A Note a Former Cellmate Says he Found After Epstein’s Suspected Suicide Attempt is Released

Headline USA Editor
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A Note a Former Cellmate Says he Found After Epstein’s Suspected Suicide Attempt is Released

(Headline USA) A note Jeffrey Epstein’s former cellmate claimed he found after the millionaire sex offender’s first suspected jail suicide attempt was made public Wednesday, years after being sealed and locked in a courthouse vault as part of an unrelated legal dispute.

U.S. District Judge Kenneth Karas in White Plains, New York, ordered the release of the note after The New York Times asked him last week to unseal it and other documents in a case involving the former cellmate, Nicholas Tartaglione. Federal prosecutors did not oppose the request.

Few people had known about the note until Tartaglione, a former police officer serving a life sentence for killing four people, mentioned it last year on writer Jessica Reed Kraus’ podcast.

Tartaglione claimed he discovered the note in a book after Epstein was found on the floor of their cell at a Manhattan federal jail on July 23, 2019, with a strip of bedsheet around the financier’s neck. That was about three weeks before Epstein was found dead in his cell in what authorities concluded was a suicide.

“They investigated me for month — found nothing!!!” said the short note, which is hard to decipher in some places. “It is a treat to be able to choose” the “time to say goodbye,” the note continues. “Watcha want me to do — Bust out cryin!!”

“NO FUN,” the note concludes, with those words underlined. “NOT WORTH IT!!”

It is unclear who wrote the note Tartaglione claimed to have found. It wasn’t mentioned in the lengthy government reports examining the circumstances of Epstein’s death, nor did it surface in the Justice Department’s recent release of files on the late financier.

In a written ruling, Karas said he weighed the privacy interests of third parties, including Epstein, before ruling to release the note. He said existing case law suggests that privacy interests of a deceased person, such as Epstein, “are vastly reduced and disclosure of the deceased’s information is unlikely to ‘work a concrete harm.‘”

According to jail records, Epstein had friction marks and skin irritation on his neck from the suspected July 23 attempt. Jail officers said he was breathing heavily but responsive. One officer reported at the time that Epstein said he believed Tartaglione had tried to kill him, according to a memo included in the Justice Department’s files.

Jail officials placed Epstein on suicide watch for 31 hours after the incident before downgrading him to psychiatric observation — his status when he killed himself. According to jail records, he denied trying to harm himself, telling a jail psychologist that suicide was against his Jewish religion and that he was a “coward” who didn’t like pain.

A chronology included in the files states that Tartaglione told his lawyer about the note four days after the suspected July 23 attempt. The note was later submitted as evidence in Tartaglione’s criminal case and was placed under seal amid a dispute over his legal representation.

Both men were interviewed by jail personnel on July 31, 2019, according to jail records.

Epstein said he had never had any issues with Tartaglione, wasn’t threatened by him and didn’t “want to make up something that isn’t there.” Tartaglione said he didn’t have any issues being Epstein’s cellmate, though he said they kept their conversations to a minimum. On July 23, he said, he thought Epstein was having a heart attack because his eyes were open and he appeared to be snoring.

Epstein and Tartaglione shared a cell for about two weeks, beginning soon after Epstein’s July 6, 2019, arrest and ending with the suspected suicide attempt. Both were awaiting trials — Epstein on sex trafficking charges and Tartaglione on charges that in 2016 he killed four men, including a man he tortured and strangled over stolen drug money.

Tartaglione, who had been an officer in the Hudson River Valley village of Briarcliff Manor, was convicted in 2023. He is currently incarcerated at a federal penitentiary in California and has petitioned President Donald Trump for a pardon.

Epstein was without a cellmate when he was found dead at the Metropolitan Correctional Center in Manhattan, on Aug. 10, 2019. Authorities have pointed to a series of missteps by jail personnel — including browsing the internet and sleeping when they should’ve been checking on Epstein — for allowing him to take his own life.

Officials said they found a handwritten note in Epstein’s cell at the time of his death, but that it didn’t appear to be a suicide note. Rather, they said, it appeared to be a list of grievances about conditions at the jail, including about food, showers and the presence of bugs.

Adapted from reporting by the Associated Press. 

Report: Director Patel Threatened to ‘Prosecute’ FBI Staff after His Bourbon Went Missing

Ken Silva
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Report: Director Patel Threatened to ‘Prosecute’ FBI Staff after His Bourbon Went Missing

(Ken Silva, Headline USA) FBI Director Kashyap Patel reportedly has his own personalized branded bourbon. And when a bottle went missing in March, he threatened to “polygraph and prosecute his staff.”

The Atlantic revealed latest details on Patel’s enthusiasm for alcohol on Thursday, a little over two weeks after Patel sued the outlet for publishing a story that portrays him as a drunkard.

The Atlantic reported that Patel has a collection of Kentucky distillery Woodford Reserve bottles engraved with the words “kash patel fbi director,” as well as a rendering of an FBI shield.

“Patel has given out bottles of his personalized whiskey to FBI staff as well as civilians he encounters in his duties,” the Atlantic reported, citing eight anonymous sources.

In March, Patel reportedly brought a bottle to Quantico, Virginia, for a “training seminar” that included UFC fighters.

“At one point at least one bottle went missing, which caused the director to ‘lose his mind,’” the Atlantic reported, adding that “Patel began threatening to polygraph and prosecute his staff over the missing bottle.”

In response to the story, a spokesperson for Patel reportedly defended his personalized bourbon.

“The bottles in question are part of a tradition in the FBI that started well over a decade ago, long before Director Patel arrived,” the spokesperson reportedly said. “Senior Bureau officials have long exchanged commemorative items in formal gift settings consistent with ethics rules.”

Meanwhile, Patel has launched an investigation into the FBI sources who are apparently leaking information to the Atlantic about his drinking habits, according to MS Now. FBI comms official Ben Williamson denied the report.

“This is completely false. No such investigation like this exists and the reporter you mention is not being investigated at all,” Williamson said.

Along with the Atlantic’s reporting, The Intercept reported two weeks ago that Patel was twice arrested in the early 2000s—once in 2001 for public intoxication, and again in 2005 for public urination. Patel disclosed the incidents in a 2005 letter as part of his Florida Bar application.

The public reports have congressional Democrats asking Patel to fill out an Alcohol Use Disorders Identification Test (AUDIT)—a 10-question screening tool considered the “gold standard” for assessing harmful patterns of alcohol consumption. Patel hasn’t publicly responded to their request.

Ken Silva is the editor of Headline USA. Follow him at x.com/jd_cashless.

Democrats Call on Lutnick to Resign Over Epstein Ties

Headline USA Editor
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Democrats Call on Lutnick to Resign Over Epstein Ties

(Andrew Rice, The Center Square) Democrats in Congress on Wednesday renewed calls for U.S. Secretary of Commerce Howard Lutnick to resign after testifying about his ties to convicted sex offender Jeffrey Epstein.

Lutnick spoke before lawmakers in the U.S. House Oversight Committee during a closed-door hearing. The commerce secretary has come under pressure to explain his ties to the deceased sex offender after communications between the two appeared throughout the U.S. Department of Justice’s release of files associated with Epstein.

Lutnick previously said he decided to “never be in a room” with Epstein after a tour of his home in 2005. The two were previously neighbors in New York City.

However, in testimony before the U.S. Senate in February, Lutnick said he visited Epstein’s private island, Little St. James, in 2012 with his family for lunch.

Chairman of the House Oversight Committee James Comer, R-Ky., said Lutnick had not been “100% truthful” about his visit to Epstein’s private island.

“Many of the members [of the Oversight Committee] wanted to hear from Lutnick and I’ll add he’s come in voluntarily so I appreciate that,” Comer said. “We haven’t talked to too many people that have admitted they’ve been on the island.”

Democrats on the Oversight Committee slammed Lutnick over his testimony when speaking to reporters. Rep. Ro Khanna, D-Calif., said Lutnick’s testimony was “embarrassing” and called for President Donald Trump to remove him.

“He was asked very straight-forward questions about whether he regretted misleading the American people,” Khanna said. “It was just contortions and lies, and no acknowledgement that he misled the American public.”

Rep. Suhas Subramanyam, D-Va., repeated the call for Lutnick to resign. He said Lutnick was “dishonest” and “evasive” in how he answered questions from lawmakers.

“I feel very comfortable saying that Howard Lutnick is a pathological liar,” Rep. Yassamin Ansari, D-Ariz., said.

Ansari said lawmakers walked through the timeline of Lutnick’s relationship with Epstein, beginning in 2005. She said Lutnick described his interactions with Epstein as “meaningless” and “inconsequential.”

During the hearing, lawmakers said Lutnick admitted to having shared investments in a particular company with Epstein. The lawmakers did not disclose the name of the company in question.

Unlike the previous depositions of former President Bill Clinton and Hillary Clinton, Lutnick’s interview was not recorded on video. Comer said Lutnick’s decision to appear voluntarily meant he did not have to be recorded.

“Lutnick had three interactions with Epstein over 10 years,” Comer said. “He’s been very forthcoming with those interactions.”

Comer said a transcript of the interview would be released soon and that there would be six more witnesses that will have “pertinent information” on the Epstein investigation.

“I think we’ve got some more quality witnesses coming in in the next few weeks that will hopefully have more information that I think will be relevant to the investigation,” Comer said.

Texas Congressional Delegation Calls for Federal Investigation into H-1B Visa Fraud

Headline USA Editor
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Texas Congressional Delegation Calls for Federal Investigation into H-1B Visa Fraud

(Bethany Blankley, The Center Square) U.S. Rep. Beth Van Duyne, R-TX, and her north Texas colleagues have called for a federal investigation into alleged H-1B visa fraud occurring in counties they represent.

Similar to the alleged Somali welfare fraud in Minnesota and hospice fraud in Los Angeles, Van Duyne argues north Texas is grappling with an H-1B visa fraud problem involving Indian nationals concentrated in her Dallas-Fort Worth district in Collin, Dallas, Denton and Tarrant counties.

“H-1B visa abuse is an affront to our country, it harms American workers, depresses wages, leaves graduating university students without job prospects in their area of study, and it must be stamped out for economic and national security reasons,” she said.

She and Republican U.S. Reps. Ronny Jackson, Brandon Gill and Pat Fallon, who also represent the region, sent a letter to the vice president and secretaries of the departments of State, Labor and Homeland Security, urging them to investigate.

Alleged visa abuse in North Texas, “a major economic hub for our nation – raises additional concerns about localized exploitation of the system,” the letter states. “When bad actors are able to manipulate visa pathways at scale, it distorts local labor markets, suppresses wages, and erodes trust in lawful immigration processes.

“Beyond economic impacts, there are also broader compliance and security considerations. Fraudulent use of employment-based visas may indicate systemic weaknesses in interagency coordination, verification mechanisms, and oversight of sponsoring employers. Ensuring that individuals entering the United States through legal channels are properly vetted and placed in legitimate employment is essential to maintaining both economic integrity and national security.”

The H-1B program is administered and overseen by several federal agencies, including U.S. Citizenship and Immigration Services, within the U.S. Department of Homeland Security, and the departments of State and Labor. It allows employers “to hire nonimmigrant aliens as workers in specialty occupations or as fashion models of distinguished merit and ability … to help employers who cannot otherwise obtain needed business skills and abilities from the U.S. workforce by authorizing the temporary employment of qualified individuals who are not otherwise authorized to work in the United States.”

The greatest number of H-1B visa holders nationwide are from India, more than 70% in 2024, according to USCIS data. The second greatest number of holders are from China.

The Texas Republicans called for respective federal agencies to conduct a coordinated, interagency investigation into reported H-1B fraud activities in North Texas, “including the role of employers, third-party agents, and any associated entities,” and review current H-1B adjudication and verification processes “to identify vulnerabilities that allow for fraudulent job offers, wage misrepresentation, or improper labor condition applications.”

The Trump administration is already undergoing a massive review and overhaul of visa programs within USCIS, The Center Square reported.

They also called on federal agencies to strengthen enforcement mechanisms, including increasing audits of H-1B sponsors, enhancing penalties for fraud and improving data sharing and coordination. They also asked the agencies to provide recommendations to Congress “to close loopholes and restore integrity to the H-1B program.”

They urged a federal agency investigation after presidential and state actions have been taken.

President Donald Trump first addressed the issue by signing an executive order restricting entry for “aliens as nonimmigrants to perform services in specialty occupations in the H-1B program unless their petition is accompanied by a $100,000 payment.” He said, “American workers are being replaced with lower-paid foreign labor, creating an economic and national security threat to the nation,” The Center Square reported.

In January, Gov. Greg Abbott directed all state agencies and publicly funded higher education institutions to freeze H-1B visa petitions and launch a review of current program use. A state investigation was necessary, he said, because of “recent reports of abuse in the federal H-1B visa program, and amid the federal government’s ongoing review of that program to ensure American jobs are going to American workers.”

The Office of Attorney General also launched an investigation into businesses in north Texas allegedly committing H-1B visa fraud after residents in Frisco have been sounding the alarm about alleged visa fraud and a disproportionate number of Indian nationals moving there, The Center Square reported.

The U.S. Attorney for the Northern District of Texas is also prosecuting a case involving Pakistani nationals charged with defrauding the EB-2, EB-3 and H-1B visa programs, money laundering, racketeering and unlawfully obtaining and attempting to obtain United States citizenship, The Center Square reported. Department of Justice prosecutions against visa fraud are ongoing nationwide.

DeSantis Pokes Fun at SPLC Lawsuit Against New Congressional Maps

Luis Cornelio
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DeSantis Pokes Fun at SPLC Lawsuit Against New Congressional Maps

(Luis Cornelio, Headline USA) The lawsuit challenging Florida’s newly signed congressional map is being led by a group now facing legal troubles of its own, including allegations of fraud and money laundering.

The group is none other than the left-wing attack dog Southern Poverty Law Center, which launched the legal challenge Tuesday alongside fellow left-wing organizations Southern Coalition for Social Justice and Democracy Defenders Fund.

The lawsuit comes just weeks after a federal grand jury indicted the SPLC on six counts of wire fraud, four counts of making false statements to a federally insured bank and one count of conspiracy to commit money laundering.

Acting Attorney General Todd Blanche alleged the SPLC paid more than $3 million to at least eight informants embedded within groups such as the National Alliance and Aryan Nations.

These payments were part of an effort to stoke racial hatred and create the appearance of widespread extremism in the country, Blanche said.

Despite those accusations, the SPLC touted its lawsuit against Florida Gov. Ron DeSantis over the state’s new congressional map, which is expected to benefit Republicans in four congressional districts.

DeSantis mocked the lawsuit, saying he was glad “to see the SPLC is not on our side!”

The lawsuit was filed on behalf of Common Cause, the League of Women Voters of Florida and the League of United Latin American Citizens.

The groups argue DeSantis’s congressional map violates Florida’s Fair Districts Amendments, which prohibit lawmakers from drawing maps to favor a political party.

DeSantis, however, said the map changes were not a response to ongoing redistricting fights in states such as California and Virginia.

Speaking to Fox News in April, he argued the issue dates back to concerns raised during his first term, including disputes over population growth and racial gerrymandering.

He also pointed to Supreme Court rulings striking down race-based districting practices as unconstitutional.

The SPLC is seeking a court order blocking the new map, reinstating Florida’s 2022 congressional map and forcing the state to pay legal costs and expenses incurred through the lawsuit.

Charlotte Train Stabber Ruled ‘Incapable of Proceeding’ in Federal Murder Case

Ken Silva
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Charlotte Train Stabber Ruled ‘Incapable of Proceeding’ in Federal Murder Case

(Ken Silva, Headline USA) DeCarlos Brown Jr., the homeless man accused of fatally stabbing Ukrainian refugee Iryna Zarutska on a Charlotte light rail train, has been found “incapable of proceeding” in the federal case against him. Brown was previously ruled incapable to proceed in the state murder case against him last month.

The determination for Brown does not mean he’s being let out of custody. However, it may spare him from the death penalty.

Now, Brown must be sent to a federal facility that provides medical treatment to restore his competency, according to the Justice Department.

“Once availability at the specialized BOP facility is confirmed and Brown is securely transported to the facility, he would undergo medical treatment for a period of time not to exceed four months,” the DOJ said in a Thursday filing.

The DOJ said Brown’s prognosis to become competent to proceed is “good.” But even if he can’t be restored to competency, he still wouldn’t be released. He’d be subject to civil commitment proceedings, the DOJ said.

Brown was found incompetent to proceed because he has a mental illness. “He experiences delusions that center around his belief that he was exposed to a Material and it ‘control[s] his every movement,’” his attorneys said in a Thursday filing. “He refers to it as his Body Emergency. The delusions are constant and persistent.”

Brown also reportedly told his sister that he believes a government put a chip in his body that caused him to stab Zarutska.

Both parties now want a judge to set a formal hearing so Brown can be sent for treatment. A hearing has yet to be set.

Headline USA, which was the first publication to obtain and publish the full video of the gruesome incident, will continue to cover both cases as they develop.

Ken Silva is the editor of Headline USA. Follow him at x.com/jd_cashless.

Raided Va. Dem Alleges FBI Weaponization Despite Biden Origins of Probe

Luis Cornelio
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Raided Va. Dem Alleges FBI Weaponization Despite Biden Origins of Probe

(Luis Cornelio, Headline USA) The FBI’s Monday raid targeting one of Virginia’s most powerful Democrats triggered immediate claims of political weaponization, though reports indicate the investigation began during the Biden administration.

Federal agents raided the office of Virginia Senate President Pro Tempore L. Louise Lucas as part of an ongoing corruption investigation. Agents also searched a cannabis dispensary tied to the probe.

Video from the scene showed more than a dozen federal agents and officers, some armed, entering the property.

The raid was especially striking given Lucas’s role as president pro tempore, making her the presiding officer of Virginia’s upper legislative chamber and a leading voice in determining which legislation advances through the Senate.

Lucas condemned the FBI’s actions as an abuse of power, though she provided no evidence to support the accusation.

“What we saw fits a clear pattern from this administration: when challenged, they try to intimidate and silence the voices who stand up to them,” she claimed. “I am not backing down, and I will keep fighting for the people of Portsmouth and the Commonwealth of Virginia.”

Lucas’s claims were quickly undercut even by the left-leaning New York Times, which, citing two anonymous sources, reported that the corruption probe began under the Biden administration and involves potential misconduct tied to public office and the marijuana business.

Lucas, who has not been charged or indicted with any crime, owns the dispensary involved in the probe. She also heads the network of group homes for older adults.

The FBI said the raid had been authorized by a federal judge.

This is a developing story.

Gold Demand Up in Q1; Sets Record in Value Terms

Money Metals News Service
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Gold Demand Up in Q1; Sets Record in Value Terms

(Mike Maharrey, Money Metals News Service) Gold demand was up 2 percent year-on-year in the first quarter, setting a record in value terms.

Including over-the-counter (OTC) selling, gold demand came in at 1,231 tonnes. Volume growth, coupled with the surging gold price, drove a 74 percent jump in the value of Q1 demand to a record of $193 billion.

Investment demand and central bank gold buying supported the market even as jewelry sales continue to face headwinds due to the higher gold price.

Gold Investment Demand

Gold bar and coin demand surged by 42 percent to 474 tonnes. It was the second-highest quarter on record behind Q2 2013 (602 tonnes).

As the World Gold Council put it, Chinese investors “hoovered up” physical investment gold. Chinese bar and coin demand surged 67 percent year-on-year to 207 tonnes, smashing the 2013 record of 155 tonnes.

According to the World Gold Council, the elevated gold price and its performance relative to other local assets drove demand, “with further impetus coming from heightened trade risks and global geopolitical tensions.”

Indian investors also gobbled up gold bars and coins, with demand climbing 34 percent to 62 tonnes. It was the strongest first quarter since 2013.

European bar and coin demand was up 50 percent year-on-year, coming in at 41 tonnes.

The World Gold Council called the U.S. bar and coin market “a hive of activity” in the first quarter. Net demand was up 14 percent year on year, but down 20 percent from Q4. Buying slowed in February and early March before picking up late in the quarter when the price correction offered a buying opportunity.

ETF demand was also up in Q1. Metal inflows into gold-backed funds rose a net 62 tonnes. Significant outflows in March mitigated the surge of gold into ETFs in January and February.

Asia was the only region to generate consistent monthly gains throughout Q1, with funds in the region adding 84 tonnes. That was just shy of Q4’s 91-tonne record.

European funds reported net outflows of 8 tonnes.

Meanwhile, North American funds reported heavy outflows in March, leading to a 16-tonne net decrease in gold holdings in Q1.

With the decrease in ETF holdings, overall investment demand dipped modestly by 5 percent year-on-year.

Central Banks Add Gold Despite Some Selling

Central banks globally added a net 244 tonnes of gold to their reserves in the first quarter. That was up 17 percent from the last quarter and 3 percent year-on-year.

The surge in central bank gold buying happened despite record prices early in the quarter and significant selling from Turkey and Russia in March. World Gold Council analysts said that continued buying in this environment “underscores the broadly strategic nature of their purchases and continued confidence in gold’s role as a store of value during periods of uncertainty.”

Despite rumors that it might sell gold to fund defense spending, Poland was the biggest buyer in Q1, adding 31 tonnes to its holdings. Uzbekistan was also in a buying mood, increasing its gold reserves by 25 tonnes. Other buyers included China, Kazakhstan, the Czech Republic, Malaysia, Guatemala, Cambodia, Indonesia, Serbia, and the UAE.

The World Gold Council said unreported buying was also elevated in the first quarter.

“This points to continued sizeable activity that has yet to be disclosed, a trend that has been in place since 2022.”

This unreported buying often remains undisclosed.

As Jan Nieuwenhuijs has reported, the People’s Bank of China secretly buys large amounts of gold off the books. According to data parsed by the renowned Money Metals researcher, the Chinese central bank is currently sitting on more than 5,000 tonnes of monetary gold located in Beijing – more than TWICE what has been publicly admitted.

Jewelry Demand Down, Tech Offtake Up

Higher prices continue to create significant headwinds for gold jewelry sales globally.

At just under 300 tonnes, global jewelry demand fell 23 percent year-on-year. A 19 percent dip in Indian demand and a 32 percent crash in Chinese sales pushed overall jewelry demand lower.

It was the lowest quarter for gold jewelry demand since COVID.

However, factoring in higher gold prices, the value of Q1 demand was up 31 percent year-on-year to $47 billion, a record first-quarter jewelry spending.

Gold used in industry and tech rose modestly by 1 percent year-on-year to 82 tonnes.

Gold offtake in the electronics sector rose by 3 percent to 69.3 tonnes.

The World Gold Council described gold use in the electronics sector as on a “two-speed setting.”

“Rapidly expanding AI infrastructure boosted demand for high-reliability and high-performance chips – technical specifications override cost considerations in these applications. Meanwhile, manufacturers in the price-sensitive consumer electronics market continued their efforts to reduce or replace gold in the face of record-breaking prices.”

Gold demand in other industrial sectors and dentistry declined by 8 percent to 10 tonnes, weighed down by the higher price. Gold used in dentistry dropped below 2 tonnes for the first time since the World Gold Council started tracking the data.

Looking ahead, the World Gold Council expects the fundamentals that have driven the gold bull market over the last couple of years to remain in place.

“Geopolitical factors are expected to remain front and center in driving gold demand for 2026 and beyond. This supports continued central bank net buying, broad global gold ETF inflows, and bar and coin accumulation. Recycling is expected to see a restrained increase in 2026. High prices are likely to continue taking their toll on jewelry.”

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.

Government Red Tape Causing Gold Shortage in India

Money Metals News Service
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Government Red Tape Causing Gold Shortage in India

(Mike Maharrey, Money Metals News Service) Government red tape is creating havoc in India’s gold market.

For the last five weeks, gold imports have virtually stopped. According to the Economic Times of India, this is pushing domestic gold prices higher and threatening shortages in the world’s second-largest gold market.

The gold price premium in India surged above $20 last week, signaling extreme tightness in the market.

This gold supply disruption is purely a product of government incompetence.

According to the Times, gold shipments have been stuck in customs since April 1 due to “administrative bottlenecks and a lack of clarity over taxes.”

The problems started when India’s trade ministry failed to publish its annual list of banks eligible to import precious metals in a timely manner. The ministry finally published the list on April 17, but now there is another administrative bottleneck.

According to the Times, “Customs authority has yet to issue its own separate clearance order, which port and airport officials require before releasing incoming consignments.”

There is also confusion about taxes. Bankers say it remains unclear whether gold and silver will be exempted from India’s integrated goods and services tax. The tax didn’t apply to metals last year, but it remains unclear whether the exemption will continue, according to traders who asked for anonymity.

There is reportedly a customs notification along with a tax clarification “awaiting approval.”

Meanwhile, the gold market is getting tight, and traders are getting antsy as they try to restock inventories after the Akshaya Tritiya festival.

FinMet Pte Ltd. managing director Sunil Kashyap told the Times that the duration of this import stoppage was “unusual,” adding that the situation is “getting tighter.”

Gold is still flowing into India through the India International Bullion Exchange. Imports through the bourse skyrocketed in April and May. However, importing through the IIBX takes longer and ties up working capital, according to Indian traders.

Gold imports dropped to between 20 and 22 tonnes in March and were estimated at around 15 tonnes in April – a 30-year low, excluding the COVID era. Imports were down from nearly 100 tonnes in January.

Interestingly, the halt in gold imports will likely have a positive impact on India’s trade balance. Gold is the country’s second-largest import behind oil. Some speculate that the government’s foot-dragging is intentional to boost the country’s trade balance sheet.

Indians have an ongoing love affair with gold. They value it for both cultural and economic reasons.

The yellow metal is deeply interwoven into India’s marriage ceremonies, along with its religious and cultural rituals. Festival seasons typically boost gold demand.

Indians also value 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. Many Indians use gold jewelry not only as an adornment but as a way to preserve wealth.

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.

Mike Maharrey’s Money Metals Field Trip Reveals More Than Vaults and Bullion

Money Metals News Service
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Mike Maharrey’s Money Metals Field Trip Reveals More Than Vaults and Bullion

(Money Metals News Service) In this episode of the Money Metals Midweek Memo, host Mike Maharrey reflects on a recent trip to Money Metals’ main facility and bullion depository in Eagle, Idaho.

The visit was technically a work trip. Maharrey said the team filmed well over 100 marketing and social media videos. But it also felt like the school field trips he remembered from childhood, giving him a closer look at how Money Metals works behind the scenes.

What stood out first was the people. Maharrey praised everyone from the security team to fulfillment staff to precious metals specialists, calling them professional, knowledgeable, and genuinely committed to helping customers preserve purchasing power with sound money.

He emphasized that Money Metals’ precious metals specialists are not paid on commission. That means customers are not being pushed toward higher-premium products. Instead, Maharrey said, specialists focus on understanding each customer’s goals and helping them choose what fits best.

A Look Inside the Eagle, Idaho Depository

Maharrey also described Money Metals’ bullion depository in Eagle, Idaho, calling it the largest bullion depository west of New York, one of the biggest in the world, and larger than Fort Knox.

He did not reveal security details, but said the facility’s security is “tight,” with former law enforcement and military personnel on the team. He also noted that Money Metals offers firearms training to employees who want it, and employees who complete the training are encouraged to carry at work.

Beyond physical security, Maharrey highlighted the depository’s procedures. Customer metals are segregated, stored in sealed boxes, logged carefully, and seals are recorded and replaced anytime a box is opened. Customers can also receive an annual photo of their metals in the vault.

He contrasted this with Fort Knox, arguing that Money Metals undergoes external third-party audits as well as rigorous internal audits, while Fort Knox has not received the kind of thorough audit he believes it needs.

Gold and Silver React to Iran Peace Optimism

Turning to markets, Maharrey noted that gold was up $126 on the day of recording, while silver was up a little over $4. He attributed the surge to optimism about a possible peace deal involving Iran.

Still, he cautioned against assuming the conflict is resolved. He said precious metals have traded in a volatile, range-bound pattern over the past couple of months, and that uncertainty surrounding Iran will likely continue to affect market sentiment.

Maharrey argued that wars often give gold and silver an initial safe-haven bump, but over time, monetary policy tends to matter more. In his view, the Federal Reserve remains the key driver.

The Fed Holds Rates Steady, But Dissent Grows

Maharrey discussed the most recent Federal Reserve meeting, where the FOMC held interest rates steady for the third straight meeting at 3.5% to 3.75%.

He said the decision was unsurprising given economic uncertainty tied to the Middle East. The FOMC statement noted elevated inflation, partly due to rising global energy prices, and said Middle East developments were contributing to a high level of uncertainty.

Maharrey argued that while the Fed talks as if policy is tight, monetary conditions remain loose. He cited the Chicago Fed National Financial Conditions Index, which fell to negative 0.52 in the week ending April 24, noting that a negative reading indicates historically loose conditions.

The vote was not unanimous. Four FOMC members dissented, the most since 1992. Trump appointee Stephen Miran favored a quarter-point rate cut, while Beth Hammack, Neel Kashkari, and Lorie Logan objected to language they viewed as implying an easing bias.

The Debt Trap and the Fed’s Catch-22

Maharrey’s central economic argument was that the Fed is trapped. It may need higher rates to fight inflation, but the economy is too debt-ridden to withstand them.

He pointed to nearly $9 trillion in new money created through quantitative easing from the Great Recession through the pandemic, plus nearly a decade of 0% interest rates. That, he argued, created a massive debt bubble and widespread malinvestment.

He also noted that U.S. national debt recently crossed $39 trillion and that debt held by the public has exceeded 100% of GDP. Gross debt, by contrast, puts the debt-to-GDP ratio above 122%, because it includes intragovernmental holdings.

Maharrey said roughly $7.8 trillion of the $39.1 trillion national debt consists of intragovernmental holdings. He argued that those debts still matter because they must eventually be paid through borrowing, taxation, or monetary creation.

He also warned that unfunded obligations for Social Security and Medicare push the broader debt burden above $100 trillion.

Inflation Remains the Policy

Maharrey concluded that the Fed’s long-term bias is toward easier money. He said that when the economy cracks, the central bank will likely cut rates back to zero and launch more quantitative easing, even if inflation remains elevated.

He warned that the worst-case scenario could be a prolonged period of stagflation. In his view, policymakers know the economy is overleveraged, but they are unwilling to say so plainly.

For investors, Maharrey’s message was direct: inflation is not an accident but policy. That, he argued, makes gold and silver essential hedges against the erosion of purchasing power.

He closed by urging listeners to consider physical precious metals, whether delivered directly or stored at Money Metals’ depository, and reminded them that more commentary is available at MoneyMetals.com/news.

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