CBS News
Gold prices keep rising. Here’s how to take advantage now.
Chuyko Sergey/Getty Images
Those who thought gold prices peaked after a slower start to the summer were pleasantly surprised last week when the precious metal surged to its latest record high, hitting $2,472.76 per ounce on July 17. That comes after the yellow metal had broken numerous price records so far in 2024 — and after it started at just $2,063.73 per ounce on January 1. That’s an almost 20% increase in just over six months.
Against this unique price backdrop, then, both experienced investors and beginners may be considering the benefits gold can provide to their portfolio now. But as the price rises and with the potential for the price of gold to hit $3,000, according to some experts, it behooves investors to get started sooner rather than later. Below, we built a list of some ways to take advantage now.
Start by exploring your available gold investing options online today.
How to take advantage of gold’s rising price
If you’re looking for the hedge against inflation and portfolio diversification that a gold investment can offer then you’ll want to get invested now. Here’s how to do so even as the price continues to tick upward:
Buy in now
Waiting for an ideal time or price to buy gold could be a major mistake. Not only is the precious metal not expected to drop in value, but many experts expect it to rise even further. And in the face of geopolitical tensions abroad and a presidential election in the U.S., the price could rise sooner than expected (both factors play a large role in the price of gold). So it makes sense to buy in now before the price becomes prohibitive.
And it’s helpful to remember that you don’t necessarily have to pay the full price noted above. You could shop around to find deals with top gold companies or even consider buying less than a full ounce worth (fractional gold) to secure the benefits gold can provide without having to pay too much.
Consider physical gold
Physical gold is easy to find, simple to buy and it can be sold at a markup. Plus, with the right approach, it can be easy to authenticate. 1-ounce gold bars, coins and other types and sizes can be particularly beneficial for you, depending on your goals and expectations. And while not normally considered a way to generate income, today’s rising price provides investors a rare opportunity to potentially turn a quick profit with gold. The tangibility and ease of access a physical gold investment provides — compared to gold ETFs or IRAs, for example — make it an opportune type to buy right now.
Limit your investment
A continuously rising price could tempt some investors to purchase large amounts of gold, no matter the form they choose. The more you buy now the more you stand to make in profit. But that would be a mistake. Conventional wisdom dictates that gold should make up a maximum of 10% of your overall portfolio (or less). A rising price does little to detract from this advice and actually underlines its importance.
Gold’s prices, after all, evolve as the economic climate does. So it’s more important in these changing times to have a diversified portfolio made up of stocks, bonds and alternative assets like gold versus one heavily made up of just one specific class.
Learn more about how gold can boost your portfolio online.
The bottom line
A rising price could deter some prospective gold investors from getting started now. But with a strategic and nuanced approach, they can still take advantage of the benefits and protections gold traditionally offers. Specifically, they should consider buying in now before the price rises yet again and the cost becomes prohibitive. They should also consider the benefits and flexibility a physical gold investment offers now when compared to other, less tangible gold investment types and they should avoid the temptation to over-invest in the metal, even with the prospect of future price hikes high at the moment. By taking these approaches now investors can potentially capitalize on today’s high gold price while also positioning themselves for additional price growth in the weeks and months ahead.
Hakeem Jeffries could make history if Democrats retake majority
House Minority Leader Hakeem Jeffries of New York could make history as the first Black speaker if Democrats win the majority.
It wouldn’t be the first time he’s made history. Jeffries became the first Black lawmaker to lead a party in Congress when he was elected minority leader in January 2023, succeeding former House Speaker Nancy Pelosi as the top Democrat in the lower chamber. His election also made him the first House Democratic leader to be born after the end of World War II.
Jeffries was first elected to Congress in 2012.
House GOP leadership to hold elections on Nov. 13
House Republicans will hold leadership elections on Nov. 13 after Congress returns from recess. It’s a quick turnaround because sluggish returns from California and races that are too close to call or are contested could blur the picture of which party has the majority on Nov. 13.
If Republicans lose control of the House, there could be a shakeup in GOP leadership. It’s unclear if House Speaker Mike Johnson of Louisiana would run for minority leader or if anyone would challenge him.
House Democrats haven’t said when they’ll hold their leadership elections.
— Scott McFarlane and Caitlin Yilek
GOP infighting a staple of the 118th Congress
Republicans took back control of the House in the 2022 midterm elections after four years of Democratic rule. But GOP infighting has made it difficult to govern with a razor-thin majority amid early retirements and the expulsion of Rep. George Santos, whose seat was later picked up by a Democrat.
In January 2023, former House Speaker Kevin McCarthy of California finally won the speaker’s gavel after 15 ballots amid a prolonged — and public — fight with conservatives who demanded concessions, foreshadowing the limits of his power over a fractured party.
His deal with far-right Republicans to allow a single member to trigger a no-confidence vote to remove the speaker came back to haunt him nine months later after he relied on the votes of House Democrats to temporarily avert a government shutdown. Eight Republicans voted with all Democrats to remove McCarthy, making it the first time in U.S. history a House speaker was ousted by such a motion.
Speaker Mike Johnson of Louisiana succeeded McCarthy after three weeks of chaos caused by the GOP’s inability to coalesce around a candidate. Though Johnson has faced similar issues as McCarthy and has had to rely on Democratic votes to pass legislation, he has survived in the role longer than his predecessor. Democrats stepped in to rescue Johnson from an ouster attempt in May.
House control last flipped during presidential election cycle in 1952
The last time control of the House flipped in a presidential election year was 1952. Republicans won the House and Dwight D. Eisenhower was elected to his first term in the White House.
Battle for control of the House
Of the 435 House seats on the ballot, about 40 are seen as competitive, according to the Cook Political Report, a nonpartisan election analysis site that considers 22 of those races toss-ups. Of those 22 seats, 10 are held by Democrats and 12 by Republicans. Of the other 21 competitive seats, 13 are lean Democrat and eight are lean Republican.
Republicans currently have 220 seats. Democrats have 212. There are three vacancies due to the deaths of Rep. Sheila Jackson, a Texas Democrat, and Rep. Bill Pascrell Jr., a New Jersey Democrat, and the early retirement of Rep. Mike Gallagher, a Wisconsin Republican.
For Democrats to take control of the chamber they’d have to hold on to their 212 seats and the two vacancies from deaths, as well as pick up four seats.
It’s unlikely to be that easy, however. Redrawn congressional maps in North Carolina mean three seats held by Democrats are poised to be easily won by Republicans.
But the swing toward Republicans is blunted in part by redrawn congressional districts in Louisiana and Alabama that are likely to be won by Democrats under the new lines.
— Caitlin Yilek, Hunter Woodall and Alexandria Johnson
CBS News
Donald Trump Media posts earnings as DJT stock halts on Election Day. Here are the details.
Donald Trump’s Trump Media & Technology Group had an eventful Election Day 2024, with its DJT stock halted three times after the shares suddenly plunged. At the end of the trading day, the Truth Social owner released its third-quarter earnings, showing a continued decline in revenue.
The company’s third-quarter results, disclosed in a U.S. Securities & Exchange filing, shows that the fledgling social media business continues to lose money, while its revenue slipped 5.6% compared with a year earlier. Still, that marks an improvement from the prior quarter, when Trump Media’s sales tumbled 30%.
Donald Trump’s stake in DJT
DJT stock has been on a rollercoaster since going public in March, with the shares surging or falling in line with news about Trump, its largest shareholder, with about 57% of the company’s shares. The erratic fluctuations of the shares have prompted comparisons with so-called meme stocks, which trade on social media buzz rather than the fundamentals that investors prefer, such as revenue and profitability growth.
“This has been an extraordinary quarter for the company, for Truth Social users, and for our legion of retail investors who support our mission to serve as a beachhead for free speech on the internet,” Trump Media CEO Devin Nunes said in a statement.
The company said it lost $19.2 million in the quarter ended September 30, compared with a loss of $26 million in the year-earlier period. Sales fell 5.6% to $1.01 million.
How DJT stock performed on Election Day
DJT stock initially surged almost 19% on Election Day before giving up those gains and closing down 1%. Trading in the stock was also halted three times on Tuesday by the New York Stock Exchange due to sudden drops in its price.
The shares have been on a wild ride since going public in March, initially surging and giving former president’s 57% stake a value of $5.2 billion. But the shares tumbled after Vice President Kamala Harris entered the presidential race, eventually hitting a low of $11.75 per share in September and shaving Trump’s stake to $1.4 billion.
But after hitting that low, the shares more than quadrupled after Trump was predicted to win the presidential race by betting markets like Polymarket.
Yet in recent days, DJT stock has lost much of those gains, shedding 34% of its value since its most recent high of $51.51 per share on October 29.
Senate elections live balance of power for 2024
There are 34 Senate seats up for election in 2024, and Democrats are facing strong headwinds as they seek to defend their narrow 51-49 majority. Heading into Election Day, Republicans appeared to have an edge in several races that could determine control of the Senate.
Senate elections live results map for 2024
Democrats are facing a particularly difficult map this cycle, fighting to hold seats in two states Trump won in 2020. In another six states, Democratic incumbents are in tight races, while only two Republican-held seats are considered possible pickup opportunities for Democrats.