Connect with us

CBS News

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

Avatar

Published

on


gettyimages-758308751.jpg
Gold’s price could climb following the next inflation report. 

KTSDESIGN/SCIENCE PHOTO LIBRARY


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



Read the original article

Leave your vote

Continue Reading

CBS News

Investigators say forensic evidence ties suspect to UnitedHealthcare CEO shooting

Avatar

Published

on


Investigators say forensic evidence ties suspect to UnitedHealthcare CEO shooting – CBS News


Watch CBS News



Police in New York City say a gun found on suspect Luigi Mangione matches shell casings found at the scene of UnitedHealthcare CEO Brian Thompson’s murder. CBS News correspondent Lilia Luciano has more.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

CBS News

Mistrial declared after jury deadlocks over killing of gay University of Mississippi student

Avatar

Published

on


A judge Wednesday declared a mistrial in the murder case against Sheldon “Timothy” Herrington Jr., who was accused of killing Jimmy “Jay” Lee, a gay man who was a prominent figure in the LGBTQ+ community at the University of Mississippi, in 2022. Lee disappeared and his body has never been found, but a judge declared him dead.

Jurors said they were unable to reach a verdict after over nine and a half hours of deliberation. They had been instructed to find Herrington guilty of either capital murder, first-degree murder, second-degree murder, or manslaughter by culpable negligence, or find him not guilty, CBS affiliate WREG reported. The judge said another venue may be needed for Herrington’s new trial, according to the station.

Herrington, 24, showed little emotion as he left the courtroom with his attorneys and several relatives. He remains free on bond and is still charged with capital murder, which Mississippi law defines as a killing committed along with another felony — in this case, kidnapping. Prosecutors had said they would not seek the death penalty. He faces life in prison if he is tried again and convicted.

Jurors on Wednesday were told they could also consider lesser charges of first-degree murder, punishable by life in prison; second-degree murder, 20 years to life; or manslaughter, up to 20 years.

Circuit Judge Kelly Luther said he will consult with prosecutors and defense attorneys about setting another trial.

Mississippi Student Killing
Sheldon “Timothy” Herrington Jr., center, who was on trial for the murder of University of Mississippi student Jimmie “Jay” Lee, joins family as they leave court after a mistrial was declared at the Lafayette County Courthouse in Oxford, Miss. on Wednesday, Dec. 11, 2024.

Bruce Newman/The Northeast Mississippi Daily Journal, via AP, Pool


Both Herrington and Lee had graduated from the University of Mississippi. Lee, 20, was pursuing a master’s degree. He was known for his creative expression through fashion and makeup and often performed in drag shows in Oxford, according to a support group called Justice for Jay Lee.

Lee disappeared July 8, 2022, in Oxford, where the university is located and the trial was held.

Police arrested Herrington two weeks after Lee vanished. Investigators testified that they used warrants to obtain electronic records including explicit messages between social media accounts belonging to the two men and online searches conducted by Herrington, including one inquiring how long it takes to strangle someone.

Prosecutors said during closing arguments Wednesday that Herrington and Lee had a sexual encounter that ended badly and Lee left Herrington’s apartment. They said text messages showed that Herrington, who was not openly gay, persuaded Lee to return with the promise of more sex. Prosecutors said Lee was killed after going back.

“Tim Herrington lived a lie — lived a lie to his family,” District Attorney Ben Creekmore said. “He lied to Jay Lee to coax him over there, promising to do something with him.”

Herrington’s attorney, Kevin Horan, has said prosecutors cannot prove Lee is dead without having a body. He told jurors Wednesday that text messages showed Herrington did not lure Lee to his apartment.

“He’s the one that’s being dominant anchoring this particular conversation,” Horan said of Lee.

Lee, 20, has not contacted friends or family, and his financial transactions and once-prolific social media posts have stopped since the day he disappeared, investigators testified.

Police arrested Herrington two weeks after Lee went missing. Authorities interviewed Herington twice that day, and he gave conflicting information about the hours before Lee vanished, Oxford Police Chief Jeff McCutchen testified Tuesday.

Before officers interviewed Herrington, they had already obtained explicit messages exchanged between social media accounts belonging to Herrington and Lee during the final hours Lee was known to be alive, McCutchen said.

Google records obtained through a warrant showed that Herrington searched “how long does it take to strangle someone” at 5:56 a.m., University Police Department Sgt. Benjamin Douglas testified last week.

The final text message from Lee’s phone was sent to a social media account belonging to Herrington at 6:03 a.m. from a spot near Herrington’s apartment, McCutchen said Tuesday. A cellphone tower in another part of Oxford last located any signal from Lee’s phone shortly before 7:30 a.m., the police chief said. A security camera showed Herrington moments later jogging out of a parking lot where Lee’s car was abandoned, investigators testified earlier.

On the day Lee vanished, Herrington was also seen on security cameras buying duct tape in Oxford and driving to his own hometown of Grenada about an hour south of Oxford, police have testified.

Herrington’s relatives sat behind him in the courtroom, and Lee’s sat behind prosecutors. When Luther dismissed court after the mistrial, he instructed the two groups to leave separately.

Jurors were chosen from another county about 250 miles to the south. They heard eight days of arguments and testimony.

The judge twice urged jurors to continue deliberating when they said they were deadlocked. After the third such message, Luther declared the mistrial and thanked them for serving, adding: “I’ve asked a lot of you.”



Read the original article

Leave your vote

Continue Reading

CBS News

Senators react to FBI Director Christopher Wray’s decision to resign

Avatar

Published

on


Senators react to FBI Director Christopher Wray’s decision to resign – CBS News


Watch CBS News



Senators from across the aisle are sharing their thoughts on Wednesday’s announcement from FBI Director Christopher Wray that he’ll resign at the end of President Biden’s term. CBS News political reporter Libby Cathey has more on that and President-elect Donald Trump’s Inauguration invitation to China’s Xi Jinping.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

Copyright © 2024 Breaking MN

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.