CBS News
These 3 precious metal investments make sense right now, experts say
With today’s unique economy — one that has shown job growth and strong GDP, yet high inflation and even higher interest rates — many consumers are looking for safe places to invest their cash.
One common investment is gold, which has long been considered a smart hedge against inflation and a protector of wealth. But gold isn’t the only precious metal you can invest in, and experts say there are actually a few others you might want to eye these days, too.
Find out more about your top precious metal investing choices here.
These 3 precious metal investments make sense right now, experts say
Are you thinking of investing in precious metals other than gold? Here are a few that experts recommend right now.
Silver
Silver is usually the first precious metal to come to mind after gold — and for good reason.
“Silver is considered a safe-haven asset like gold, with its value holding or increasing during economic turbulence or geopolitical instability,” says Rick Kanda, managing director at Group International/The Gold Bullion Company.
Silver prices have been on a steady run-up since earlier this year, and demand for the metal remains high, thanks, in large part, to the many industrial uses it has.
“Silver has many industrial uses — batteries, solar panels, electric vehicles — which makes it valuable,” says Alex Ebkarian, co-founder of Allegiance Gold. “If industrial demand increases, it will lift silver prices higher.”
Many expect that to happen. According to Kanda, silver could rise to as much as $35 per ounce — up from just $23 per ounce at the start of the year.
“Looking at past cycles of gold and silver prices, silver tends to rally after gold and by a greater percentage,” says Patrick Yip, director of business development at American Precious Metals Exchange. “We saw this occur both in 1980 and 2011. If history repeats, silver may rise sharply later this year. If you want to get into precious metals and think you may have missed the boat on gold, now may be the time to buy silver.”
Explore how gold and other precious metals could be a smart addition to your portfolio.
Palladium
Palladium is another metal you might consider investing in, with Kanda even calling it a “rival” to other metals due to its increasing demand and limited supply.
“The main strength of investing in palladium lies in its rarity,” Kanda says. “With the metal 30 times rarer than gold, investors may benefit from potential price gains in the future depending on whether palladium remains in demand in industries such as automobiles, jewelry, and medicine.”
Kanda notes that palladium is often used in car production — namely, in manufacturing catalytic converters. With car sales expected to rise both this year and next — by about 2% to 3%, according to forecasts — that could lead to increased demand and higher palladium prices, too.
Platinum
Platinum is another option to invest in right now — especially if you’re looking for “long-term price appreciation,” Kanda says.
“Platinum is a precious metal and is amongst the rarest in the world,” Kanda says. “Due to its scarcity, the price of platinum is sensitive and highly dependent on changes in demand and supply. “
Just be warned: Platinum tends to cost more than other precious metals. It’s currently sitting at around $950 per ounce. (Silver is only about $26 per ounce currently).
The bottom line
While gold, silver, palladium and platinum can all be a smart addition to your portfolio, you should be sure not to over-invest in any precious metals. Most financial professionals recommend committing no more than 5% to 10% of your total portfolio to them. And, whatever metal you choose to invest in, make sure you use a reputable dealer and have a storage solution in mind. If you opt to buy metals held in a gold or silver IRA, you should also shop around for your IRA company, as they can vary widely in fees and services.
CBS News
News details emerge about Utah mother, 3 young children killed at their home
A Utah mother who police believe was shot and killed by her husband along with three of their children was a refugee who fled violence in Myanmar and dreamed of thriving with her family in the U.S., relatives said Thursday.
Police believe the husband killed his family before shooting himself, and a teenage son was badly wounded.
The bodies of Bu Meh, 38, along with her daughters Kristina Ree, 8, and Nyay Meh, 2, and son Boe Reh, 11, were found in their home in West Valley City, a Salt Lake City suburb, on Tuesday. A handgun was found under the father Dae Reh, 42, leading police to believe this was a murder-suicide, but no evidence of a motive has been released.
One child, 17-year-old Sha Reh, survived being shot in the head and is hospitalized with a severe brain injury, police said.
Bu Meh, a member of Myanmar’s Karenni ethnic minority, fled what her relatives described as ethnic cleansing in the Southeast Asian nation about 10 years ago. She and her small family lived for a time in a refugee camp in Thailand, then came to the United States “with little more than the clothing on their backs,” the family said in a statement.
She taught herself English, learned new skills and worked hard to support her growing family, achieving a way of life “far beyond the nightmare of her former country or the refugee camp,” the family said.
“For reasons that we cannot comprehend, her husband robbed her and their children of that security and their very lives,” her family said.
Police believe the shooting happened over the weekend.
Police initially went to the home Monday night after a relative asked them to check on the family but did not find any sign of an emergency that would allow them to enter the home. The relative went to the home Tuesday, saw Sha Reh wounded in the garage and called police, who found the bodies inside the home.
In their statement, relatives called Sha Reh their hero and said he faces a “long and complex road to recovery.” An online fundraiser is collecting donations to pay for his care and to help him go to college.
“After moving into their own home and finally enjoying a level of prosperity far beyond the nightmare of their former country or the refugee camp in Thailand in which they lived for a season, and for reasons that we cannot comprehend,” the family wrote, “her husband robbed her and their children of that security and their very lives.”
Neighbors hadn’t reported any gunshots in the area over the weekend, police spokesperson Roxeanne Vainuku said at a news conference Wednesday. The family had no previous reports of domestic violence or other disturbances.
One neighbor spoke to CBS affiliate KUTV about the shock they felt.
“How can a father shoot his children?” neighbor Mike Webster told the station. “I just can’t grasp for that concept at all. I can just see that poor little two-year-old looking at her daddy.”
This Utah case is the 38th mass killing in the United States this year. At least 165 people have died this year in U.S. mass killings, which are defined by the FBI as cases in which four or more people die within a 24-hour period, not including the killer.
Mark Barden, whose child was killed in the 2012 Sandy Hook school shooting, urged Utah lawmakers to pass Red Flag laws after the incident in Utah, KUTV reported.
“When it is recognized that an individual is in crisis, measures to safely and temporarily remove firearms from their possession are proven to save lives,” Barden said.
CBS News
Two journalists killed in northern Syria
A journalists’ association says two journalists working for Kurdish media outlets were killed in northern Syria while covering fighting between Turkish-backed fighters and Syrian Kurdish militia.
The Turkey-based Dicle-Firat Journalists Association said Friday that Nazim Dastan and Cihan Bilgin were killed Thursday when their vehicle was reportedly targeted by a Turkish drone on a road near the Tishrin Dam.
Tishrin Dam, located some 56 miles east of Aleppo, has been the scene of clashes between the U.S.-backed Syrian Democratic Forces, SDF, and the Turkey-backed opposition forces.
There was no immediate comment from Turkish officials.
Bianet, a news website dedicated to human rights issues, said Bilgin was a reporter for the Kurdish Hawar News Agency, while Dastan worked as a freelance journalist for the Firat News Agency, which is associated with the militant group, the Kurdistan Workers’ Party (PKK).
Turkey considers the SDF a terrorist organization because its main component is a group aligned to the PKK.
The group has been engaged in an armed struggle against the Turkish state since the 1980s in pursuit of its objective of securing autonomy for Kurds in the country.
CBS News
Stuffing stockings with skincare? Here’s what experts say kids should (and shouldn’t) be using.
Skin care is all the rage for teens and tweens these days. But if you’re hunting for last-minute skincare stocking stuffers, be aware that experts warn some products could cause more harm than good.
Dr. Sheilagh Maguiness, a dermatologist and president of Society for Pediatric Dermatology told CBS News earlier this year it’s important to look for age-appropriate products for young skin.
“What’s not good about caring for your skin, washing your face, wanting to establish good healthy skin care habits early? That’s great,” Maguiness said. “But what’s not great is the fact that some of the products that are being marketed to tweens and teens are not necessarily good or appropriate for their skin.”
So if you’re deciding on skincare gifts, here’s what’s safe and what’s best to skip.
Safe: Cleanser and sun protection
Using a gentle cleanser once or twice a day to wash your face is a great first step for those around age 11 or 12, Maguiness said.
“Even tweens could wash their face twice a day; as young as 8, that would be just fine,” she said.
After washing your face in the morning, Maguiness suggests applying a sunscreen with SPF 30 or greater. Then in the evening, swap that out for a gentle moisturizer.
“The only preventative product that you need in an arsenal at any age is sunscreen,” she said. “It is the No. 1 thing you can do to prevent your skin from aging and to prevent, even more importantly, the risk for skin cancer down the line.”
Skip: Harsh ingredients
Some harsh ingredients for young people to avoid include alpha and beta hydroxy acids (AHA and BHA), alcohol, highly fragranced products, and retinols and retinoids, plastic surgeon Dr. Smita Ramanadham, told CBS New York earlier this year.
“The biggest category to really avoid are those anti-aging products,” she said. “Young skin just does not need it. Young skin has collagen, elastin, it is hydrated, so we don’t need to add these extra ingredients that are really going to irritate and cause inflammation.”
Maguiness said she sees young girls come into her clinic with bags of unnecessary and potentially risky products.
“They’re actually damaging their skin barrier. They’re drying themselves out. They’re getting irritant dermatitis,” she said. “They’re using products that really just aren’t appropriate for the type of skin that they have.”