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Why you should invest in gold before 2025
The price of gold continues to shatter records in 2024. Not only has the price broken numerous records so far this year, but the precious metal recently hit an all-time high of $2,730 per ounce, pushing past the previous price barriers once again. Three main factors are helping to drive this explosive growth: heavy buying from central banks, ongoing inflation concerns and expected interest rate cuts by the Federal Reserve.
As a result, many investors are wondering if gold’s high price means they should wait to buy. But financial experts say the current market presents unique opportunities. They point to strong signals that suggest gold prices could climb even higher.
We consulted three industry professionals about why now might be the right time to invest in gold — even with the recent price trajectory. Here’s what they had to say.
Find out how gold could benefit your investment portfolio today.
Why you should invest in gold before 2025
Below are three compelling reasons to consider investing in gold before 2025 rolls around:
The potential for continued price appreciation
Many analysts predict gold prices will reach $3,000 per ounce in 2025, representing a significant jump from current levels.
“With favorable conditions continuing to prevail in markets today, we [may] see gold well over [that target soon],” says Brett Elliott, director of marketing at American Precious Metals Exchange (APMEX).
The U.S. national debt adds another factor that could drive prices higher.
Michael Boggiano, managing partner at Wealthcare Financial, warns that rising debt levels could devalue the U.S. dollar, potentially triggering a financial crisis. This scenario could push gold prices even higher as investors seek safer alternatives.
Start adding gold to your investment mix now.
To hedge against economic uncertainty
Recent events prove gold’s value during market turmoil.
“Take the COVID-19 pandemic for example,” notes Boggiano. “[It] caused the 2020 market crash. This [drove gold’s price] to an all-time high of almost $2,100 per ounce.”
The precious metal has also shown its strength against inflation. Elliott points out that while inflation has eaten away more than 20% of the dollar’s purchasing power since 2020, gold has risen from under $2,000 to over $2,700 per ounce in four years.
This protective power becomes even more evident in countries facing severe economic challenges, where gold has helped preserve wealth during periods of extreme inflation.
For the diversification benefits
Elliott highlights that the traditional stocks and bonds balance doesn’t work like it used to.
“[They’ve] become correlated in recent years,” he says, limiting their effectiveness for portfolio diversification.
This shift has led investors to seek alternative assets that protect their wealth during market turbulence. Gold has proven particularly effective at this role by moving independently when other investments falter.
But how much should you invest? “[It’s] best to hold a small position in gold for the ‘what-if’ scenario,” advises Mark Charnet, founder and CEO of American Prosperity Group. He recommends making systematic investments you can maintain through good and bad market cycles.
Waiting until 2025 to buy gold could be costly
History gives us a clear warning about trying to time the gold market. Elliott recalls when gold cost less than $300 per ounce in 2000.
“There were people in 2006 who looked at gold priced at $600 an ounce and said they’d rather wait for the market to cool … [and it never did],” Elliott says.
Those who held off for lower prices missed out on significant gains.
That’s why instead of trying to time the perfect entry point, experts recommend a steady approach. Consider starting with smaller purchases and adding to your position regularly over time. This strategy, known as dollar-cost averaging, helps reduce the impact of price swings while building your gold holdings responsibly.
The bottom line
A balanced approach is key when adding gold to your portfolio before 2025. While some may want to dive in heavily given current market conditions, Charnet recommends limiting gold to no more than 10% of your investment portfolio — even in good times for the precious metal. This allocation is enough to benefit from its protective qualities while maintaining healthy diversification.
If you’re new to gold investing, start with “physical gold from a sovereign mint, and avoid collectibles for your first investments,” suggests Elliott. He emphasizes sticking to reputable companies only — and that’s where a financial advisor can provide guidance.
Consult with one to devise a strategy that lines up with your long-term goals and risk appetite. Remember that gold investing works best as a steady, long-term bet rather than a short-term or speculative venture.
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Can a 7-year-old credit card debt still be collected?
With credit card debt climbing nationwide, many cardholders have found themselves struggling to meet their monthly payment obligations. Right now, the average cardholder owes nearly $8,000 in credit card debt and the financial stress of carrying a balance that high (or higher) is being compounded by rising credit card interest rates, which currently exceed 23% on average. And, as the interest charges accumulate, many cardholders have been unable to balance their regular expenses with their credit card payments, leading to a recent uptick in delinquent credit card payments.
But while more cardholders are falling behind on their card debt, missing a payment on a credit card can have immediate and lasting repercussions. When a payment is missed, creditors will generally report it to credit bureaus after about 30 days. This can cause a decrease in your credit score, and if the missed payments continue, it can further compound the credit damage, lead to extra fees and penalty APRs and signal serious issues with your finances.
If credit card debt goes unpaid, its impact can persist for years. However, debt does not remain on your credit report indefinitely, nor can it be legally pursued by collectors forever. So, what if you have a 7-year-old credit card debt? Can it still be collected, or does the age of the debt mean you’re free from legal obligations?
Compare your top credit card debt relief options here.
Can a 7-year-old credit card debt still be collected?
Whether a seven-year-old credit card debt can still be collected primarily depends on the statute of limitations, which is a legal time frame that limits how long creditors can take legal action to recover unpaid debts. Each state sets its own statute of limitations, which typically ranges from three to 10 years for credit card debt, though some states allow longer periods. The start date for this clock is usually the last date of activity on the account, such as the last payment made. So, a credit card debt that’s seven years old might be either within or beyond the statute of limitations, depending on your state and the account’s payment history.
Once a debt becomes “time-barred,” meaning the statute of limitations has expired, creditors lose their right to sue you for payment. However, this doesn’t mean the debt is erased or forgiven; creditors and collection agencies can still reach out to you through phone calls or letters, as they’re legally allowed to attempt collection informally. You’re not obligated to pay, though, and in most cases, time-barred debts no longer appear on your credit report, as credit reporting agencies generally drop unpaid debts after seven years from the date of the original delinquency.
Still, one crucial point to remember is that in some states, taking specific actions, such as making a partial payment or even acknowledging the debt in writing, could reset the statute of limitations clock. If this happens, your debt would effectively become “fresh” again, making it legally collectible, and creditors could pursue it in court once more. So, if you’re dealing with old debt, it’s important to confirm whether the statute of limitations has expired and know your rights before making any payments or interacting with collectors.
Start getting rid of your old credit card debt today.
What are my options for dealing with old credit card debt?
If you’re dealing with a seven-year-old credit card debt, you have a few options to approach it responsibly, whether you’re seeking to put the matter behind you or simply avoid legal complications. Here are some strategies for handling aged debts while preserving your financial stability:
Confirm the debt’s status
Before taking any action, verify whether the debt is time-barred by requesting a debt validation letter from the creditor or collection agency. This letter clarifies the debt’s details, such as the original amount, age and any recent activity on the account. Reviewing these details helps ensure you’re informed about the debt’s validity and prevents unintentional actions that might reset the statute of limitations.
Consider debt settlement
For those seeking to resolve a time-barred debt without facing additional legal challenges, debt settlement (also known as debt forgiveness) can be a viable option. Debt settlement involves negotiating with the creditor to reduce the amount owed and settle the debt in one payment. Some people choose to negotiate independently while others prefer to work with a debt relief agency instead.
Look into debt management and debt consolidation
If you have multiple aged debts, consider enrolling in a debt management program. These programs consolidate your monthly payments into a single manageable sum, helping to streamline your repayment. Debt consolidation may also be an option if you’re eligible, as it allows you to combine various debts into one loan with a lower interest rate. However, debt consolidation loans may be less accessible for time-barred debts.
The bottom line
Facing a seven-year-old credit card debt may feel overwhelming, but with the right knowledge and approach, you can handle it effectively and avoid potential pitfalls. Understanding the statute of limitations and exploring debt relief options can help you manage your debt responsibly and make informed decisions. But whether you choose to negotiate a settlement, consolidate your debts or avoid making payments on time-barred debt, knowing your rights and taking steps to resolve the issue will help you achieve greater financial peace of mind.
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Harris to address nation following projected loss to Trump in 2024 presidential election
Washington — Vice President Kamala Harris is set to speak Wednesday at 4 p.m. ET from Howard University in Washington, D.C., after she was defeated by former President Donald Trump in the race for the White House.
CBS News projects that Harris had secured 222 electoral votes, short of the 276 amassed by Trump, her Republican opponent. Trump surpassed the 270 electoral votes needed to secure the presidency just after 5:30 a.m. ET Wednesday, after locking up the battleground states of Georgia, North Carolina, Pennsylvania and Wisconsin.
Harris was expected to address supporters from Howard, the historically Black college where she graduated in 1986, on election night, but never made it to her alma mater as the results came rolling in. Instead, campaign co-chair Cedric Richmond sent the assembled crowd home and said Harris would deliver remarks Wednesday.
Election Day on Nov. 5 capped a chaotic and historic presidential election cycle that saw two assassination attempts against Trump and was roiled when President Biden announced he would be exiting the race following a disastrous debate performance in late June.
Harris swiftly announced her own candidacy for the White House, and Democrats quickly coalesced around her as their pick to take on Trump. Her nomination was solidified at the Democratic National Committee in Chicago in August, where Harris made history as the first woman of color to top a major party ticket.
How to watch Harris’ remarks
- What: Vice President Kamala Harris to deliver remarks
- When: Wednesday, Nov. 6
- Time: 4 p.m. ET
- Location: Howard University in Washington, D.C.
- Online stream: Live on CBS News 24/7 in the player above or on your mobile or streaming device