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Lightning strikes in Greece start fires, kill cattle amid dangerous heat wave
Lightning strikes in northern Greece killed cattle and started fires during a dayslong heat wave affecting most of southern Europe.
Several fires were reported near the city of Kozani, 280 miles north of Athens following a dry thunderstorm in the area, authorities said Saturday.
Further north, near the Greek town of Florina, officials from a public agricultural insurance organization said lightning strikes killed nine cows at a cattle farm. Several other animals were injured.
Cattle farm owner Alexandros Tsikos told The Associated Press that he found the animals dead in a grazing area next to the cattle barn.
Temperatures eased slightly Saturday but remained as high as 104 degrees Fahrenheit in parts of the country, while the risk of wildfires was very high outside Athens and in much of southern Greece.
It’s not the first time dangerous heat has impacted the Mediterranean nation this summer. Three tourists visiting Greece died amid extreme temperatures and heat waves in June, CBS News previously reported, including an American man from New York.
Temperatures peaked at around 109 degrees, prompting closures of schools, historical sites and more. Meteorologist Panos Giannopoulos told Greek state television channel ERT that it’s the earliest such heat wave.
“This heat wave will go down in history. In the 20th century, we never had a heat wave before 19 June. We have had several in the 21st century, but none before 15 June,” Giannopoulos said.
Extreme heat has been a crisis worldwide. More than 1,300 people making the pilgrimage to the Hajj in Saudi Arabia died as temperatures in the Middle Eastern country reached over 120 degrees. In India, temperatures were consistently above 110 degrees, and at least 100 heat-related deaths have been recorded, CBS News previously reported. Similar conditions were reported across Asia. Like in Greece, the high temperatures came earlier than they typically do. The temperatures were also exacerbated by the El Niño weather phenomenon.
Across the United States, heat waves have roasted the nation this summer, causing transit issues, illnesses and more. Las Vegas saw temperatures of over 115 degrees for nearly a week straight in July, and much of the Southwest has experienced dangerously high temperatures. California’s famous Death Valley reached 129 degrees.
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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.
Israeli Prime Minister Benjamin Netanyahu on Tuesday dismissed his popular defense minister, Yoav Gallant, in a surprise announcement that came as the country is embroiled in wars on multiple fronts across the region.
Netanyahu and Gallant have repeatedly been at odds over the war in Gaza. But Netanyahu had avoided firing his rival. Netanyahu cited “significant gaps” and a “crisis of trust” between the men in his Tuesday evening announcement.
“In the midst of a war, more than ever, full trust is required between the prime minister and defense minister,” Netanyahu said. “Unfortunately, although in the first months of the campaign there was such trust and there was very fruitful work, during the last months this trust cracked between me and the defense minister.”
In the early days of the war, Israel’s leadership presented a unified front as it responded to Hamas’ Oct. 7, 2023, attack. But as the war dragged on and spread to Lebanon, key policy differences have emerged. While Netanyahu has called for continued military pressure on Hamas, Gallant had taken a more pragmatic approach, saying that military force has created the necessary conditions for a diplomatic deal that could bring home hostages held by the militant group.
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Gallant, a former general who has gained public respect with a gruff, no-nonsense personality, said in a statement: “The security of the state of Israel always was, and will always remain, my life’s mission.”
Gallant has worn a simple, black buttoned shirt throughout the war in a sign of sorrow over the Oct. 7 attack and developed a strong relationship with his U.S. counterpart, Defense Secretary Lloyd Austin.
A previous attempt by Netanyahu to fire Gallant in March 2023 sparked widespread street protests against Netanyahu. He also flirted with the idea of dismissing Gallant over the summer but held off until Tuesday’s announcement.
Gallant will be replaced by Foreign Minister Israel Katz, a Netanyahu loyalist and veteran Cabinet minister who was a junior officer in the military. Gideon Saar, a former Netanyahu rival who recently rejoined the government, will take the foreign affairs post.
Netanyahu has a long history of neutralizing his rivals. In his statement, he claimed he had made “many attempts” to bridge the gaps with Gallant.
“But they kept getting wider. They also came to the knowledge of the public in an unacceptable way, and worse than that, they came to the knowledge of the enemy – our enemies enjoyed it and derived a lot of benefit from it,” he said