, and yes, I am concerned. Our investigators were rebuffed just going to the fence line outside of Trump International Golf Club,” DeSantis said Thursday on Fox News.

“They don’t want the state of Florida to be involved in this, but there were multiple violations of Florida law across multiple jurisdictions. We have a duty to investigate this and bring appropriate charges.”

The governor added that state law enforcement has saved the would-be assassin, Ryan Routh’s, social media before it was wiped from the internet.

“I told them to save all his social media because Facebook will delete it. How did he end up in Florida to begin with?” he remarked.

DeSantis’s probe has been met with criticism from feds and mainstream media. The Washington Post, for instance, accused him of “political grandstanding” in a Thursday article.

But it’s common for state and federal law enforcement agencies to run simultaneous investigations into crimes, as states may be able to bring charges that are unavailable at the federal level — and vice versa.

In the wake of the July 13 Trump shooting in Butler, for instance, Pennsylvania State Police launched their own parallel investigation. But PSP Commissioner Christopher L. Paris told Congress in July that his agency and the FBI “combined” their efforts, while DeSantis signaled Monday that Florida will run its own probe independent of the feds.

Routh is charged at the federal level so far only with gun crimes, but additional charges are possible as Justice Department prosecutors seek an indictment from a grand jury. Prosecutors will often quickly bring the first charges they can and then add more serious charges later as the investigation unfolds.

Ken Silva is a staff writer at Headline USA. Follow him at twitter.com/jd_cashless.

Americans Have Spent All of Their Pandemic Savings and Then Some

Money Metals News Service
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Americans Have Spent All of Their Pandemic Savings and Then Some

(Mike Maharrey, Money Metals News Service) Talking heads and politicians laud the “resilience” of American consumers. They managed to keep spending despite rapidly rising prices thanks to post-pandemic price inflation.

But these pundits and politicos rarely talk about how Americans have weathered the inflationary storm. When you look at the big picture, it’s not a story of resilience but one of desperation.

In a nutshell, Americans blew through their savings and now they’re running up their credit cards.

The personal savings rate plummeted in July, dropping to 2.9 percent. That was down from 3.1 percent the prior month. It was the lowest savings rate since the COVID crash.

The current savings rate is roughly in the same ballpark as it was just before the Great Recession, as you can see from this graph courtesy of ZeroHedge. 

With most people locked down in their homes receiving government stimulus checks, savings spiked during the pandemic.

Now it’s all gone.

According to the San Francisco Federal Reserve, Americans have blown through all of the $2.2 trillion in excess savings accumulated during the pandemic years. Excess savings are now $72 million below pre-pandemic levels.

“Households drew down their excess savings at an average pace of $70 billion per month since September 2021, although this drawdown accelerated to about $85 billion per month since last fall relative to the average pace for the entire period.”

Now what? 

Enter Visa and Mastercard.

With savings depleted, consumers turned to credit cards.

Americans not only saved money during the pandemic, but they also used their stimulus checks to pay down credit card balances. Revolving credit dipped below $1 trillion during the pandemic period. 

But as prices started rising in the wake of COVID, Americans turned to plastic. Revolving debt currently stands at a record of $1.36 trillion. 

And Americans continue to use credit cards despite interest rates as high as 28 percent. In July, non-revolving credit, primarily made up of credit card balances, surged by 9 percent ($10.6 billion).

Some pundits claim that increasing credit card debt is a good sign. They claim American consumers are “confident” and therefore willing to buy on credit. But spending patterns tell a different story. Citigroup recently noted that more and more consumers are using credit cards to pay for “basic needs,” and there has been a notable slowdown in “non-vital” purchases.

In other words, people are using credit cards with 28 percent interest rates to pay for groceries.  

This isn’t the behavior of a “resilient” consumer. These are desperate consumers trying to keep pace with rising prices. 

This is a looming problem for a country that depends on consumers buying stuff to keep plodding along. What happens when Americans hit their credit card limits?

Something to keep in mind as you hear government officials and their cheering section in the media trumpeting the “soft landing” narrative.

Mike Maharrey is a journalist and market analyst for MoneyMetals.com 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.

Walz Called Trump Begging for Friendship after Being Scared by MAGA Supporters

Maire Clayton
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Walz Called Trump Begging for Friendship after Being Scared by MAGA Supporters

(Maire Clayton, Headline USA) During his first-ever appearance on Fox News’s  Gutfeld! Wednesday night, former President Donald Trump recalled receiving a frantic phone call in which Minnesota Gov. Tim Walz claimed he was “surrounded” by scary, patriotic Trump supporters and begged him for friendship.

“He called up years ago,” Trump began. “I was in the White House, and he said, ‘My house is being surrounded by people with American flags.”

Trump quipped back, “Is that a good thing or a bad thing?”

He added that Walz believed the flag-wielding supporters were “going to attack” him.

The former president said Walz asked, “Could you put out a word, like, that I’m your friend?'”

“I don’t even know him,” Trump bluntly stated. However, the then-president stated he released a statement as he “didn’t want him to get hurt.”

The anecdote occurred during the height of the COVID pandemic, when Democratic governors continued to try to force stay-at-home orders.

Trump put out a series of posts to X, calling out the draconian measures, with one post calling to “LIBERATE MINNESOTA!”

During a newly released Sept. 2021 Politico interview, Walz claimed “armed people” showed up to his home after Trump took to the social media platform.

While Walz may be afraid of Trump supporters, some of his family members certainly are not as they publicly proclaim they support the 45th President.

Trump’s appearance on the top-ranked late-night talk show earned it its highest ratings to date, drawing an eye-popping 4.9 million viewers, Fox News reported.

Later in the interview, host Greg Gutfeld asked how his golf game was—a nod to the second assignation attempt as Trump played at his Palm Beach, Florida, club the prior Sunday.

“Well, I haven’t been thinking about it too much lately,” Trump quipped. “I always said golf was a very dangerous game.”

Gutfeld added, “It really is, especially if they’re playing with you.”

Trump praised the work of the Secret Service and noted “being president is a very dangerous job.”

Pelosi Insists Kamala Harris Won ‘Open Primary’ Process

Contributing Author
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Pelosi Insists Kamala Harris Won ‘Open Primary’ Process

(Headline USA) Former House Speaker Nancy Pelosi, D-Calif., claimed this week that Vice President Kamala Harris won an “open primary” after President Joe Biden supposedly abandoned his reelection bid.

After helping push Biden out of the 2024 race, Pelosi publicly said she favored a competitive, open primary process ahead of the Democratic National Convention.

Asked this week whether she ended up changing her mind after seeing the “excitement” for Harris’s presidential bid, Pelosi insisted the process had been open and fair.

“We had an open primary and [Harris] won it. Nobody else got in the race,” Pelosi told Semafor. “Yes people could have jumped in—there were some people who were sort of preparing, but she just took off with it, and actually it was a blessing because there was not that much time between then and the election, and it sort of saved time.”

The only advantage Harris was given was a “running start,” Pelosi insisted.

Conservatives blasted Pelosi for trying to change the story of Harris’s coronation.

“Listening to Nancy Pelosi’s comments about Joe Biden, you could almost forget that she was one of many who lied to us about his condition, right up until the moment it was no longer to her political advantage to do so,” Jenny Beth Martin, president of Tea Party Patriots Citizens Fund, wrote on X. “It doesn’t surprise me at all that she’d now to try to lie about what she calls the ‘open nomination’ process that led to Kamala’s ascension.”

Even California Gov. Gavin Newsom, who was rumored to have been considering a primary bid against Biden last year, acknowledged Harris’s trip to the top of the presidential ticket was forced.

“We went through a very open process, a very inclusive process. It was bottom-up, I don’t know if you know that,” he said last month. “That’s what I’ve been told to say,” Newsom added, laughing.

Hillary Clinton Says She Feels ‘Conflicted’ About Melania Trump

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Hillary Clinton Says She Feels ‘Conflicted’ About Melania Trump

(Headline USA) Failed presidential candidate Hillary Clinton claimed this week that she has “conflicted” feelings for former first lady Melania Trump, according to The Hill.

During an appearance Thursday on The View, Clinton recalled seeing Melania Trump at Rosalynn Carter’s funeral service last year. Former President Donald Trump did not attend with her, and Clinton said Melania Trump reminded her of a “little kid” trying to see where she fit in.

“I saw Laura Bush, who is just absolutely delightful, talking with Melania Trump—and none of us knew that she was going to be there, and Michelle [Obama] and Jill Biden and I were, like, ‘Wow, nobody told us,’” Clinton boasted of forming a “Mean Girls” clique with her fellow Democrat presidential wives.

“But immediately, you know, all of our training, our good manners—everybody immediately went up, and Michelle gave her one of her hugs, and even Jill said how glad she was to see her,” Clinton said. 

Clinton claimed it must have been “scary” for Melania Trump to attend the service.

“She look[ed] like the kid on the outside of the birthday party, like, ‘Am I going to be accepted? Do I belong here?'” Clinton said. 

The former secretary of State also wrote about the interaction in her upcoming memoir, Something Lost, Something Gained, and blamed Donald Trump for putting Melania Trump in an awkward position.

“I can appreciate how awkward it must have been, not knowing what kind of reception she would get after all her husband’s insults directed at us Bushes, Bidens, Obamas, and Clintons alike,” Clinton wrote—notwithstanding Clinton’s own regular unhinged attacks on the man she falsely framed for colluding with Russia after he bested her in the 2016 election.

However, Clinton said she still struggles with what to “make of the third Mrs. Trump” because of her hatred for Melania Trump’s husband.

“On a gut level, I have never believed that a wife bears responsibility for the actions of her husband,” Clinton wrote, absolving herself for her husband’s notorious philandering with professional subordinates and other vulnerable women. “But did she aid and abet her husband’s worst instincts? Was she quietly complicit in his bigotry and hate-mongering?”

Former NYTimes Editor Blasts Kamala’s Basement-Campaign Strategy, Word-Salad Responses

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Former NYTimes Editor Blasts Kamala’s Basement-Campaign Strategy, Word-Salad Responses

(Headline USA) The former Los Angeles bureau chief for the New York Times admitted this week that Vice President Kamala Harris’s refusal to give straight answers about her policy positions could cost her the election.

In a guest essay for the Times, Todd Purdum urged Harris to be more direct with the press and with voters, and to stop with the circular word-salads.

“Writing about politicians for decades has convinced me that direct, succinct answers and explanations from Ms. Harris would go a long way—perhaps longer than she realizes—toward persuading voters that they know enough about her and her plans,” he wrote.

Purdum cited Harris’s sit-down last week with a local ABC affiliate, during which the anchor asked her to outline “one or two specific things” she would do to “[bring] down prices and [make] life more affordable for people.”

After “nearly two minutes,” Harris made a half-hearted attempt to “outline her plan,” Purdum added.

“In a campaign in which Donald Trump fills our days with arrant nonsense and dominates the national discussion… the vice president can’t afford to stick only to rehearsed answers and stump speeches that might not persuade voters or shape what America is talking about,” he said. 

Recent polls prove “millions of Americans still have questions for [Harris] and want to see her fighting for the job,” Purdum continued. 

Instead, Harris is refusing to “define herself and her priorities” and “ceding precious oxygen to Mr. Trump’s distractions.”

Purdum also claimed Harris shouldn’t be afraid to lean into her policy flip-flops.

“I’m not sure she should be so worried,” he said. “She’s had nearly four years in office in which her theoretical thinking—on topics from fracking, to gun control, to ‘Medicare for all’—has evolved in practice. One person’s flip-flop is another’s proof of a stateswoman’s maturation. Why not own it?”

Harris herself has insisted that although her stated positions on controversial topics may have changed since her overwhelming defeat in the 2019 Democratic primary, her radical values have not.

Harris’s campaign has come under heavy criticism for dodging questions about the vice president’s agenda.

Since Harris launched her campaign, she and her running mate, Minnesota Gov. Tim Walz, have combined sat for only 14 interviews. Former President Donald Trump and Sen. J.D. Vance, R-Ohio, have conducted 55 in that same time period.

Lady Gaga’s Father Endorses ‘Patriot’ Trump

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Lady Gaga’s Father Endorses ‘Patriot’ Trump

(Headline USA) Pop icon Lady Gaga’s father endorsed former President Donald Trump during a Fox News appearance this week, praising the Republican candidate as a “patriot,” TMZ reported.

Joe Germanotta, a New York City restaurateur, argued the choice between Trump and Vice President Kamala Harris shouldn’t be difficult for even Americans, even for those who typically lean to the left, like his daughter.

“They’re two vastly different people,” Germanotta said of the candidates.

“One of them is pure, and he’s a patriot. The other is just going to say whatever she needs to say to get elected,” he continued. “That’s basically what I hear, and I’m tired of hearing about her neighbors’ lawn.”

Trump’s policies would be better for business owners like himself, Joe Germanotta noted.

“Six years ago, I was going to have the best year we ever had at [my restaurant] before COVID,” he said. “And when I say best year, it was 25% more than any other year.”

Harris, on the other hand, doesn’t know what she’s talking about when it comes to the economy, he added.

And as a New York City resident, Germanotta argued that only Trump would be willing to tackle the migrant crisis that has overtaken the Big Apple.

Under the current Biden–Harris regime, alongside radical Democrat control at the state and local level, cities have seen violent crime spike and had their law enforcement capabilities hamstrung—leading many metropolises to resemble the Gotham City featured in his daughter Stephani’s upcoming cinematic turn as Harley Quinn in Joker: Folie à Deux, opposite Joaquin Phoenix.

“It’s an invasion as far as I see it. We don’t have secure borders anymore. There’s no more legal immigration,” Joe Germanotta argued.

“My clientele, my customers, the ones that used to come once a week, now they come once every three weeks,” he added. “They’re not coming to New York City.”

Americans needed to focus less on personality and more on the policies of the two candidates, he said.

“I mean, look, Donald, he’s abrasive. But he’s a patriot and his policies are there—they’re on target for me anyway,” Germanotta said. “I’m into low fuel and food prices, low interest rates, pro-police, good economy, pro-police… law and order… keep the jobs here in the United States.”

Man Arrested for Death Threats Against Six Justices—Guess Which Ones

Luis Cornelio
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Man Arrested for Death Threats Against Six Justices—Guess Which Ones

(Luis Cornelio, Headline USA) An Alaska man is facing a federal indictment for allegedly making death threats against six justices of the U.S. Supreme Court and some of their family members, the DOJ announced on Thursday. 

Panos Anastasiou, 76, reportedly sent over 465 threatening messages to a public website managed by the high court. The threats detailed Anastasiou’s desire to kidnap, assault, torture and kill the justices, according to a 22-count indictment. 

While the identities of the targeted justices remain undisclosed, the total number of threatened justices (six) matches the number of conservative justices on the court. 

Journalists on X noted that Anastasiou appears to have previously donated to Democrats at least 11 times.

Headline USA found these donations on the Federal Election Commission but could not immediately verify if they belonged to the same individual. 

The contributions were directed to President Joe Biden’s Victory Fund (now the Harris campaign), the Stop Republicans Super PAC, the Democratic Strategy Institute and the Democratic Legislative Campaign Committee. 

Attorney General Merrick Garland stated in a press release that Anastasiou cited the justices’ decisions as justification for his threats, which seemed aimed at influencing court outcomes. 

“Our justice system depends on the ability of judges to make their decisions based on the law, and not on fear,” Garland wrote. “Our democracy depends on the ability of public officials to do their jobs without fearing for their lives or the safety of their families.” 

The indictment accuses Anastasiou of specifically targeting the family members of two unidentified justices through an online portal intended for public complaints. 

“Some of these threats were intended to intimidate Supreme Court Justices 1-6 and retaliate against them for official actions Supreme Court Justices 1-6 had taken in their official capacity as federal judges,” the indictment states.

Nine of the 22 counts stem from alleged threats made against federal judges, while the rest involve threats made in interstate commerce. 

The case is being led by William N. Taylor II, a deputy assistant attorney general for Policy, Management, and Procurement. 

These charges come just days after President Donald Trump escaped a failed assassination attempt, the second in less than two months.

Notably, Trump appointed three of the six conservative justices—Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett—all of whom have faced intense scrutiny and attacks from the left.

Leftist Rhetoric Promotes Efforts of 2nd Assassination Shooter

Victoria Cook
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Leftist Rhetoric Promotes Efforts of 2nd Assassination Shooter

(Victoria Cook, Headline USA) Following the second attempt on President Donald J. Trump’s life, leftist reporters and followers were quick to place the blame of the incident on Trump’s controversial character. They failed to take into account that their vitriolic rhetoric has played a part in the violent attacks against Trump.

On July 3, Vice President Kamala Harris posted a video decrying Trump as a threat to democratic freedoms. The video claimed Trump has threatened to be a dictator were he to return to public office. 

This language is not new or isolated, however, with leftist messaging calling for Trump to be eradicated as he is a threat to democracy.

In an interview with MSNBC host Jen Psaki—who also happens to be the former White House press secretary for the Biden–Harris administration—Rep. Dan Goldman, D-N.Y.—who was one of the former lead prosecutors in Trump’s failed Ukraine impeachment—stated that Trump “cannot see public office again” and needed “to be eliminated.”

The left-wing media promoting this divisive rhetoric has trickled down into the mindset of its audience.

“And to see we let this man Trump destroy America, and I look at it and say these two people had to step up and take the shot,” said Willie, a C-SPAN caller.

He promoted both assassination shooters during the open forum before being cut off, the Daily Mail reported.

While this incendiary language has continued with little accountability, conservatives are taking up the mantle to call out harmful leftist rhetoric.

During a CNN segment, media pundit Scott Jennings pushed back making reference to the specific phrases leftists have repetitively used to incite violence against Trump.

“The ‘bloodbath garbage’ is a pillar that the Democratic campaign has run against Trump, as is ‘dictator’, as is ‘eliminate the U.S. Constitution,’” Jennings said.

 

In contrast, the conservative movement and Trump’s campaign have highlighted specific problems with Bidenomics and Harris’s political record.

Their focus has been policy and strong leadership, with perhaps their most controversial statement calling for Americans to fight for their country.

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