Legendary rapper Flavor Flav is now officially the new hype man for the USA Water Polo Women’s and Men’s National Teams. He has signed a five-year sponsorship deal that includes multiple poolside appearances at competitions, social media collaboration, and he is making a financial contribution to the 2024 Women’s Water Polo Olympic Team.

Back in May, Flavor Flav answered the call by U.S. women’s water polo team captain Maggie Steffens to support the team ahead of its attempt at an unprecedented fourth consecutive gold medal at the Paris Olympics this summer.

“These women are out here busting their butts, making the United States look good, chasing gold,” Flavor Flav said on “CBS Mornings” on Monday. “They’ve won three back-to-back gold medals. My manager showed me their story, and my heart went out to these hardworking women.”

Flavor Flav admitted that he hadn’t been that familiar with water polo and only watched it on TV during the Olympics. But as he learned more about the sport, he felt for the women.

“They’re not just athletes; they’re regular people working two or three jobs and not making much money in the Olympics,” said Flav, born William Drayton Jr.

Steffens, who joined the rapper on “CBS Mornings” said she shared the team’s story back in May because she wanted to raise awareness and hoped their efforts would be recognized. She said she was very surprised and excited when she heard Flavor Flav wanted to get involved and that the partnership has made a positive impact on the team.

“It’s been a beautiful, beautiful expectation and relationship that has changed, and he’s really opened up a lot of doors, and truly been a hype man for us. It’s been amazing,” she said.

Steffens said the rapper brings positivity to the team, especially with the Olympics fewer than 30 days away.

“His energy helps relieve the pressure, stress, and anxiety,” said Steffens.

During the appearance on “CBS Mornings,” Flavor Flav also announced a surprise for the Women’s Water Polo Olympic team, revealing that each player would receive a Virgin Voyage cruise and a $1,000 donation. He plans to attend the Olympics opening games and cheer them on, with the aspiration that they would secure a fourth gold medal, and also hopes his involvement will inspire more celebrities to support Olympic teams.

Red Lobster collaboration

In addition to his involvement with the water polo teams, Flavor Flav shared his recent collaboration with Red Lobster. When he found out the restaurant would be closing some locations, he rallied some support by posting on social media. This led to another unexpected collaboration as he became their ambassador for their Crabfest special, along with a commercial appearance.

“When I saw that they were closing a lot of their doors… one thing about me, I always loved Red Lobster since 1987, 1988, I’ve been taking my family, that’s always been one of my favorite family places, and I said I wanted to help them out,” he said. “We got to save the biscuits.”

The Bureau of Labor Statistics releases an inflation report every month. This report gives economists, investors and consumers an idea of how fast prices are growing in the United States. And, the state of price growth in the United States can impact financial markets. The precious metals market may also react to the next inflation report. And, that means the report can cause the price of gold to move. 

The next inflation report will be released on July 11, 2024. This month’s report will show June’s inflation rate. And, this is a crucial report to watch. Inflation had cooled in April and May. Continued cooling of price growth could lead to a Federal Reserve rate cut. 

But, regardless of whether inflation continues cooling or starts to pick back up, it may be a good idea to buy gold before the report comes out. Below, we’ll explain why you may want to act now.

Compare your gold investment options here. 

Why you should invest in gold before the July inflation report’s released

The next inflation report is a critical one. It will give the Federal Reserve the information it needs to make the next interest rate decision. And, the inflation report could be good for gold. Here are a few reasons to buy gold before the report is released. 

The inflation report could cause gold’s price to rise

“Gold has been touted to be a solid hedge against inflation,” explains Mark Charnet, founder and CEO of the financial planning firm, American Prosperity Group. So, if June’s inflation rate ticks up from May, it could cause investors to buy more gold. And, that demand increase could result in higher gold prices. 

But, there’s a strong argument that gold could see gains even if inflation continues cooling.

As inflation cools, the likelihood of a rate cut grows. And, if a rate cut happens, rates on bonds, deposit accounts and other interest-based safe havens could fall – making them less attractive to investors. If that happens, gold demand could rise as investors look for ways to improve their safe haven allocations. 

Prepare for the upcoming inflation report by adding gold to your portfolio today. 

Gold’s price is down from its May 20 high

Gold’s price has seen impressive growth this year. But, that growth peaked on May 20, 2024, when the commodity’s price climbed to $2,439.98 per ounce. However, the price of gold has since cooled. The commodity is trading at just $2,326.02 per ounce today. 

That’s more than $100 cheaper per ounce than just over a month ago. And, today’s price is more than 4% lower than the May 20, 2024 high. 

That could be good news if you want to add gold to your portfolio. After all, when you do, you’ll do so at a discount to gold’s most recent high price. 

Gold can protect your portfolio from inflation

The value of gold as an inflation hedge will be clear if the June inflation report shows growth over May’s 3.3% inflation rate. But, even if inflation cools, it’s typically a good idea to consider investing in gold as a hedge against growing prices. 

After all, inflation doesn’t usually move in a straight line. Instead, it follows cycles of upward and downward movement. So, once inflation finds its bottom, you can expect it to heat up again. And when it does, it will be a good idea to have gold in your portfolio to hedge against inflationary pressures. 

The bottom line

The next inflation report is scheduled for release on July 11, 2024. And, it could support growth in gold’s price. But, that’s not the only reason you should add gold to your portfolio before the report is released. With gold’s price offering a discount to recent highs and inflation being cyclical, it’s a good idea to add the commodity to your portfolio now. Compare your options among leading gold dealers today.