Trump Threatens To Carry Out Biggest Attack Yet on Iran

(Dave DeCamp, Antiwar.com) Donald Trump has also signaled that he may bomb Picakaxe Mountain, known as Kolang Kouh, where US and Israeli officials have claimed there may be underground nuclear activity, claims Iran has denied. Israeli media reported on Wednesday that the US informed Israel that it intends to escalate its attacks on Iran in the coming days and may use heavy bombers to target the mountain.

Despite the US being at war with Iran “at the request” of Israel, according to the official State Department rationale, Israel has sat out the war since the ceasefire and Memorandum of Understanding collapsed.

Trump told Ravid that Israel “would join in two minutes if I ask them to,” but added that “we don’t need anybody” to launch a new attack against Iran. He said that there would be “consequences” for Israel if it joined, appearing to reference potential Iranian retaliation against Israeli territory.

Iran has been targeting US bases across the region, and at least four US soldiers have been killed, and around 100 have been wounded this month, but Iranian missiles and drones have spared Israel, as the Israeli military hasn’t participated in direct attacks on Iran.

Israeli Finance Minister Bezalel Smotrich said this week that the “current situation is best” for Israel and that Israel had no interest in joining the war.

This article originally appeared at Antiwar.com.  

NYPD Probing Stabbings as Possible Hate Crimes

(Chris Wade, The Center Square) New York City authorities said the attacks of two people stabbed in separate incidents in the Upper West Side on Thursday are being investigated as possible hate crimes.

The New York City Police Department said it arrested Raul Morales, 51, after he stabbed an unidentified Asian male and a Jewish male in separate attacks. Police said both victims were taken to Mount Sinai-Luke’s Hospital and are expected to survive.

Witnesses told police Morales yelled Allahu Akbar or “God is Great” in Arabic during both attacks. 

NYPD Commissioner Jessica Tisch said a preliminary investigation has determined there is no known connection between the attacker and the victims, or between the victims and each other. 

She said the attacks are being investigated as hate crimes. 

“While the perpetrator has no known mental health history with the NYPD, the initial investigation suggests that mental health may have been a factor,” Tisch said in a statement.

New York City Mayor Zohran Mamdani issued a statement about two hours after the stabbing incidents, repeating information provided by the NYPD and saying that “hateful and despicable attacks have no place in our city.”

City Council Speaker Julie Menin she was “absolutely sickened and furious by what appears to be an antisemitic stabbing” and noted that it comes after other attacks on Jewish people in New York City and elsewhere. 

“While we await additional details to be confirmed, we know that what is happening in our city is abhorrent,” Menin posted on X. “The fear in the Jewish community is real. Every New Yorker deserves to feel safe in their neighborhood, regardless of their faith or identity.  

Gov. Kathy Hochul also took to social media to say she is “disgusted by what appears to be another senseless attack on New Yorkers simply because they’re Jewish.”

“The strength of New York has always been our ability to live together across every faith and background,” Hochul added. “Anyone who tries to tear that apart will be met with the full force of the law. New York will stand with our Jewish community today, tomorrow, and always.”

Israel’s diplomatic post in New York City also criticized the attacks but also blamed Mamdani for creating “a climate in which Jews are targeted.” 

“I am appalled by the horrific antisemitic stabbing attack in New York. Appalled but sadly not surprised,” Minister of Foreign Affairs of the State of Israel Gideon Sa’ar posted on X. 

“This violence did not happen in a vacuum,” he wrote. “Months of incitement against the Jewish state from Mamdani have helped create a climate in which Jews are targeted. Words have consequences. Mamdani must end the incitement, confront antisemitism with resolve, and act now to protect the city’s Jewish community.”

Outbreak of Diarrhea-Causing Parasite Linked to 4 More States

(Headline USA) Federal health officials on Friday said they have linked cases of a diarrhea-causing parasite tied to shredded lettuce to an additional four states, expanding the scope of the largest U.S. outbreak of cyclospora.

The Centers for Disease Control and Prevention said the outbreak first tied to Taco Bell restaurants now includes Illinois, Kansas, Oklahoma, and Pennsylvania. Previously the agency’s investigation included five states: Indiana, Kentucky, Michigan, Ohio and West Virginia.

The CDC, Food and Drug Administration and state health officials have been tracing the supply of the lettuce and interviewing people across the nation about the foods they ate two weeks before getting sick.

The number of cases linked to lettuce served at Taco Bell is now 1,947, including at least 98 people who had to be hospitalized. There have been no deaths, the agency reported on its website.

The total number of people sickened by the outbreak is likely higher than the official tally, given that not all cases are reported, the agency noted.

FDA officials earlier this week said they remain focused on lettuce from Taylor Farms as the source of the multistate outbreak. The company last week announced it was recalling iceberg lettuce grown in central Mexico.

On Thursday, the FDA announced it was investigating a separate outbreak of cyclospora reported in 72 people. Regulators had not yet identified the products linked to the illnesses.

Overall, cyclospora cases have set a U.S. record. Since May 1, CDC has received reports of more than 4,100 laboratory-confirmed cases and is investigating more than 7,400 other likely cases across 41 states. Federal health officials have said that other “brands, restaurants, retailers, or distribution channels” could be tied to the outbreak as the investigation continues.

Cyclospora is a microscopic parasite that infects food that has come into contact with human feces, most commonly when produce is irrigated or washed with contaminated water. When ingested, the parasite causes intestinal illness marked by “frequent and sometimes explosive bowel movements,” according to the CDC.

On Thursday, Mexico health officials announced that the parasite was not detected in the lettuce or water at the Taylor Farms plant in the Mexican state of Guanajuato.

The results were announced following a visit by Mexican health authorities to the Taylor Farms plant between July 18 and 20, during which 10 samples of iceberg lettuce were collected. Four water samples also were collected for analysis, authorities stated.

Adapted from reporting by the Associated Press.

White House Wants Veterans to Replace Immigrant Truckers

(Headline USA) The Trump administration wants soldiers to consider becoming truck drivers when they leave the military to help replace the tens of thousands of immigrant drivers who lost their licenses in a crackdown this year.

A new campaign launched Friday will promote programs that let veterans who recently drove large military vehicles skip the required skills test for a commercial driver’s license. Other soldiers can attend a commercial driving school during their last six months of active duty. The GI Bill will also pay for 100% of commercial driver’s license training and for some people even pay a housing allowance while they are in school.

The campaign will be part of a broader interagency effort to help veterans find good civilian jobs that the White House plans to announce on Monday.

The Transportation Department began enforcing existing English language requirements for truckers last summer. Concerns about truck driver qualifications then took on more urgency after an August crash in Florida, when a truck driver performed an illegal U-turn that killed three people. Transportation Secretary Sean Duffy said that driver, who is from India, should never have been licensed in the first place.

Audits conducted in every state uncovered numerous non-domiciled commercial driver’s licenses that remained valid long after an immigrant’s work permits had expired or were issued without properly verifying their citizenship status.

Since then, about 26,000 drivers have been pulled off the road for failing to demonstrate English proficiency, and the Transportation Department said 30,000 commercial licenses were canceled because they were issued illegally. The federal government has tried to withhold millions of dollars of highway funds from California and New York for failing to comply and revoke thousands more licenses, but that has wound up in court. Several other states — including Pennsylvania, Minnesota and North Carolina — have been warned they are at risk of losing funding.

“We are removing more and more dangerous foreign drivers off our roads every day and restoring the integrity of America’s trucking industry,” Duffy said. “Our new Freedom Haulers campaign will help build on these successes and get the word out that there’s never been a better time for America’s former service members to get behind the wheel of a big rig.”

The trucking industry has applauded the administration’s effort to get unqualified drivers off the road and close down sham CDL schools, and companies praised this new effort to get more veterans behind the wheel.

“Veterans make up 15% of our workforce and bring the highest levels of leadership, discipline and technical skills that are essential to our success. We are dedicated to providing them with meaningful careers and a supportive environment where they can thrive,” said Derek Leathers, who is chairman and CEO of Werner Enterprises.

Cole Stevens, who is chief strategy officer at the trucking company that bears his last name, said veterans’ backgrounds make them great drivers.

“Some of the best drivers and industry leaders I’ve had the privilege of working with are military veterans,” Stevens said. “Their integrity, accountability, and mission-first mindset make them an incredible asset.”

In addition to enforcing existing restrictions, the government announced plans to restrict which immigrants can qualify for a non-domiciled commercial driver’s license and require them to take the test in English, but those rules are being challenged in court.

The only immigrant drivers who can get a license under the new rules are holders of an H-2A, H-2A or E-2 visa. H-2A is for temporary agricultural workers while H-2B is for temporary nonagricultural workers, and E-2 is for people who make substantial investments in a U.S. business.

Immigrants account for about 20% of all truck drivers, but all of these non-domiciled licenses for immigrants represent only about 5% of all commercial driver’s licenses, or about 200,000 drivers.

Some immigrant groups have said they believe that many drivers are being unfairly targeted. The spotlight has been on Sikh truckers because the driver in the Florida crash and the driver in another fatal crash in California in October are both Sikh.

The Transportation Department plans to work with the Pentagon and Departments of Veterans Affairs and Labor to promote the career field as a good job that offers independence to veterans who don’t want a desk job in civilian life.

Veterans still have to study the rules and pass the written test for a commercial driver’s license, but soldiers who recently drove big military vehicles over 2.5 tons (2.25 metric tons) can skip the skills test. The government said more than 40,000 veterans have already used that program, which can enable them to get on the road within a few weeks.

The Transportation Department said that truck drivers currently make an average of $70,000 a year, as the truck market has tightened up and rates have increased.

Veterans who served for at least three years can also use the money from the GI Bill program to pay for CDL training, and they might even qualify for a housing stipend.

Adapted from reporting by the Associated Press

11 Indicted in Smuggling Deaths of 7 Migrants in Rail Cargo Container in Texas

(Headline USA) A federal indictment was unsealed Friday against 11 people in the smuggling deaths of seven migrants, including a 14-year-old boy, who were hiding inside a sweltering rail cargo container in Texas in May.

Six people were found dead inside the shipping container in a rail yard in the Texas border city of Laredo, and another had been left for dead near the tracks along the way in San Antonio, according to the U.S. Attorney for the Western District of Texas, Justin R. Simmons.

“In that kind of heat, it’s May in Texas, ultimately it’s very hard to survive in an un-air conditioned, sealed container with … the temperature being what it was on that day,” Simmons said.

The group boarded the train in the Texas border town of Del Rio intending to reach San Antonio, but when smugglers there opened the door, a man fell out, so they closed it and fled, Simmons said.

The next day the train departed for Laredo, where a worker at the Union Pacific Rail Yard saw a leg sticking out and found the other six bodies inside.

“One of those individuals frantically contacted their family as they were dying from the sweltering heat in that container,” Simmons said.

The migrants were from Honduras and Mexico and included a 14-year-old boy, authorities said. The Webb County medical examiner suspected the deaths were caused by hyperthermia, or heat stroke.

The shipping container, which was stacked on top of another container, could not be opened from the inside and had no ventilation or cooling system. The temperatures that day ranged from 88 to 92 degrees Fahrenheit (31 to 33 degrees Celsius), the U.S. Attorney’s office said.

The group was indicted on two charges: Conspiracy to transport aliens, resulting in death, and aiding and abetting the transportation of aliens resulting in death. Each is punishable by up to life in prison, Simmons said.

The migrants paid “generally the equivalent of $1,500-$10,000 to individuals in Honduras, Mexico, the United States, and elsewhere, to be transported into the interior of the United States,” according to the indictment.

One of the defendants was arrested May 12 in Del Rio, and eight more were arrested over several days last week in central and south Texas. A man and a woman remain at large. Officials said four are U.S. citizens, two are permanent U.S. residents, and five were in the U.S. without legal status. They didn’t specify the nationalities of the five.

Smuggling on trains has long been a concern partly because U.S.-bound trains often slow or stop in Mexico before crossing the border, creating opportunities for smugglers or migrants to climb aboard or hide drugs or other contraband.

In 2023, two people were found dead who were among 17 people in two rail cars near Knippa, Texas, about 70 miles (113 kilometers) west of San Antonio and less than 100 miles (161 kilometers) from the U.S. border with Mexico.

And two smugglers were sentenced to life in prison last year for what remains the nation’s deadliest human smuggling attempt across the U.S.-Mexico border. They were convicted in the deaths of 53 migrants inside a sweltering tractor-trailer in Texas in 2022.

Laredo is a particularly busy land port for U.S.-Mexico trade and a common nexus for the illegal movement of people. About 40 people were encountered daily in March crossing illegally by Border Patrol agents in the sector, making it the third busiest among nine along the border, according to the agency’s statistics.

Adapted from reporting by the Associated Press

Georgia School Shooter Pleads Guilty

(Headline USA) A teenager has pleaded guilty to all 55 counts, including murder, in a shooting nearly two years ago at Apalachee High School in Georgia that killed two students and two teachers.

Colt Gray, 16, entered the plea Friday without having reached a deal with prosecutors. He had previously pleaded not guilty to charges in the Sept. 4, 2024, shooting that also left several others wounded, at the school of 1,900 students about 45 miles (73 kilometers) northeast of Atlanta.

Gray, who was 14 at the time of the shooting, was charged as an adult. His trial had been scheduled to start in mid-October.

A jury in March convicted his father, Colin Gray, on charges including second-degree murder and involuntary manslaughter, and he is scheduled to be sentenced next week. Prosecutors said he gave his son the assault-style rifle used to open fire at the school.

Teachers Richard “Ricky” Aspinwall, 39, and Cristina Irimie, 53, and students Mason Schermerhorn and Christian Angulo, both 14, died in the shooting. Another teacher and eight more students were wounded, seven of them hit by gunfire.

Barrow County Superior Court Judge Nicholas Primm questioned Gray to ensure he understood the consequences of his plea and was entering it voluntarily. Gray responded, “Yes, your honor,” each time.

Murder carries a minimum sentence of life in prison. The judge must decide whether Gray should be eligible for parole after hearing victim statements, evidence and each side’s summary of the case.

Gray sat next to his attorney at a table in the courtroom with his legs chained.

Family members of those killed and students who were shot gave statements, expressing anger and grief, with most asking the judge to sentence Gray to life without parole.

Breanna Schermerhorn, whose son Mason was killed, said she does not forgive Colt Gray. While adults around him missed warning signs, she said, he decided to bring the gun and to pull the trigger.

“Those decisions were his and his alone,” she said. “Mason deserved a future and we all deserved a future with Mason in it, and Colt took that from Mason and everyone who loved him.”

Shayna Aspinwall, Richard Aspinwall’s wife, lamented that the lives of their daughters, who were 2 and 5 when their father died, will be “forever marked by his absence.”

“It is a life sentence of grief and trauma for those left behind,” she said.

A teenage student who was shot recalled that day, telling the judge she remembered feeling “really scared and confused because I saw Colt standing in the door with a gun.” The Associated Press is not identifying the girl, who is a minor.

She said she realized she had been shot and asked a friend to hold her hand. She asked other friends to call her brother to let him know she’d been shot and didn’t know if she’d make it. She had multiple surgeries and wasn’t able to walk for about a year.

“After the shooting, I struggled with so much anxiety, and I felt like my life was over,” she said.

Apalachee High School Principal Jessica Rehberg said in court that Colt Gray’s “cruel actions” deserve “the harshest consequences.”

The hearing is expected to extend into next week, and Gray’s defense attorney wrote in a court filing that he plans to call a psychologist, a counselor at the juvenile detention center where he has been held and his grandmother to testify.

Barrow County Sheriff’s Office Investigator Jason Smith testified about the timeline of the shooting based on video footage. Gray told his second period teacher just before 10 a.m. that he need to go see a crisis counselor but instead went to a bathroom to prepare for the shooting, Smith said.

He emerged from the bathroom at 10:21 a.m. and when he was unable to get back into his classroom, he went down the hall to another classroom, where he opened fire and then shot other people in the hallway. He ultimately surrendered to law enforcement officers.

Smith said he interviewed Gray at the school and again at the sheriff’s office.

“Colt indicated that it was spontaneous, that it was a last minute thing,” that he heard voices and on the way to the crisis counselor and “decided to do the shooting,” Smith said. But the investigation showed that the shooting had been planned in detail for some time, he said.

The investigator described pages of a notebook Gray had that included a detailed step-by-step plan to get himself ready in the bathroom that included notations like, “Don’t shoot anyone in the bathroom. You will alert people.”

On one page he wrote, “I’m not a killer,” and “I’m scared.” On several pages, the word “why” was written dozens of times. He also estimated the number of people he would kill and injure. In one place, he wrote, “Surprised if I make it.”

Sheriff’s deputies had previously interviewed Colt and Colin Gray in May 2023 about an online threat linked to the son. Colt Gray denied making the threat.

Investigators also found a shrine in Colt Gray’s bedroom to Nikolas Cruz, the shooter in the 2018 massacre at Florida’s Marjory Stoneman Douglas High School, prosecutors have said.

An investigator testified during Colin Gray’s trial that he had been aware that his son’s mental health had deteriorated and sought help from a counseling service weeks before the shooting. But the father never followed through on getting help for his son, the investigator said.

His mother, Marcee Gray, who was separated from Colin Gray, told investigators she had urged him weeks before the shooting to secure his guns and restrict their son’s access to them. Instead, over time, Colin Gray bought the boy ammunition, a gun sight and other shooting accessories, records show.

Adapted from reporting by the Associated Press

 

Three Leftist Nonprofits Subpoenaed In $39 Million Singham Inquiry

(José Niño, Headline USA) The House Ways and Means Committee subpoenaed three leftist nonprofits over more than $39 million routed to them by Marxist technology magnate Neville Roy Singham, Fox News reported.

The letters—published on Tuesday—went to People’s Forum Inc., BreakThrough News, and Tricontinental Institute for Social Research. Chairman Jason Smith of Missouri runs the panel. Tricontinental grounds its scholarship in “national liberation Marxism.”

“Your responses have failed to include a single responsive document and misrepresented both the scope and purpose of the Committee’s oversight,” the near identical letters read. “Accordingly, the Committee is invoking compulsory process to obtain the requested materials.” Records come due August 7.

Members suspect the money traveled through shell companies and donor advised funds that, the committee wrote, “by design, obscure the original source of the contribution.” At stake is whether charitable tax law blocks foreign influence, or whether lawmakers must rebuild it.

Fox News Digital reported in March that $285 million left Shanghai for a worldwide lattice of nonprofits, activist shops, and media ventures, with $278 million passing through a Goldman Sachs philanthropic fund and two dissolved shells into six American groups. People’s Forum took $22.44 million, Tricontinental $16.76 million, and Breakthrough BT Media Inc. $1.098 million.

Singham cashed out of ThoughtWorks for roughly $785 million in 2017 and settled in Shanghai. Smith said at a June hearing that he keeps commercial ties to figures and firms aligned with the Chinese Communist Party.

The nonprofits will not budge. Counsel called the inquiry legally aimless, faulted its use of the Foreign Agents Registration Act, and raised the First Amendment, while BreakThrough News claimed press protections. Attorneys later said the panel had “changed materially” its objective without trimming its demands, and People’s Forum lawyers branded the exercise a 1950s “witch hunt.” Investigators answer that they read ledgers and corporate structure, not opinions.

Smith framed the stakes for Fox News Digital.

“The American people deserve to know whether the CCP has exploited America’s tax-exempt sector to advance its agenda,” Smith said. “The Ways and Means Committee is acting on two fronts: exposing the networks that exploit our tax laws and advancing legislation to close those loopholes for good.”

Other fronts keep opening. Fox News reported June 29 that a Manhattan grand jury under U.S. Attorney Jay Clayton weighs wire fraud, bank fraud, and money laundering counts touching Singham and his grantees. No charges exist. Rubio convened about 65 delegations July 16 over leftist political violence, and federal agencies are examining nonprofits accused of working with Havana. 

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

FBI Watchdog Sues for Info on Agent Who Allegedly Killed His Neighbor

(Ken Silva, Headline USA) The watchdog organization Accountability FBI has filed a lawsuit for records about an FBI agent who was accused of shooting and killing a neighbor last year in Stafford County, Virginia.

The agent in question, Benjamin Spinale, pleaded no contest last year to two misdemeanor counts of pointing/brandishing a firearm—but he wasn’t charged for killing the neighbor. Spinale’s punishment was reportedly that he now can’t have a personal firearm. But he’s still allowed to have one for work, and the FBI hasn’t responded to NBC Washington’s inquiries about whether he’s still working for the bureau.

Following his sentencing last October, Accountability FBI filed a Freedom of Information Act request for records disciplinary or administrative action taken against Spinale—including investigative files, Office of Professional Responsibility records, and any records of other administrative action taken against him.

The FBI responded to Accountability FBI’s request last November, saying it could neither confirm nor deny the existence of such records. Accountability FBI, which is run by former agent-turned-whistleblower Michael Zummer, appealed the denial in January, and then filed a lawsuit Thursday after receiving no further responses from the Justice Department.

The DOJ has yet to respond to the lawsuit.

The alleged shooting occurred on Feb. 28, 2025, when Spinale reportedly pulled his gun on a young man named Nico Vazquez, who was riding his dirt bike down the street in his neighborhood.

When Vazquez told his father what had happened, they returned to the area to obtain the name of the street, so they could report Spinale to the local police. But while they were doing so, they were pulled over by a Stafford County deputy. According to NBC Washington, Spinale, who was off duty and in plain clothes at the time, escalated the situation by drawing his weapon and pointing it at the Vazquezes.

That’s when a local Good Samaritan named Jason Chamberlain became involved. Deputies reportedly called Chamberlain a hero for helping them. But for reasons that are still unclear, Spinale wound up shooting and killing him, according to NBC Washington.

According to NBC Washington, the incident with the Vazquezes wasn’t the first time the FBI agent brandished a firearm.

“Prosecutors told the court that, in October, a man opened his front door early one morning to pick up a package from his porch. The family’s Labrador retriever puppy ran through the open door and onto the street. Doorbell camera video shows the puppy approaching Spinale, who was walking his two beagles, prosecutors said,” NBC previously reported.

“Video shows Spinale pulling a gun from his right hip and pointing it at the puppy and the homeowner, who tried to deescalate the situation, prosecutors said. Spinale’s defense attorney claimed the puppy was acting aggressively.”

In yet another incident, Spinale allegedly pulled his gun on three teenagers driving down the road.

Additionally, according to court records, Spinale was involved in investigating protestors from the Jan. 6, 2021, Capitol Hill uprising. His name is on the arrest warrant affidavit for Jan. 6er Kyle Fitzsimons, who was sentenced in July 2023 to 87 months in prison for assaulting law enforcement officers and committing several misdemeanors.

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

Looks Like We Don’t Need to Worry About That Fort Knox Gold Audit Anymore!

(Mike Maharrey, Money Metals News Service) I’ve got some fantastic news.

We don’t need to worry about that Fort Knox gold audit anymore.

Treasury Secretary Scott Bessent assured us all the gold is there.

His comments came during an interview on Fox News. Host Jesse Watters asked the Treasury Secretary point-blank, “Have you visited Fort Knox?

“I haven’t. People on my staff have. The treasurer has been to Fort Knox, and I’m happy to say all gold is present and accounted for.”

There you have it. The fox guarding the henhouse says the hens are all accounted for.

Case closed!

Or maybe not.

Consider this: would you trust a bank that never conducted an external audit?

Would you trust a bank that insisted a thorough audit wasn’t even necessary because “everything is fine?”

Would you trust a bank that constantly says, “Trust me!”

You shouldn’t.

Audits serve a variety of functions. In the first place, they catch honest mistakes. Second, they ensure that the players in control of assets and reporting on the organization’s financial dealings are operating above board. Any business that does not implement a regular and rigorous external audit program should be viewed with suspicion.

Now, if you ask, the powers-that-be will assure you that the Fort Knox gold has been thoroughly audited. That’s a little like the kid who stuffed all his dirty clothes under the bed claiming that his room is thoroughly cleaned.

No Real Audit

If you ask anybody in the government, they will tell you the gold has been audited.

It has not.

Not in any meaningful way since at least the 1970s.

Now, there was a TV show posing as an audit.

In 1974, the government put together a publicity stunt in the name of an audit. The U.S. Treasury opened just one of its 15 Fort Knox vault compartments to politicians and reporters to view the gold and confirm its existence.

Matthew Cortez described this dog-and-pony show:

For about two hours, multiple film and camera crews and smiling politicians filed into a hallway for the chance to hold a gold bar and peek into a room full of gold stacked up to the ceiling.

On their way out, each visitor had to pass by a metal inspector to ensure that none of the gold bars were being snuck out in the process.

Notably, throughout the visit, none of the bars being passed around were matched to a serial number, assayed or tested for purity, or even verified as part of the United States’ holdings. (Foreign countries have at times stored gold there as well.)

It seems the made-for-TV spectacle in 1974 was more of a pep rally than any credible proof of what the amount of U.S. gold purported to be in those vaults.

So, yeah. That’s not an audit. It’s political propaganda.

In a proper audit, every bar would be counted and inspected. Serial numbers would be matched to records. The gold would be assayed to verify its weight and purity. And the details of the audit would be published and available for public inspection.

None of that has happened.

Following the 1974 publicity stunt, the U.S. Treasury says it conducted a multi-year process of opening and inventorying vault compartments and affixing new tamper-evident seals to the doors of each compartment upon completion.

They call these audits.

Some reports have since gone missing, and there is no record of comprehensive assaying, weighing, or transactional history available to the public.

Furthermore, there is evidence that seals on vault compartments have been broken over the years, bars have been moved for unknown reasons, and seals have been re-affixed without fresh auditing. Subsequent annual reviews of the schedules of compartment seals simply whitewash prior discrepancies.

In sum, the U.S. Treasury’s management of U.S. gold reserves is replete with audit “no-nos” that would never pass muster at a responsibly run private depository.

If You Have Nothing to Hide…

The other curious thing is that anytime somebody like me says we should audit the Fort Knox gold, a bunch of government apologists come out and indignantly insist, “We don’t need to!” And then they attack me like I’m some kind of kook for even suggesting such a thing.

I guess I can understand if you opposed an audit due to the cost or some other practical reason. I can’t understand why you would become indignant at the mere suggestion of an audit. That’s not normal behavior.

Maybe it’s just me, but when somebody gets all upset when I suggest checking their work, I suspect their work might not be up to par.

I mean, think about it; you don’t have anything to hide, why wouldn’t you want the gold holdings to be verified? What’s the harm in an audit? Why this insistence that it isn’t necessary (when audits are necessary in every other business setting)?

In fact, if I were running a gold depository, I’d be clamoring for a public audit, if for no other reason than to calm the public fears. I would want people to know everything is on the up-and-up. The only reason I would resist an audit is if I knew I was hiding something.

So, what’s it going to be?

Are we going to take Bessent’s word for it? Or is somebody finally going to step up and do the right thing?


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.

Is the Gold-Silver Ratio Still Relevant Today?

(Mike Maharrey, Money Metals News Service) Earlier this week, I wrote that the gold-silver ratio has recently widened to around 70-1, a bullish signal for silver.

But is this metric still relevant today?

Many analysts say it isn’t, claiming that the ratio is a relic of a bygone era when gold and silver were both integral to the global financial system. They argue that the gold-silver ratio reveals little about the markets in this modern era.

However, a report by the Silver Institute finds that the gold-silver ratio may be more relevant than ever. In fact, its statistical analysis shows “the price correlation between the two precious metals has actually strengthened over the past two decades as gold and silver markets have become increasingly financialized.”

The History of the Gold Silver Ratio?

The gold-silver ratio tells you how many ounces of silver it takes to buy one ounce of gold given the current spot price of both metals. In other words, it tells you the price of gold in ounces of silver.

Since gold and silver tend to move together, their price relationship has historically helped technical analysts anticipate price moves.

From a historical perspective, when you see gold-silver ratios well above their historical average, it tells you that silver is underpriced compared to gold, and there is a strong possibility that silver will go on a bull run to close that gap.

Between around 3,000 BC and the 1800s, the gold-silver ratio was an extremely important market signal. So much so that the Silver Institute called it “arguably the single most important financial indicator.”

When both silver and gold were integral in the monetary systems, governments often set the gold-silver ratio by fiat. The earliest recorded imposed gold-silver ratio was by King Menes of Ancient Egypt at 2.5-1.

Rome set a gold-silver ratio of 8-1 in the early years of the empire in 210 BCE. As gold and silver flowed into Rome through its conquests, the ratio fluctuated, rising as high as 12-1. Julius Caesar established a gold-silver ratio of 11.5-1, and Augustus bumped it up to 11.75-1.

A bi-metallic monetary system proved to be unwieldy, and European countries began to demonetize silver in the mid-19th century. The U.S. followed the lead of England, Portugal, Germany, and other nations and established a gold standard in the Coinage Act of 1873.

The demonetization left the gold-silver ratio to float freely. By World War II, the average gold-silver ratio had spread to as much as 40-1.

Does the Gold-Silver Ratio Still Hold?

In the modern era, the gold-silver ratio has averaged between 40-1 and 60-1.

While some argue that the ratio is breaking down, the two metals still maintain that relationship today, according to the Silver Institute report.

“The gold-silver ratio is not a ‘random walk’ but mean-reverting. A Johansen Cointegration Test on the data from January 1970 to May 2026 generated a long-run equilibrium for the ratio of 59.65. Periods of disequilibrium therefore indicate over- or undervaluation of gold or silver. Moreover, despite the massive inflation in the price scales for these precious metals over the past 56 years, the core gold-silver relationship is still bound to a central axis.”

In other words, the average gold-silver ratio is still at around 60-1, and deviations from that level reflect dislocation in one or both of the markets.

As the Silver Institute summarized it, “Periods of extreme market disequilibrium serve as clear signals of major over- or undervaluation in either gold or silver, rather than a permanent structural break.

Shorter-run changes in relative supply and demand of gold and silver systematically drive the ratio in and out of equilibrium.

Over the last 20 years, we have seen the gold-silver ratio widen and then snap back to the mean several times. The closing of the ratio has typically occurred during a gold bull market when silver outperforms the yellow metal.

For instance, the gold-silver ratio fell to 30-1 in 2011 after rising to over 80-1 during the money creation of the Great Recession in the wake of the 2008 financial crisis.

Then in 2020, the gold-silver ratio set a record of 123-1 as Covid hysteria gripped the world and then plunged to around 60-1 as central banks around the world cranked up the money creation machine to cope with governments shutting down economies.

Most recently, the ratio ran between 80-1 and 100-1 in the months before the October ’25 price rally, briefly eclipsing 100-1 in March 2025. At the time, I wrote that the wide ratio signaled significant upside for silver and forecast that the price would ultimately rise to close the gap. Sure enough, as silver spiked in January, the gold-silver ratio plunged to 43-1, at the low end of the historical average.

So, the gold-silver ratio continues to serve as an excellent tool for technical analysis. As the Silver Institute report shows, it is every bit as relevant today, even though silver is no longer formally used in the global financial system.

“While the demise of formal bimetallic, silver and gold monetary standards over more than a century through to 1971 structurally shifted the baseline ratio, the structural relationship between gold and silver has continued into the modern era.”

When you see a wide gold-silver ratio, it signals silver is on sale compared to gold. Gold will either have to fall to close the gap, or silver will have to rally. Historically, it has been a silver rally closing the gap.

You can download the full Silver Institute report HERE.


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.