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Olympic flame arrives in Paris ahead of 2024 Summer Games
Paris — The torch relay ahead of the 2024 Paris Olympics reached the French capital for the first time on Sunday, with organizers hoping to build enthusiasm for the Games among the city’s skeptical residents. The flame was first glimpsed during the traditional military parade held every year on the July 14 national holiday, largely known outside the country as Bastille Day, and then began its tour around the city from the Champs-Elysees.
World Cup-winning soccer great Thierry Henry was given the honor of the first leg on the capital’s most famous avenue, with the torch then heading for landmarks including the parliament and Notre-Dame cathedral
“It’s not something you turn down, on our national day, on the Champs-Elysees, the Olympics in Paris,” Henry told reporters of his star turn. “Just extraordinary.”
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The flame remained in the capital Monday for a second day, making a stop with some can-can dancers outside the famed Moulin Rouge cabaret show before traveling up to the hill-top Montmartre cathedral.
The build up to the Paris Games has been marked by what chief organiser Tony Estanguet has called “Olympics-bashing,” with many Parisians the sternest critics of the event and the disruption in the city.
Many Parisians and visitors frustrated by Olympic disruption
In the wealthy districts, many families have already left for extended summer holidays, deliberately missing the July 26-August 11 extravaganza.
“I’m following them putting up the equipment, the stadiums, the impact that it will have on us, not really the torch,” 22-year-old student Manon Skura told AFP at the Champs-Elysees.
The Games have been designed to take place at locations in the heart of the City of Light, with temporary stadiums built at tourist hotspots such as the Eiffel Tower, Invalides and Place de la Concorde.
Using the capital’s fabled streets and the river Seine as a backdrop will ensure “iconic” Olympics, organizers say, but it has also led to large parts of central Paris being closed off and left traffic in gridlock.
First-time visitors to Paris Ian and Belinda Caulfield, from Wales, told CBS News correspondent Elaine Cobbe they were surprised at how much construction there was and how difficult it was to get around.
“I know it’s within a certain amount of the city, but if you just want to walk down the Seine, there’s a lot of obstructions,” said Ian.
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The latest change to the capital’s streets has been the appearance of around 44,000 metal barriers around the Seine river, where a spectacular opening ceremony is being planned on July 26.
“Some residents have shared with us their amazement, as well the physical impossibility of leaving their homes,” the mayor of the upmarket river-side 7th district of Paris, Jean-Pierre Lecoq, said last week.
Chief organizer Tony Estanguet told AFP that pushing back the pessimists had been one of his most difficult tasks.
“My role has been to protect our vision against everyone who criticizes, those who don’t believe in it, those who would take pleasure in seeing it not go well,” he said during an interview on Thursday.
The torch relay had been a huge success nationally, he said, with around five million people turning out to see it since May 8.
“We’re delighted with how it has gone so far,” he explained. “It has completely met the targets we gave ourselves.”
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Most importantly, the relay through 450 French towns and cities has taken place without any major security problems — testimony to the huge numbers of police officers deployed and careful planning.
Around 200 members of the security forces are positioned permanently around the torch, including an anti-terror SWAT team and anti-drone operatives.
A 26-year-old man was arrested and charged in Bordeaux in May over suspected threats to the procession as it travelled through the southwestern city.
Although polls generally find a slim majority of French people support the Olympics, a survey on March 25 by the Viavoice group found that 57% of respondents felt “little” or “no” enthusiasm about them in Paris.
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From its role as a safe haven in turbulent times to its reputation as a hedge against inflation, gold has consistently proven its worth as an investment asset. By adding gold to your investment portfolio, the precious metal can provide a buffer against market volatility and offer protection against potential losses in other asset classes — which is part of why so many investors are drawn to it.
But gold’s unique portfolio-boosting benefits aren’t the only draw, especially right now. Since the start of the year, the price of gold has been on an upward trajectory, growing in value by hundreds of dollars and breaking numerous price records on its uphill climb. That has prompted even more investors — both beginners and seasoned veterans alike — to turn their attention toward the yellow metal.
How much has the price of gold increased so far this year, though — and is it likely to keep climbing over the last few months of 2024? Below, we’ll detail what you should know.
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How much the price of gold has increased so far in 2024
The story of gold so far in 2024 has been one of impressive and consistent growth. On January 1, gold was trading at $2,063.73 per ounce. Fast forward to August 28, and the price has soared to $2,502.53 per ounce. This represents a staggering increase of $438.80 per ounce — or an uptick of approximately 21.26% in just under eight months.
To put this into perspective, if you had invested $10,000 in gold at the beginning of the year, your investment would now be worth about $12,126 – a profit of over $2,000 in less than a year. This remarkable growth outpaces many other investment options and has solidified gold’s status as a top-performing asset in 2024.
It’s worth noting, though, that gold recently surpassed its prior records, climbing to a high of $2,525 per ounce on August 20. While the current price of $2,502.53 represents a slight dip from this peak, it still signifies an extraordinary year-to-date performance. This minor pullback from the all-time high is not uncommon in financial markets and is likely a healthy consolidation after a strong upward move.
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Will the price of gold keep climbing?
Despite the impressive gains gold has already made, many analysts believe that the precious metal’s upward trajectory may not have peaked just yet. Various factors point to the possibility of continued price appreciation in both the near and long term.
One key driver is the shifting dynamics of global demand. In addition to sustained demand from traditional investors, merging economies are showing a heightened appetite for gold. This expanding consumer base could provide sustained upward pressure on gold prices.
The gold mining industry also faces significant challenges on the supply side. New gold discoveries have become increasingly rare and existing deposits are often in remote regions. The process of gold extraction is also becoming more complex and costly as easily accessible reserves are depleted. These supply constraints, juxtaposed against rising demand, create a favorable environment for price growth.
Another factor to consider is the evolving role of gold. As technology advances, gold’s unique properties have become critical to new applications in fields such as electronics, healthcare and renewable energy. The expansion of gold’s industrial uses could contribute to increased demand, potentially supporting higher prices over time.
Central banks worldwide are also continuing to bolster their gold reserves, a strategy often seen as a hedge against economic uncertainties and currency fluctuations. This consistent demand from major financial institutions provides another pillar of support for gold prices.
Given these factors, some experts are projecting ambitious price targets for gold. While forecasts should always be viewed with caution, many analysts believe gold could reach new milestones in the coming months, with some even suggesting it could approach or surpass $3,000 per ounce before the year’s end.
The bottom line
Gold’s performance so far this year has been very strong, with a year-to-date increase of over 21%. This surge underscores gold’s enduring appeal as both a safe-haven asset and a potential source of significant returns. And while it’s impossible to accurately predict what will happen over the next few months, there are signs that gold’s price rise could continue for some time.
So, while there are no guarantees, investors who want to capitalize on the potential for quick returns on a gold investment may want to buy in now. Waiting could mean paying more per ounce for the precious metal and earning less profit in return.