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These 3 precious metal investments make sense right now, experts say

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Gold can offer investors unique benefits to help round out their portfolios, but so can many other types of precious metals.

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With today’s unique economy — one that has shown job growth and strong GDP, yet high inflation and even higher interest rates — many consumers are looking for safe places to invest their cash. 

One common investment is gold, which has long been considered a smart hedge against inflation and a protector of wealth. But gold isn’t the only precious metal you can invest in, and experts say there are actually a few others you might want to eye these days, too.

Find out more about your top precious metal investing choices here.

These 3 precious metal investments make sense right now, experts say

Are you thinking of investing in precious metals other than gold? Here are a few that experts recommend right now.

Silver

Silver is usually the first precious metal to come to mind after gold — and for good reason. 

“Silver is considered a safe-haven asset like gold, with its value holding or increasing during economic turbulence or geopolitical instability,” says Rick Kanda, managing director at Group International/The Gold Bullion Company.

Silver prices have been on a steady run-up since earlier this year, and demand for the metal remains high, thanks, in large part, to the many industrial uses it has. 

“Silver has many industrial uses — batteries, solar panels, electric vehicles — which makes it valuable,” says Alex Ebkarian, co-founder of Allegiance Gold. “If industrial demand increases, it will lift silver prices higher.”

Many expect that to happen. According to Kanda, silver could rise to as much as $35 per ounce — up from just $23 per ounce at the start of the year.

“Looking at past cycles of gold and silver prices, silver tends to rally after gold and by a greater percentage,” says Patrick Yip, director of business development at American Precious Metals Exchange. “We saw this occur both in 1980 and 2011. If history repeats, silver may rise sharply later this year. If you want to get into precious metals and think you may have missed the boat on gold, now may be the time to buy silver.”

Explore how gold and other precious metals could be a smart addition to your portfolio.

Palladium

Palladium is another metal you might consider investing in, with Kanda even calling it a “rival” to other metals due to its increasing demand and limited supply.

“The main strength of investing in palladium lies in its rarity,” Kanda says. “With the metal 30 times rarer than gold, investors may benefit from potential price gains in the future depending on whether palladium remains in demand in industries such as automobiles, jewelry, and medicine.”

Kanda notes that palladium is often used in car production — namely, in manufacturing catalytic converters. With car sales expected to rise both this year and next — by about 2% to 3%, according to forecasts — that could lead to increased demand and higher palladium prices, too. 

Platinum

Platinum is another option to invest in right now — especially if you’re looking for “long-term price appreciation,” Kanda says.

“Platinum is a precious metal and is amongst the rarest in the world,” Kanda says. “Due to its scarcity, the price of platinum is sensitive and highly dependent on changes in demand and supply. “

Just be warned: Platinum tends to cost more than other precious metals. It’s currently sitting at around $950 per ounce. (Silver is only about $26 per ounce currently). 

The bottom line

While gold, silver, palladium and platinum can all be a smart addition to your portfolio, you should be sure not to over-invest in any precious metals. Most financial professionals recommend committing no more than 5% to 10% of your total portfolio to them. And, whatever metal you choose to invest in, make sure you use a reputable dealer and have a storage solution in mind. If you opt to buy metals held in a gold or silver IRA, you should also shop around for your IRA company, as they can vary widely in fees and services.



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Biden’s top hostage envoy Roger Carstens in Syria to ask for help in finding Austin Tice

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Roger Carstens, the Biden administration’s top official for freeing Americans held overseas, on Friday arrived in Damascus, Syria, for a high-risk mission: making the first known face-to-face contact with the caretaker government and asking for help finding missing American journalist Austin Tice

Tice was kidnapped in Syria 12 years ago during the civil war and brutal reign of now-deposed Syrian dictator Bashar al-Assad. For years, U.S. officials have said they do not know with certainty whether Tice is still alive, where he is being held or by whom.

The State Department’s top diplomat for the Middle East, Barbara Leaf, assistant secretary of state for Near Eastern Affairs, accompanied Carstens to Damascus as a gesture of broader outreach to Hay’at Tahrir al-Sham, known as HTS, the rebel group that recently overthrew Assad’s regime and is emerging as a leading power.

Near East Senior Adviser Daniel Rubinstein was also with the delegation. They are the first American diplomats to visit Damascus in over a decade, according to a State Department spokesperson. 

They plan to meet with HTS representatives to discuss transition principles endorsed by the U.S. and regional partners in Aqaba, Jordan, the spokesperson said. Secretary of State Antony Blinken traveled to Aqaba last week to meet with Middle East leaders and discuss the situation in Syria. 

While finding and freeing Tice and other American citizens who disappeared under the Assad regime is the ultimate goal, U.S. officials are downplaying expectations of a breakthrough on this trip. Multiple sources told CBS News that Carstens and Leaf’s intent is to convey U.S. interests to senior HTS leaders, and learn anything they can about Tice.

Rubinstein will lead the U.S. diplomacy in Syria, engaging directly with the Syrian people and key parties in Syria, the State Department spokesperson added. 

Diplomatic outreach to HTS comes in a volatile, war-torn region at an uncertain moment. Two sources even compared the potential danger to the expeditionary diplomacy practiced by the late U.S. Ambassador Christopher Stevens, who led outreach to rebels in Benghazi, Libya, in 2012 and was killed in a terrorist attack on a U.S. diplomatic compound and intelligence post.

U.S. special operations forces known as JSOC provided security for the delegation as they traveled by vehicle across the Jordanian border and on the road to Damascus. The convoy was given assurances by HTS that it would be granted safe passage while in Syria, but there remains a threat of attacks by other terrorist groups, including ISIS.

CBS News withheld publication of this story for security concerns at the State Department’s request. 

Sending high-level American diplomats to Damascus represents a significant step in reopening U.S.-Syria relations following the fall of the Assad regime less than two weeks ago. Operations at the U.S. embassy in Damascus have been suspended since 2012, shortly after the Assad regime brutally repressed an uprising that became a 14-year civil war and spawned 13 million Syrians to flee the country in one of the largest humanitarian disasters in the world.

The U.S. formally designated HTS, which had ties to al Qaeda, as a foreign terrorist organization in 2018. Its leader, Mohammed al Jolani, was designated as a terrorist by the US in 2013 and prior to that served time in a US prison in Iraq. 

Since toppling Assad, HTS has publicly signaled interest in a new more moderate trajectory. Al Jolani even shed his nom de guerre and now uses his legal name, Ahmed al-Sharaa. 

U.S. sanctions on HTS linked to those terrorist designations complicate outreach somewhat, but they haven’t prevented American officials from making direct contact with HTS at the direction of President Biden. Blinken recently confirmed that U.S. officials were in touch with HTS representatives prior to Carstens and Leaf’s visit.

“We’ve heard positive statements coming from Mr. Jolani, the leader of HTS,” Blinken told Bloomberg News on Thursday. “But what everyone is focused on is what’s actually happening on the ground, what are they doing? Are they working to build a transition in Syria that brings everyone in?”

In that same interview, Blinken also seemed to dangle the possibility that the U.S. could help lift sanctions on HTS and its leader imposed by the United Nations, if HTS builds what he called an inclusive nonsectarian government and eventually holds elections. The Biden administration is not expected to lift the U.S.  terrorist designation before the end of the president’s  term on January 20th.

Pentagon spokesperson Pat Ryder disclosed Thursday that the U.S. currently has approximately 2,000 US troops inside of Syria as part of the mission to defeat ISIS, a far higher number than the 900 troops the Biden administration had previously acknowledged. There are at least five U.S. military bases in the north and south of the country. 

The Biden administration is concerned that thousands of ISIS prisoners held at a camp known as al-Hol could be freed. It is currently guarded by the Syrian Democratic forces, Kurdish allies of the U.S. who are wary of the newly-powerful HTS. The situation on the ground is rapidly changing since Russia and Iran withdrew military support from the Assad regime, which has reset the balance of power. Turkey, which has been a sometimes problematic U.S. ally, has been a conduit to HTS and is emerging as a power broker.

A high-risk mission like this is unusual for the typically risk averse Biden administration, which has exercised consistently restrained diplomacy. Blinken approved Carstens and Leaf’s trip and relevant congressional leaders were briefed on it days ago.

“I think it’s important to have direct communication, it’s important to speak as clearly as possible, to listen, to make sure that we understand as best we can where they’re going and where they want to go,” Blinken said Thursday.

At a news conference in Moscow Thursday, Russian President Vladimir Putin said he had not yet met with Assad, who fled to Russia when his regime fell earlier this month. Putin added that he would ask Assad about Austin Tice when they do meet. 

Tice, a Marine Corps veteran, worked for multiple news organizations including CBS News.



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Mangione appears in court on federal murder charges after being extradited to New York; EPA’s efforts to tackle pollution in disadvantaged communities could be under threat

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Delivering Tomorrow: talabat’s Evolution in the Middle East

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From a startup to a transformative tech leader, discover how talabat champions innovation, sustainability, and community connections in the MENA region

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