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Professional poker player pleads guilty to massive bettor fraud scheme
Professional poker player Cory Zeidman has pleaded guilty to federal charges in connection with a yearslong sports betting scheme, authorities said Wednesday.
Zeidman, 63, was arrested in connection with the $25 million scheme in 2021. He pled guilty in a federal court in Long Island, New York, the United State’s Attorney’s Office, Eastern District of New York, said in a news release.
The poker player helped run an organization that placed national radio advertisements to lure bettors in New York and Florida to use their services for sports betting advice, according to court documents. Zeidman and his partners used fake names and high-pressure sales tactics, and falsely led clients to believe the organization had access to non-public information about things like player injuries and “fixed” matches. In reality, the information was fake or based on public information, according to court documents.
The bettors were charged “exorbitant fees” for the information, according to court documents, and told that it allowed them to gamble on college and professional sports with little to no risk. Over more than 16 years, Zeidman and his partners collected $25 million in fees, CBS Sports reported in 2021.
Zeidman pleaded guilty to conspiring to commit mail and wire fraud. He faces a maximum sentence of 20 years in prison, as well as forfeiture and restitution of approximately $3.6 million, according to the United States Attorney’s Office.
Zeidman, who lives in Florida, has amassed $690,146 in career earnings as a professional poker player, CBS Sports reported.
Sports betting has surged in recent years, since a 2018 Supreme Court decision opened the door for states to legalize the activity. Since then, 39 states have done so. Americans have spent more than a quarter of a trillion dollars on sports betting, 60 Minutes reported in June.
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Can silver outpace gold in 2025? Here’s what experts think
Gold has long been considered a hedge against inflation and a good investment to diversify into during times of economic uncertainty. That’s why it comes as no surprise that the price of gold hit record highs over the last year. As the price increased, investors flocked to buy gold bars and coins or open gold IRAs, with many first-time gold investors getting in on the action.
It wasn’t just the price of gold that went up, either. Silver prices also rose, with silver IRAs becoming a common alternative to the best gold IRA companies.
With rising demand for both precious metals, many investors have been left wondering whether gold or silver is better for their portfolio. To help you decide, we’ve checked in with some experts who have some insight into whether silver may outpace gold in 2025.
Learn more about how gold investing could benefit your portfolio.
Yes, silver may outpace gold in 2025
With the price of gold topping $2,600 per ounce as of December 1, 2024, compared to around $30 per ounce for silver, gold’s cost per ounce will continue to far exceed silver’s. However, there’s ample reason to believe silver will see a greater percentage increase in value than gold in the upcoming year.
“I believe silver will outpace and outperform gold in 2025,” says Daniel Boston, founder of Preserve Gold.
Gold reached a new high of nearly $2,000 per ounce in 2011 in response to the 2008 financial crisis, Boston says. With its current price of around $2,700 per ounce, you’d be buying at the top of the market if you bought gold now. However, while gold and silver tend to move in tandem, silver’s all-time high — also in 2011 — was just under $50 an ounce. Today, the price of silver is hovering around $30, so there’s much more potential for growth.
“If you buy gold around $2,700 per ounce today, you are buying gold at the absolute top of the market. Buying anything at the top of the market just never sits right with me,” Boston says. “For silver to return to its 2011 high, for the simple fact that gold is already there, could mean nearly doubling your investment dollar from current levels. You may have a lot more upside in silver with a lot less downside risk, so that’s where I believe investors should be focused right now.”
Jose Gomez, a partner at Summit Metals, also believes silver’s percentage gains are likely to exceed gold’s in 2025.
“My estimate is a rise of 25-30% from today’s approximately $30-dollar spot price,” Gomez says. “Silver can reach $38 to outpace gold by 10%. Gold has an upside to hit $2900 in 2025 from today’s $2,650 price.”
Gomez believes silver is likely to outperform because “the gold price has been locked in by institutional investors since early this year, bitcoin is taking a market share of gold retail investors, and gold is quite expensive for the average retail investor.”
According to Gomez, while global demand for gold will likely outpace supply and result in continued growth, there’s also likely to be a sharp increase in demand for silver.
“There’s an increased rise in industrial demand from solar energy investments, new EV battery solutions, and military conflicts that require silver as a basis for fast-performing electronics,” Gomez says. “Silver is a better conductor of electricity than copper which makes it the choice of metal for high-end electronics.”
Wheaton Precious Metals CEO Randy Smallwood also points to the rise in industrial demand as a reason silver will outperform this year — but indicated there are other factors in play as well.
“Central banks have set new records in terms of gold purchases, which has helped fuel the price of gold,” Smallwood says. “In October, Russia announced it will begin to accumulate silver in addition to other precious metals. It will be interesting to see if other nations follow suit, potentially driving the demand for silver even higher.”
“Analysts have pointed to a notable increase in China’s apparent demand for silver, up by more than 20% year over year,” Smallwood says, which isn’t entirely explained by rising industrial demand. “We’re also seeing a resurgence of interest from retail investors, many of whom are buying silver for the first time in years. If this trend continues, and global ETF demand for silver picks up in the new year, we could see a positive shift in the market.”
With ample evidence that silver could overperform, silver investors may have an unprecedented opportunity.
“With the current gold-to-silver ratio hovering just under 90, it’s important to note that outside of the exceptional circumstances of the 1990-91 Gulf War and the 2020 COVID-related shutdowns, there have been very few instances where silver has been priced this attractively,” Smallwood says.
Take steps to add gold to your investment portfolio today.
No, silver won’t outpace gold in 2025
While this is good news for silver enthusiasts, it’s also important to note that uniform consensus is lacking regarding which precious metal has the most potential this year.
“I think it is very unlikely that silver will outperform gold in 2025,” says Michael Martin, vice president of market strategy at TradingBlock. “In inflationary environments, investors typically flock to gold first. Additionally, with Bitcoin drawing attention away from traditional inflation hedges, silver is even further sidelined.”
Martin points to the preference for gold among central banks due to its stability, which could further drive demand in today’s debt-ridden global economy.
“During times of uncertainty like today, with wars and geopolitical tensions affecting the world, gold has historically been the first choice for investors. Considering the persistent inflation and geopolitical issues, I see little reason to believe silver will outshine gold,” Martin says.
Luciano Duque, chief investment officer at C3 Bullion, also says that while silver does have a greater potential upside in the long run, he doesn’t believe it will outpace gold in the coming year.
“Gold needs to consolidate its upward trajectory, and the silver price will probably follow along at the same rate or closer,” Duque says. “Now, the change will happen after, let’s say, a full 2025 of steady gold price increase. Then, I do foresee a silver price increasing its upward trajectory faster than gold, aiming for that traditional gold-to-silver price ratio of 15:1. So, in short, my thinking is that in 2025, gold will continue to rise, with silver following along. In 2026, I foresee gold rising at the same speed but silver outpacing that speed.”
The bottom line
The good news is, while it’s unclear if gold or silver will shine this year, it’s likely the price of both will continue to rise. Mark Charnet, founder and CEO of American Prosperity Group, recommends investors gain exposure to both by investing in “a mutual fund that specializes in precious metals which would include mining company shares of both metals and a whole lot more.”
For those who wish to avoid the fees these funds can come with, though, direct investments in gold, silver, or both will likely produce gains in 2025, and both precious metals may deserve a place in your diversified portfolio.