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3 gold investing moves to make with inflation rising
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Inflation remains persistent. The U.S. inflation report released this week showed that prices were 3.2% higher in February than they were one year earlier. That’s an increase from January’s 3.1% annual inflation rate. Prices in February were up month over month too, climbing 0.4%.
As stubborn inflation consistently devalues the dollar, it’s important to hedge your savings bets. Without any inflation protection, your hard-earned dollars could be losing buying power.
Investing in gold is one way you could protect your money. But, if you’ve never invested in the precious metal in the past, you may be at a loss for where to start. So, what gold investment moves should you make with inflation rising? That’s what we’ll break down below.
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3 gold investing moves to make with inflation rising
With the prices of goods and services rising and the value of the dollar moving in the other direction, here are three gold investment moves you should make now.
Understand the types available
Investing in the physical commodity by purchasing gold coins and bars is an attractive option, but it’s not the only way you can invest in the precious metal. You can also invest in gold ETFs and mutual funds and more.
These funds typically combine investments from a large number of investors and use the money they receive to invest in gold or a diversified portfolio of gold mining companies. Each of the fund’s shareholders shares in the gains, or losses, generated by the underlying assets proportional to the number of shares they own.
It’s also worth considering a gold individual retirement account (gold IRA). These accounts come with the tax benefits associated with traditional IRAs but give you the option to hold precious metals as retirement investments. On the other hand, as tax-advantaged retirement investments, you could be penalized if you tap into a gold IRA before you’re 59 and a half years old.
Don’t let inflation devalue your savings. Add gold to your portfolio now.
Know the limitations
Although it may be wise to invest in gold, it’s probably not a good idea to invest everything you have into the precious metal. Sure, it’s an effective hedge against inflation, but there are other assets that typically produce larger gains. So, most experts suggest that you limit your portfolio’s gold allocation to 10% or less of your overall assets.
Moreover, while the value of gold may grow over time, the investment is limited in that it won’t produce the same reliable income that other investments can. After all, gold doesn’t produce earnings like publicly traded companies do and it doesn’t offer interest-based returns like bonds and treasury bills. Instead, to make money off of gold, you’ll generally need to be invested long-term.
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Although inflation has cooled since reaching a 9.1% rate in mid-2022, it is still a cause for concern. Today’s 3.2% inflation rate is well ahead of the Federal Reserve’s 2% target, suggesting that the value of the dollar is falling at a faster rate than it should be.
That doesn’t mean you have to lose value to inflation. But it does mean that you should start hedging your bets if you haven’t already. Since gold is an effective way to hedge against the effects inflation can have on savings, it’s probably a good idea to start investing in the precious metal now.
The bottom line
Though gold does have its limitations as an investment, it is an effective way to hedge against inflation. So, as inflation continues to tick up, it’s wise to get to know more about your gold investment options and start adding the precious metal to your portfolio as soon as possible.
NEW YORK — Timothée Chalamet made a surprise appearance Sunday at his own look-alike contest in Manhattan.
At least one person was arrested after a large crowd formed and police broke up the event in Washington Square Park.
Chalamet posed for photos with his doppelgängers, some of whom came dressed as his characters from the movies “Wonka” and “Dune.”
The look-alike contest was one of several such competitions hosted by the YouTube personality Anthony Po, and it promised $50 for the winner. As word spread on social media, thousands of people RSVP’d.
From “a silly joke” to “pandemonium”
Stefan Jeremiah / AP
Minutes after the competition started — and before Chalamet arrived — police ordered the group to disperse from the park. Organizers were hit with a $500 fine for an “unpermitted costume contest,” and police said one person was issued a summons for disorderly conduct.
“It started off as a silly joke and now it’s turned pandemonium,” Paige Nguyen, a producer for the YouTube creator, told The Associated Press.
The group relocated to another park, and the audience eventually crowned Miles Mitchell, a Staten Island college senior, as the winner.
“I’m excited and I’m also overwhelmed,” Mitchell said. “There were so many good look-alikes. It was really a toss-up.”
The contestants were asked to demonstrate their French skills, about their romantic plans with Kylie Jenner, and what they would do to make the world a better place.
WESTON – A small group of loyal customers gathered in Weston Saturday morning to thank a pharmacist who is relocating as Walgreens closes the location where he served the community for almost three decades.
The celebration was led by an 11-year-old boy who shocked the pharmacist by presenting him with thousands of dollars that he raised as a thank you gift.
Weston Walgreens closing
In the midst of corporate cutbacks at Walgreens, the location on Boston Post Road is closing permanently. So a small group came out to thank the pharmacist at the store.
“It’s humbling. I can’t believe it. It’s amazing,” said veteran pharmacist Bob Hesselberg, who has worked at the store for nearly 30 years. “I don’t want to retire, even though I am 75. I don’t want to retire. I’m not ready for it.”
Hesselberg is moving on to a store in Waltham. The sendoff was led by 11-year-old Aarav Khanna, whose school bus routinely drops him off right across from the Walgreens location.
“I’ve seen the amount of kindness and hard work he puts into his job,” Khanna said.
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Money raised for pharmacist
Khanna got the idea to raise money for Hesselberg as a going away present. And the total grew quickly. Thanks to the community, Kanna was able to present Hesselberg with a check for $6,000 on Saturday, leaving the pharmacist in shock.
During the Saturday celebration, a young girl gave a handmade card to Hesselberg, who people in the community call “Pharmacist Bob.”
“You walk in, he not only greets you by name, but he wants to know how your family is, and how is that medication you had last time, and how are you doing? And he means it,” customer Carol Ott said.
The Weston Walgreens closes in the middle of November. Hesselberg hopes some customers will follow him to Waltham, but he worries about some of the older residents driving that distance, especially since the chain won’t be doing home delivery anymore.
“I’m gonna miss everybody. And I’m very grateful for all of this. And thank you so much,” Hesselberg told the crowd.
CBS News
Harris tells Philadelphia church election will “decide the fate of our nation for generations to come”
Vice President Kamala Harris is back in Philadelphia Sunday as the countdown to election day nears one week.
Harris, who spent several days in the Delaware Valley over the past week, spoke at the Church of Christian Compassion in Philadelphia on Sunday morning and will hold a campaign rally in the city later in the night.
“In just nine days we have the power to decide the fate of our nation for generations to come,” she told the congregation.
Several minutes into her speech, some shouting broke out in the crowd. Harris paused during the disruption. “That’s why we fight for our democracy. Every voice is important,” she said while the outburst was quieted.
Harris went on to encourage the Philadelphia church to lean on faith in the days leading up to the election, and urged worshippers to use their feet to get to the polls.
“Here in Pennsylvania, right now each of us has an opportunity to make a difference. Because in this moment we do face a real question. What kind of country to we we want to live in,” she said. “The great thing about living in a democracy is we the people have the choice to answer that question. So let us answer not just with our words, but with our works.”
On Wednesday, Oct. 23, Harris visited the Famous 4th Street Deli in Philadelphia’s Queen Village neighborhood before attending a town hall in Delaware County. Earlier in the week, the vice president sat down with former Congresswoman Liz Cheney in Chester County in the first of three moderated conversations in battleground states.
During that conversation, Harris appealed to Republican voters who are on the fence about voting for former President Donald Trump, and claimed he used the presidency as a way to “demean and to divide” Americans.
“I think people are exhausted with that, rightly,” Harris said. “And it does not lead to the strength of our nation to tell American people that we must be suspicious of one another, distrust one another.”
On Monday, Harris will harness the star power of some of her biggest supporters during a benefit concert at Temple University’s Liacouras Center, according to multiple sources.
Twenty-time Grammy winner Bruce Springsteen will headline a concert and a rally with former President Barack Obama as part of the Harris campaign’s effort to mobilize voters in the final weeks of the 2024 presidential election.
Speaking to CBS News Philadelphia’s Joe Holden, Harris said she’s “honored” to have Obama’s support on the campaign trail. “And people like Bruce Springsteen, to have their support, and of course he is an American icon, I think it just shows the breadth and depth of the support that we have,” Harris said.
When asked if any other big name supporters are planning to turn out for the event Monday, Harris said with a laugh, “I have nothing to report at this moment. Stay tuned, however.”
Earlier this month, Springsteen endorsed Harris and her running mate Minnesota Gov. Tim Walz.
