CBS News
How far has gold’s price dropped in November?
Gold investing hit an 11-year high in 2023 amid concerns over inflation and an increased need for safe-haven assets. And the price of the metal responded accordingly in 2024, breaking numerous price records in seemingly every month this year after starting January priced at $2,063.73 per ounce. The latest record saw gold surge past the $2,700 mark with anticipation high that it could exceed $3,000 per ounce, perhaps before the end of 2024.
For investors who thought gold’s price surge would continue unabated, however, November has proven otherwise. The price of the precious metal has dropped this month from record highs with the future price uncertain right now. To get a better idea about where gold could be heading, however, it helps to note how far the price has already dropped this month. That’s what we’ll break down below, noting why it may be a smart time for some to invest.
Invest in gold before the price rises again here now.
How far has gold’s price dropped in November?
The price of gold started November strong, coming in at $2,736.35 on November 1, according to historical price data from gold IRA company American Hartford Gold. While not quite at the $2,786.44 record it hit at the end of October, it was hovering around that point and widely expected to surpass it within days. But that’s not what happened. It dropped to $2,743.98 on November 5 and has been on a downward trend since, hitting $2,598.28 on November 12.
That price marks a 26% jump from where the metal started the year — but a 5% drop from where it started in November, erasing a good portion of the increase seen throughout 2024. That said, economic factors are constantly evolving and Wednesday brought news that could affect the price of gold yet again.
After dropping for most of 2024, inflation rose in October, according to a new report released by the Bureau of Labor Statistics. Now at 2.6%, the rate jumped by two-tenths of a point in the month, moving it more than half a percentage point above the Federal Reserve’s target 2% goal.
While not a great development for the broader economy, gold — as has been shown for much of the last two years — tends to perform well during inflationary periods. During these cycles, the metal often maintains and even increases in value, thus underlining its historic reputation as a reliable hedge against inflation. So, in theory, it’s possible that some of the gold price drop experienced in the first 13 days of November could be reversed once the latest inflation report has a chance to reverberate throughout the wider economy. Waiting to invest, then, could mean paying more versus acting now.
Don’t wait for that to happen. Get invested in gold online today.
The bottom line
The price of gold has been on a remarkable rise all year long but November has put a halt to that run as investors saw the price tumble by around 5% since the start of the month. That said, the price drop could be an indication of additional reductions to come — or it could be a temporary blip as the metal continues its march toward $3,000 per ounce. Only time will tell which theory is right. But with inflation on the rise again and a slightly lower entry point for beginner investors, now may be a smart time to invest in gold. Just be sure to keep your investment in check, as most experts advise limiting it to 10% or less of your broader portfolio.
Have more gold price questions? Learn more here now.
CBS News
Elon Musk’s DOGE is hiring. Here’s the kind of person he’s looking for.
The new Department of Government Efficiency, a group created by President-elect Donald Trump with the task of identifying ways to cut federal spending and headed by billionaires Elon Musk and Vivek Ramaswamy, is already taking resumes.
The request for job applicants was posted Thursday by the new X account for DOGE, which despite its heady mission isn’t an official government department. In his statement on Tuesday announcing the effort, Trump described Musk and Ramaswamy’s role as providing “advice and guidance from outside of government.”
It’s unclear where the funding for DOGE will come from or the size of its budget, as well as whether Musk, the world’s richest person, and Ramaswamy, who has an estimated net worth of $1 billion, will be paid for their efforts. The Trump campaign didn’t respond to a request for information.
In the meantime, DOGE is starting to hire, according to the post on X, the social media service (formerly known as Twitter) owned by Musk. The account already has 1.2 million followers on the platform.
What qualifications is DOGE looking for?
The post didn’t disclose the specific educational or career experience it is looking for in applicants. Instead, it described the kind of person they want to hire: “We need super high-IQ small-government revolutionaries willing to work 80+ hours per week on unglamorous cost-cutting.”
It added that it doesn’t want “more part-time idea generators.”
How can people apply for a DOGE job?
The post said that interested applicants should send a direct message, or DM, to the account with their CV, although the DOGE account wasn’t open to messages when the job notice was first posted.
“Off to a great start. ‘DM this account with an application’,” one person pointed out. “DMs not open.”
Even after the DOGE account opened to direct messages, not all X users could send their resumes because only verified accounts or accounts followed by DOGE are able to DM the account. The DOGE account currently doesn’t follow any other X users, and verification on the platform costs $84 a year.
Only the “top 1% of applicants” will be reviewed by Musk and Ramaswamy, the DOGE account added. The post didn’t specify how it will rank applicants.
What does a DOGE job pay?
The post didn’t specify the salary range or benefits.
What kind of response is the post receiving?
A mix of pointed questions, humor as well as support from fans of Musk and Trump.
“Anything over 40 hours will be paid overtime right?” one person posted on X in response to the job post.
Others posted tongue-in-cheek “qualifications,” with one person writing, “I’d love to join here’s my resume: – B+ in Science – JV soccer team (2 years) – Can eat >10 Oreos in one sitting – Owner of several Dogecoins – Can burp the alphabet – Can run fast (top 25% of class).”
Another touted his “104 IQ (4 points above highest score possible).”
Valentina Gomez, a Republican politician who posted a video of herself burning books in February, responded, “But I’m ready to cut & make a dent on that outstanding budget. TSI, IRS, ATF are the first to go.”
CBS News
Nov 14: CBS News 24/7, 1pm ET
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
CBS News
Annual UFO report finds 21 cases of more than 700 received need more analysis
The Pentagon office investigating reports of unidentified anomalous phenomena, the government’s term for UFOs, received 21 reports last year that contain enough data for the intelligence community to continue actively investigating.
The majority of the reports the office received described orbs, lights, cylinders, but about 4% fell into the category of “other” and included unique descriptions like “green fireball,” “a jelly fish with [multicolored] flashing lights” or a “silver rocket approximately six feet long.”
“There are interesting cases that with my physics and engineering background and time in the [intelligence community], I do not understand, and I don’t know anybody else understands them,” Dr. Jon Kosloski, director, All-domain Anomaly Resolution Office (AARO) told reporters during a briefing on the unclassified version of the annual report mandated by Congress.
Kosloski said the office has found “no evidence of extraterrestrial beings, activity, or technologies,” and he said none of the cases point to foreign adversaries or breakthrough technologies.
In total, the All-domain Anomaly Resolution Office received 757 reports of UAP between May 1, 2023 and June 1, 2024. Of the 757 received, 485 occurred during that time period, while 272 occurred outside of the reporting period but were not included in previous reports.
The office resolved 49 of the cases by identifying the object as various types of balloons, birds or drones, and it expects to resolve 243 others by identifying them as one of those objects, as well.
Another 444 didn’t have enough data to keep investigating, so the office will go into the its active archive to see if other data can be found.
Twenty-one merit further analysis, and these cases Kosloski found interesting because they correspond with the typical shapes the office receives reports on, like orbs, triangles, and cylinders, and at least “one of those cases has been happening for an extended period of time.”
Kosloski acknowledged that even though investigators have not identified any of the cases as breakthrough technologies, the office can’t rule it out.
“We’re open to that as an explanation for it, but we’re just not attributing breakthrough technology as the explanation to it,” Kosloski said. “An open mind works both ways. So if we don’t understand what it is, we can’t say that it is or it is not breakthrough technology.”
The AARO expects to soon release the second volume of the U.S. Government Involvement with Unidentified Anomalous Phenomena detailing the government’s investigatory efforts from November 2023 to April 2024. The first volume released earlier this year looked at efforts from 1945 to 2023.