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Friday, March 14, 2025

Adams eyes independent NYC mayoral run as campaign stalls, support falls

 He’s gone from swagger to stagger.

Embattled Mayor Eric Adams is mulling running as an independent if he loses the upcoming Democratic primary — and that’s even if he decides to make a re-election bid as he faces increasingly hopeless electoral prospects, The Post has learned.

Hizzoner has been largely absent from the race, and even bailed on a recent high-profile forum with his challengers — with roughly 100 days until the June 24 primary.

Source close to the mayor said he’s unlikely to campaign while his federal corruption case hangs over his head — as Judge Dale Ho continues to weigh whether to agree with President Trump’s Department of Justice to drop the charges.

Mayor Eric Adams is eyeing an independent run for mayor.Paul Martinka
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Adams has a lot of ground to cover — his poll numbers are abysmal against crowded field of challengers, including the formidable former Gov. Andrew Cuomo.

He also has a mountain of debt to contend with, as he owes his defense lawyers more than $700,000.

“He has a decision to make,” a source said about Adams if and when the criminal case is dismissed. “He owes a lot of people a lot of money.”

Adams’ diminished current political stature contrasts wildly with the confident candidate who handily won 2021’s mayoral election after a prolific, energetic campaign.

He then rode into Gracie Mansion with a promise to bring “swagger” to the Big Apple after eight years of bumbling Bill de Blasio.

“When a mayor has swagger, the city has swagger,” he boasted just days into office.

But swagger only carried Adams so far, especially as his mayoralty became increasingly scandal-plagued.

The mayor’s fortunes fell as the feds investigated him and the longtime cronies he installed in his administration — and then collapsed in September as he became the first sitting New York City mayor to face a federal indictment.

Andrew Cuomo leapt into the mayoral race amid Adams’ woes.Michael Nagle

Adams vigorously denied the corruption accusations and increasingly cozied up to Trump, with rumors swirling that he was seeking a pardon.

The dismissal move from up top at the DOJ eventually came to pass in February, as Acting Deputy Attorney General Emil Bove ordered Manhattan federal prosecutors to drop the case, albeit with the potential of bringing it back after the 2025 mayoral election.

Bove argued the case was politically motivated and interfered with both Adams’ ability to campaign and to help with Trump’s immigration crackdown.

But Bove’s assertions fueled accusations that Adams’ case was dropped as part of an improper “quid pro quo” that left him beholden to Trump, rather than New York City voters.

The ensuing political firestorm sparked calls for Adams to resign or to be removed by Gov. Kathy Hochul. It also prompted Adams’ re-election campaign to be put on pause — creating openings for Cuomo and Council Speaker Adrienne Adams to run for mayor and cut into his support.

Adams’ inner circle blames the mayor’s current state of political limbo on Bove’s sloppy dismissal.

“He could have just cited some statute and the judge would have rubber-stamped it,” one source said.

As Adams awaits a decision from federal Judge Dale Ho on whether to accept the dismissal, he has avoided making campaign events, such as when he abruptly bailed on a high-profile forum with his Democratic primary challengers.

His reason: his lawyer advised him not to participate.

“He has to be done with the legal stuff first,” one insider said. “Once that’s gone he can go full monty attacking Cuomo, because he knows he’s not going to jail.”

City Council Speaker Adrienne Adams is another high-profile candidate looking to capitalize on the mayor’s troubles.Brigitte Stelzer

But until then, Adams’ campaign is practically nonexistent.

His campaign has seemingly no staff, with his former spokesman Evan Thies still not on the books and longtime public relations guru Todd Shapiro now volunteering to help.

The mayor only recently launched his 2025 campaign website — a single page that emphasizes he’s a “Democrat” and links to his old 2021 election social media accounts.

Those accounts have largely been dormant since that election. His “ericadamsfornyc” Instagram account – which most recently posted in 2023 – still identifies him as the “next Mayor of New York City” and includes “he/him” pronouns in the profile.

Adams has raised $4.3 million for his campaign, with $3.1 million available on-hand, records show. But he has been denied lucrative public matching funds and other candidates have been raising more money.

He also owes his defense lawyers a tidy sum — $730,000, as of January — which he can’t raise without campaigning.

Adams’ campaign this year is basically non-existent, compared to his energetic 2021 bid.Pacific Press/LightRocket via Getty Images

“At this stage, his path to victory looks extremely narrow,” said Spencer Kimball, director of Emerson College Polling.

One of the few members remaining of Adams’ inner circle source said they weren’t sure where the mayor’s mind is at regarding his future.

“I honestly don’t know what’s going to happen,” the source said.

Former Gov. David Paterson, who saw his 2010 election prospects fade amid scandals, said Adams — if his case is indeed dismissed — has to contend with trying to run New York City while making up ground in a campaign.

He noted all the Democrats mayoral candidates but Cuomo are running to Adams’ left.

“Should have worked to his favor if he had not gone through this hell,” he said.

Adams had briefly looked into running as a Republican, but now is considering an independent run if he can’t pull ahead in the primary, sources said.

Adams’ campaign Instagram page still refers to him as “next Mayor of New York City.”Eric Adams/Instagram

Kimball, the Emerson pollster, said either a Democratic or an independent run would be a tall order for Adams.

“Mayor Adams faces a significant challenge in this race, particularly in a ranked-choice system where his high unfavorable numbers—59% among Democrats in our latest poll—make it difficult for him to consolidate broad support to win majority support,” he said.

“In contrast, former Governor Andrew Cuomo, with a 55% favorable and 31% unfavorable rating among Democrats, is in a stronger position to pick up second-choice votes.”

Mary Snow, assistant director of Quinnipiac University Poll, was even more blunt.

“While it’s impossible to predict the outcome of the NYC mayor’s race, at the moment, Mayor Adams faces a difficult road to reelection,” she said.

https://nypost.com/2025/03/14/us-news/eric-adams-eyes-independent-nyc-mayoral-run-as-campaign-stalls-support-falls-he-owes-a-lot-of-money/

The Great Gold Leasing Conspiracy

 by Adam Sharp

For decades, we gold bugs have whispered about a grand conspiracy.

The theory is that governments and central banks have suppressed the price of gold and silver. The purpose of this manipulation would be to prop up fiat currencies by limiting the gains in precious metals.

After all, if gold and silver are flying higher, it makes fiat currencies look bad by comparison.

The best evidence of such a scheme is arguably Fed Chairman Alan Greenspan’s statement to Congress that, “central banks stand ready to lease gold in increasing quantities should the price rise.

Gold Leasing

Jim Rickards wrote about gold leasing in his book, The New Case for Gold. Here’s an excerpt from the chapter titled “Paper Manipulation”:

“A central bank can lease gold to one of the London Bullion Market Association banks, which include large players like Goldman Sachs, Citibank, JPMorgan Chase, and HSBC. Gold leasing is often conducted through an unaccountable intermediary called the Bank for International Settlements.

Historically, the BIS has been used as a major channel for manipulating the gold market and for conducting sales of gold between central banks and commercial banks. … The BIS is the most nontransparent institution in the world. … The BIS is the ideal venue for central banks to manipulate the global financial markets, including gold, with complete non-transparency.”

Why would central banks lease their gold out? Officially, so they can get a small amount of income. But some of us believe it also helps suppress prices.

Ideas about a gold price suppression scheme mostly revolve around leasing, as well as “paper gold” and “paper silver”.

Paper here sometimes refers to bullion futures contracts traded on exchanges like the COMEX and LBMA. “Paper” metals can also refer to unallocated or “pooled” gold accounts, where many people might think they own the same piece of (possibly leased) gold.

In this section we’re mostly going to talk about gold futures. In total, there are hundreds of ounces of “paper” metal traded for every ounce of real physical bullion in a vault. Most of the time, physical metal never changes hands or is delivered. The paper gold and silver are simply traded back and forth, then settled in cash.

However, recently this has begun to change. A few weeks back I wrote about the kerfuffle at the Bank of England vaults, where gold withdrawals are backed up. An unusual number of traders were demanding physical delivery. Deliveries that normally take a few days were taking up to 8 weeks.

Apparently the Bank of England gold squeeze has eased somewhat, for now. But there is still plenty of unusual activity. Here’s an excerpt from recent Reuters reporting:

In London, this activity thinned liquidity in the OTC market, which the LBMA oversees, and prompted a race among London bullion market players to borrow gold from central banks, which store their bullion in the Bank of England’s vaults.

A “race to borrow gold from central banks”? Why do they need to borrow (lease) it? Where did all the physical metal go?

China’s Gold Hoard

If there was a scheme to suppress gold prices, why is it ending now? What changed?

In my view, the primary difference today is China. Over the past few decades China has secretly bought thousands of tons of gold. Officially, the country only owns around 2,200 tons. But some analysts think they may actually own up to 20,000 tons of bullion (more than twice U.S. reserves).

Today there are major gold exchanges in China, primarily Shanghai, which compete with the LBMA and COMEX. And in my view, Chinese buying is basically driving the price higher today. Take a look at the chart below, from CME Group, which shows how prices were rising first in China, and then being followed by New York and London.

image 2

Source: CME Group

The “Shanghai gold premium” is a relatively new phenomenon. To me, it looks like the decades-old scheme to suppress the price of gold and silver may be unravelling.

If that’s the case, the rest of this decade could be lucrative for longs.

This story is extremely complex, with dozens of angles, and I’m determined to keep digging into it. Stay tuned.

https://dailyreckoning.com/the-great-gold-leasing-conspiracy/