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Prosecutors: Cash Stacks Found at Menendez Home Not Linked to His Bank

Senator Robert Menendez, a prominent political figure, found himself entangled in a web of corruption charges last year after investigators discovered a staggering $486,000 in cash strategically concealed throughout his residence in New Jersey. Menendez’s initial defense was a simple one – he claimed that the cash piles were a result of his long-standing practice of withdrawing money from a personal savings account to keep at home, a practice he inherited from his Cuban immigrant parents.

However, prosecutors recently filed documents that shed new light on the origin of the cash stashes, casting doubt on Menendez’s explanation. According to the filing, some of the cash was wrapped in bands indicating that it had been withdrawn in increments of at least $10,000 from a bank where neither Menendez nor his wife had a known account. This revelation strongly suggested that the money had been provided to them by an external source, rather than sourced from a legitimate personal account.

In response to Menendez’s legal team’s request to exclude the cash as evidence in his upcoming trial, prosecutors presented these details to reinforce their argument. The cash discovery forms a crucial part of the government’s case against Menendez and his wife, painting a picture of a lifestyle funded by illicit means, particularly through bribes.

The indictment alleges that the cash, along with other valuable assets like gold bars, were the proceeds of a bribery scheme. The cash was found in various locations within the couple’s home, including in closets, duffel bags, and safe deposit boxes. Menendez and his wife stand accused of accepting bribes in exchange for leveraging the senator’s political influence to obstruct criminal investigations and aid foreign governments.

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The trial, scheduled to commence on May 6 in Federal District Court in Manhattan, will witness Menendez and the two businessmen co-defendants facing the charges together. Despite calls for his resignation, Menendez has expressed his intention to seek re-election in November if acquitted.

Prosecutors have pointed to crucial evidence linking the cash to one of the charged businessmen through fingerprints and DNA, further strengthening their case. Menendez’s defense team has pushed back, aiming to limit the prosecution’s presentation of the cash in court based on its connection to the alleged co-conspirators.

Amidst these legal maneuvers, the judge ruled for Menendez’s wife, Nadine Menendez, to be tried separately due to a newly diagnosed medical condition. This development has postponed her trial to a tentative July date, allowing her time for medical treatment and recovery.

Menendez himself has invoked his family history in Cuba to explain his cash-hoarding habits, citing a fear of confiscation rooted in his heritage. He insists that the money withdrawn over three decades was legitimate and intended for emergencies, drawing a parallel to his family’s past struggles.

As the legal battle looms, Menendez’s story continues to unfold in the public eye. The revelations surrounding the mysterious cash stacks at his home serve as a stark reminder of the complexities and nuances of corruption cases involving high-profile individuals. With the trial approaching, all eyes will be on the courtroom drama that will determine Menendez’s fate and legacy in the political arena.

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Is now the right time to invest in gold as prices have cooled?

Now may be the time to buy gold following a recent lull in its price.

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The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.

This lull in gold’s price may represent an investment opportunity.

In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?

Compare your gold investment options among leading brokers now.

Gold prices have cooled. Should you buy in now?

With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:

Prices may rise again

If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.

But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.

Add gold to your portfolio now before prices have a chance to rise.

You may be able to make a quick profit

Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.

Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.

There are other benefits of investing in gold

There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:

Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.

The bottom line

Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.

Joshua Rodriguez

Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he’s not working, he enjoys time with his wife, two kids, two dogs and two ducks.