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Australian spy chief under pressure to name “traitor” politician accused of working with spies of foreign regime
Australia’s government faced angry demands on Thursday to name a “traitor” former politician accused by Canberra’s top spy of having “sold out” the country to a foreign power.
In an extraordinary public revelation, Australia’s director-general of security Mike Burgess said a spy team from an unidentified country had cultivated and recruited a former Australian politician.
“This politician sold out their country, party and former colleagues to advance the interests of the foreign regime,” the spy chief said in a speech in Canberra on Wednesday.
Australia is a member of the “Five Eyes” intelligence-sharing group that includes the United States, Britain, Canada and New Zealand — making it a juicy target for operatives from countries such as China and Russia.
Burgess, who runs the Australian Security Intelligence Organisation, said the unidentified former politician had been recruited “several years ago.”
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The person had even proposed bringing a prime minister’s family member into the “spies’ orbit,” a plan that did not proceed, he said.
The former politician did, however, organize an overseas conference at which spies posing as bureaucrats targeted participants for recruitment, eventually obtaining security and defense information from an academic, Burgess said.
The remarks unleashed speculation in the media and demands for the former politician to be identified.
“The trouble is, if he does not indicate the name then there is a cloud hanging over everybody else,” conservative opposition leader Peter Dutton told Sydney radio station 2GB.
“If you are putting that detail out there as Mr. Burgess has done, I think it is incumbent to either give a little bit more criteria or a little bit more of a hint as to who the person might be.”
“The former politician is a traitor”
Former Australian conservative treasurer Joe Hockey said all lawmakers had been tainted by the revelation.
“The former politician is a traitor,” he told national broadcaster ABC.
It is “inconceivable” that the politician could be allowed to “walk off into the sunset without having their name, or their reputation revealed,” he said.
Burgess’s revelation had “besmirched” all politicians, said Hockey, who was also Australia’s ambassador to the United States for four years until 2020.
“He should not do that if he is not going to name that person — it’s absurd, it’s absolutely absurd.”
Hockey echoed that sentiment on social media, writing that Burgess “must name that person rather than potentially smear everyone who has served their country.”
Defence Minister Richard Marles said he did not know the name of the former politician.
“I respect what ASIO have done here in terms of putting this story into the public domain but also maintaining the confidentiality of the facts around this, and there could be a whole lot of reasons why that should happen,” he told reporters.
Treasurer Jim Chalmers said he would not “second guess” the ASIO boss.
“I know Mike Burgess, I work with Mike Burgess, and I know that he wouldn’t have said this without good reason, and he wouldn’t have couched it this way if he didn’t think that was absolutely necessary,” he said.
In his Canberra address, Burgess said a foreign intelligence service unit, dubbed “the A-Team”, had made Australia its “priority target”.
The unit had targeted Australians with access to “privileged information” on social networking sites using “false, anglicised personas” and promising cash rewards, he said.
“The spies pose as consultants, head-hunters, local government officials, academics and think tank researchers, claiming to be from fictional companies such as Data 31,” he said.
“If a target takes the bait, the spies try to move the conversation onto an encrypted messaging app. A further step might involve the offer of an overseas trip to meet in person.”
Burgess said he wanted to let the other country know that its spies had been rumbled and that the unit’s team leader had been confronted by Australia’s own spies.
According to the Reuters news agency, Australia introduced foreign interference laws in 2018, with former Prime Minister Malcolm Turnbull saying the “key purpose” of the legislation was to expose alleged Chinese interference.
ABC reported that Chinese-Australian businessman Di Sanh Duong was sentenced Thursday to nearly three years in jail for allegedly trying to influence a former federal minister, marking the “first person to be convicted of planning to commit an act of foreign interference.”
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NEW JERSEY — Rep. Mikie Sherrill is joining the race to become New Jersey’s next governor.
Sherrill, a Democrat first elected to the U.S. House in 2018 and reelected this year, announced her campaign for governor early this morning in a video on YouTube.
A former military helicopter pilot, Sherrill is entering her fourth term representing New Jersey’s 11th district. She does not have to resign to run for governor.
List of candidates for NJ governor grows
The field to succeed Gov. Phil Murphy, who is term-limited and cannot run in 2025, is getting deeper on the Democratic side.
Last week, Rep. Josh Gottheimer launched his campaign for governor, joining former State Sen. Stephen Sweeney, Jersey City Mayor Steven Fulop and Newark Mayor Ras Baraka, who all previously announced their bids.
Sources indicated at the time to CBS News New York that Sherrill’s announcement would be not far behind Gottheimer’s.
On the Republican side, State Sen. Jon Bramnick, Jack Ciattarelli, who narrowly lost to Murphy in 2021, and Bill Spadea have all entered the race.
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Gold shattered historic records in 2024, hitting $2,790 per ounce in October, its upward price trajectory stemming from heavy central bank buying, ongoing inflation concerns and expected Federal Reserve rate cuts. As a result, the investors who bought in early this year have already seen impressive returns, defying gold’s reputation as only a long-term investment.
While the price of gold has dipped over the last couple of weeks, this could still be a good time to invest. Luciano Duque, chief investment officer of C3 Bullion, points to China’s shift toward physical gold ownership and new banking regulations that favor physical gold over paper assets as key drivers for continued growth.
But what are the best gold investments to make before 2025? We asked industry professionals this exact question. Here’s what they had to say about each gold option, how they work and who they’re best for.
Find out how to get started with gold investing now.
These are the best gold investments to make before 2025, experts say
Below are four promising gold investments to consider before the new year. Each offers different benefits and levels of risk. Your best choice will depend on your investment timeline, risk tolerance and whether you prefer direct ownership or market exposure.
Physical gold
Physical gold in the form of coins and bars stands out as one of the safest and most reliable investment options. A key reason to invest in physical gold is there’s no counterparty risk.
“[It’s great if you’re] looking to preserve wealth, diversify [your] portfolio and maintain direct control of [your] assets,” says Alex Ebkarian, COO and co-founder of Allegiance Gold.
For beginners, he recommends the following:
- Start with one-ounce gold bars from well-known brands.
- Understand key terms such as “spot price” and “premiums” before buying.
- Know the difference between investment-grade gold and gold that isn’t investment-grade.
- Work with reputable dealers who offer education, secure storage options and transparent pricing.
- Remember that physical gold requires a longer-term outlook and comes with storage fees and upfront premium costs.
Brandon Aversano, founder of The Alloy Market, recommends investing in smaller gold bars.
“They’re cheaper and easier to manage [than] larger bars,” Aversano says. This is ideal if you need to make quick portfolio adjustments.
Add the right gold investment to your portfolio today.
Gold ETFs
Gold exchange-traded funds (ETFs) offer a convenient way to add gold to your portfolio without the hassle of storing physical metal.
“They’re easy to [buy] via brokerages and fairly liquid in case you need cash quickly,” says Ebkarian.
But before investing in gold ETFs, consider their ongoing costs. Most funds charge annual management fees. For example, popular ETFs may charge around 0.4% per year. Also, remember that your investment depends on stock exchange operations and electronic trading systems (unlike physical gold which you can hold directly).
Aversano points out that ETFs can contribute to a balanced gold investing strategy.
“Many miss out on [returns from] gold-related assets [such as] ETFs [because they] focus [too much] on physical gold,” he says.
Diversifying your investment type can expose you to other opportunities while minimizing risks.
Gold mining stocks
“If you want to leverage the potential move in gold and have an appetite for risk, then investing in a mining company is a good option,” says Ebkarian. As gold prices rise, mining company profits often increase even faster. You could gain higher returns than gold itself.
However, successful investing in gold mining stocks requires careful research and due diligence. You must evaluate each company’s management track record, production costs and growth prospects. Ebkarian warns that mining companies may operate in foreign countries, exposing them to political risks. They also face challenges with business partnerships and daily operations.
As a result, this investment option tends to suit experienced investors who understand the gold market and stock analysis. Unlike physical gold or ETFs, mining stocks can be affected by factors beyond gold prices.
Gold futures and options
Gold futures and options let you trade gold without owning the metal. But you’re essentially betting on the precious metal’s future price.
“This is the most risky of the ways to invest and requires specialized knowledge,” cautions Ebkarian.
These complex financial instruments work best for sophisticated investors who understand gold markets well. You must be familiar with derivatives and stay on top of changing margin requirements. Market conditions can shift quickly, leading to significant gains or losses in short periods.
The bottom line
Smart gold investing before 2025 may require a mix of strategies. “Looking into the future, I expect to see more interaction between physical gold and derivatives,” says Aversano. Physical gold offers reliable protection and derivatives provide flexibility for market changes.
Before investing, consult a financial advisor to determine which gold investments fit your goals and risk tolerance. They can help you create a balanced strategy that protects your wealth while maintaining proper portfolio diversification.