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Boaters find over $1 million of cocaine — packaged with bald eagle designs — floating at sea off Florida Keys
Recreational boaters off the coast of the Florida Keys found 65 pounds of cocaine floating in the ocean, authorities said this week, marking yet another recent discovery of drugs in U.S. waters and shores.
Samuel Briggs II, the acting chief patrol agent of the U.S. Border Patrol, said the cocaine has an estimated street value of over $1 million. Briggs posted video on social media Monday night showing the wrapped packages of cocaine being wheeled away on a dolly.
In a separate social media post, the Monroe County Sheriff’s Office said that “mariners in a private vessel found a package containing approximately 21 individually wrapped kilograms of suspected cocaine.” Officials said the drugs, which were found in the water about 7 miles off Islamorada, Florida, on Saturday, were handed over to U.S. Border Patrol agents.
A photo released by the sheriff’s office showed a package of the suspected cocaine emblazoned with an image of a bald eagle.
Monroe County Sheriff’s Office
Earlier this month, divers found 25 kilograms of cocaine about 100 feet underwater off Key West. Images released by the sheriff’s office showed packages marked “Nike SB,” with imitations of the footwear brand’s iconic swoosh logo on the front. The very next day, the same amount of suspected cocaine was found washed up on Dauphin Island, Alabama.
Last month, a beachgoer found about $1 million worth of cocaine washed up along the Florida Keys, CBS News Miami reported. U.S. Border Patrol agents said that package contained 65 pounds of cocaine.
Drug traffickers routinely transport cocaine through the Caribbean Sea and Gulf of Mexico using a variety of vessels — and sometimes the packages are marked with distinctive designs.
In January, the Colombian navy seized a so-called narco sub loaded with more than 1,000 pounds of cocaine in the Pacific Ocean, and many of the parcels featured an insignia of a scorpion.
In 2023, packages of cocaine worth more than $100,000 washed up on several Florida beaches. Each package was marked with a different design, including one that appeared to mimic the Chanel logo.
Also last year, Tampa Mayor Jane Castor, while on a fishing trip with her family, reeled in 70 pounds of cocaine. Those bricks of narcotics were emblazoned with butterfly designs.
Colombia produces about 60% of the cocaine found in the world.
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Gold has proven itself as one of the most resilient assets of the year, displaying remarkable growth so far in 2024. Starting the year at $2,063 per ounce, the price of gold is now sitting over $2,748 per ounce, slightly below its recent record high. As a result, investors who bought gold earlier this year — or even just a few months ago — have already reaped notable returns, a big benefit of this exceptional price trajectory.
Historically, though, gold’s value tends to increase more gradually, offering stability rather than swift gains. Still, most analysts believe the current upward trend could hold, driven by factors such as economic uncertainty, central bank policies and geopolitical tensions. So while gold’s current upward trajectory might be uncommon, it could persist for the near future, making the precious metal an attractive choice for both new and seasoned investors.
But if you’re considering entering the gold market or adjusting your existing precious metals holdings, there are a few strategic moves you can make to help maximize the potential benefits of gold investing in the current environment.
Diversify your portfolio by investing in gold today.
3 smart gold investing moves to make right now
If you’re planning to invest in gold in today’s market, consider making these moves:
Add physical gold to your portfolio
During periods of rising gold prices, acquiring physical gold can be particularly advantageous, despite having a higher entry point than other gold options. That’s because physical gold offers several distinct benefits that become especially valuable in a bullish market. For starters, when you own physical gold, whether in the form of gold bars or coins, you have direct ownership of a tangible asset that isn’t subject to counterparty risk or financial system vulnerabilities.
Physical gold that is purchased during price uptrends also typically benefits from momentum in the market. While past performance doesn’t guarantee future results, strong upward price movement typically attracts more investors, potentially creating additional demand that could further support prices. The tangible nature of physical gold also provides a psychological benefit, as having direct possession of your investment can offer peace of mind during periods of market volatility.
Find out what your gold investing options are here.
Consider your digital gold options
While physical gold has its merits, digital gold investments, particularly gold stocks, often provide amplified returns during gold bull markets. That’s because mining companies typically see their profits increase at a faster rate than the price of gold itself due to their operational leverage. For example, if a mining company’s cost to produce an ounce of gold remains relatively stable while the selling price increases substantially, the company’s profit margins expand significantly.
As a result, gold mining stocks, especially those of well-established companies with strong production profiles and healthy balance sheets, can offer exposure to gold’s price movements while also providing additional benefits like dividend payments. And gold exchange-traded funds (ETFs) that track either the price of gold or baskets of gold mining stocks offer another convenient way to gain exposure to the sector, often with lower transaction costs and greater liquidity than physical gold.
Make sure you’re investing the right amount
Perhaps the most crucial decision in gold investing isn’t just whether to buy, but how much to allocate to this precious metal. Financial advisors typically recommend limiting gold exposure to a maximum of 10% of your overall investment portfolio. This measured approach serves multiple purposes in your investment strategy.
The 10% ceiling allows you to benefit from gold’s potential upside while maintaining sufficient diversification across other asset classes. This balance is essential because, while gold can provide valuable portfolio protection during certain market conditions, it’s important to remember that other assets — like stocks, bonds and alternative investments — typically provide different types of returns and benefits, including regular income through dividends or interest payments.
Maintaining this disciplined allocation helps ensure that your portfolio remains well-balanced and aligned with your long-term financial goals. Even during periods of strong gold performance, resisting the temptation to overweight your portfolio toward gold helps manage risk effectively. Remember, the primary role of gold in most portfolios is to serve as a hedge against uncertainty and inflation, not necessarily as the main driver of returns. That’s just an added bonus.
The bottom line
While gold’s recent price performance has caught many investors’ attention, success in gold investing still requires a thoughtful, measured approach. By considering physical gold ownership, exploring your digital gold options and maintaining appropriate allocation levels, you can potentially benefit from gold’s current strength while managing your overall portfolio risk effectively.