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Is gold too expensive to invest in now?
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The price of gold has broken so many records already in 2024 that investors would be forgiven if they had lost track. Starting the year priced at $2,063.73 per ounce, gold surged past $2,600 per ounce this week. And it’s possible, if not likely, that gold could surpass the $3,000 mark soon. And it’s easy to understand why. With inflation problematic for much of the last two years and market volatility more pronounced, investors turned to the safe haven that gold has historically presented. During uncertainty, gold can often maintain and even rise in value, as has already been recorded this year.
But as the price continues to grow with no clear end in sight, some beginners may be wondering if it’s still worth investing in. Specifically, is gold too expensive to invest in right now? Below, we’ll detail three reasons why it could still be worth pursuing despite the rising cost.
Learn how the right gold investment could help you here now.
Is gold too expensive to invest in now?
The price of gold can be prohibitive for select investors. However, an investment that’s already up 29% so far this year could be worth pursuing now, despite the pricey entry point. Here are three reasons why you should still consider investing in gold now:
Inflation hedge
Inflation has dropped dramatically from the decades-high 9.1% it was at in June 2022 to just 2.5% now. But that’s still a half percentage point higher than the Federal Reserve would prefer it to be. And it’s yet to be seen how the recent Fed rate cut will affect the inflation rate. Plus, inflation is cyclical and will inevitably spike again at some point in the future. And, as has been seen in recent years, that increase could be hard to predict. Knowing this, then, investors should hedge against inflation now with a small but critical addition of gold into their portfolio.
Get started with gold online today.
Portfolio diversification
A diversified portfolio split between stocks, bonds and some alternative assets like gold and silver is generally considered a healthy one. That’s not to say that gold should make up a third or even a quarter of your portfolio (experts recommend capping it at 10%). But it’s still worth adding to provide a buffer against the volatility those other assets can endure, particularly now with geopolitical tensions high and uncertainty over a looming U.S. presidential election and the fallout there. And if the price is too high now, consider fractional gold or a smaller investment, which can be better than avoiding gold altogether.
Potential to turn a quick profit
Primarily because of the above two features, gold is not traditionally considered a smart way to turn a quick profit or earn some income. But the surging price the metal has seen so far in 2024 isn’t traditional, either. So it may be worth buying now at the higher price if the potential to turn a quick profit by selling it at $3,000 per ounce, for example, is substantial. Just be cautious in your approach and monitor the price carefully (and daily) if this is your primary motivation for investing in gold now.
The bottom line
The rising price of gold can understandably discourage prospective investors from getting started now. But the conventional benefits of gold, like its ability to hedge against inflation and diversify portfolios, are still worthwhile even at the higher price. Plus, by investing in gold now, investors can potentially exploit a rare opportunity to earn quick income with the precious metal. So consider investing in gold now even with the price surging. But be proactive. With the price continuing to increase there’s no predicting when it could become fully out of reach.
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Federal prosecutors have secured criminal charges against multiple Iranian hackers for allegedly targeting members of former President Donald Trump’s presidential campaign as part of a malicious cyber scheme, multiple sources familiar with the investigation confirmed to CBS News.
The Iranian hackers were indicted by a grand jury on Thursday and the charges could be announced as early as Friday, the sources said. The nature of the allegations and the names of the defendants were unknown as charging documents remain under seal. The exact number of people charged was also not confirmed.
ABC News and Politico first reported on elements of the charges.
A Justice Department spokesperson declined to comment on CBS News’ reporting. A spokesperson for the Trump campaign also did not immediately respond to a request for comment.
Once publicly announced, the charges will mark an escalation in the federal government’s work to combat Iran’s alleged efforts to interfere in the 2024 presidential election. Federal officials have warned Iran is seeking to undermine Trump’s campaign.
The FBI launched probes earlier this summer after both the Trump and then-Biden campaigns experienced attempted phishing schemes targeting people associated with the candidates, sources told CBS News in August.
Last week, federal officials with the FBI and other intelligence agencies released a statement confirming, “Iranian malicious cyber actors in late June and early July sent unsolicited emails to individuals then associated with President Biden’s campaign that contained an excerpt taken from stolen, non-public material from former President Trump’s campaign as text in the emails. There is currently no information indicating those recipients replied.”
The statement went on to say that “Iranian malicious cyber actors have continued their efforts since June to send stolen, non-public material associated with former President Trump’s campaign to U.S. media organizations…Foreign actors are increasing their election influence activities as we approach November.”
Iran’s United Nations mission previously denied it had plans to interfere or launch cyberattacks in the U.S. presidential election, telling CBS News in a statement last week that “the Islamic Republic of Iran does not engage in the internal uproars or electoral controversies of the United States,” adding that “Iran neither has any motive nor intent to interfere in the U.S. election; and, it therefore categorically repudiates such accusations.”
Trump’s campaign revealed last month that it had been hacked and said Iranian actors were involved in stealing and distributing sensitive internal documents to members of the press.
FBI agents worked with both Google and Microsoft — two major tech firms and providers of email services — to dig into the apparent spearphishing attacks targeting those close to both presidential campaigns, according to two people familiar with the probe. A report published by Microsoft earlier this summer revealed Iran is evolving its tactics to affect the upcoming election.
Trump and former members of his administration have been increased targets of Iranian actors following the killing of Iranian military commander Qassem Soleimani in 2020. Some former officials received increased protection because of death threats, and in July, federal prosecutors filed charges against a Pakistani national with ties to Iran for allegedly planning to assassinate American politicians, including possibly Trump.
Iran is not the only foreign adversary that U.S. officials say is seeking to undermine the upcoming presidential election. Intelligence agencies have warned Russia and China have launched cyber campaigns of their own to sew chaos, with Russia allegedly seeking to damage Vice President Kamala Harris’ bid for the White House.
Speaking at an event hosted by the Atlantic Council on Thursday, Deputy Attorney General Lisa Monaco said, “We are seeing more threat actors, more threat actors getting into the game” of election interference, exacerbated by advancements in artificial intelligence.
The goal, according to Monaco, is to “sow discord, sow distrust in our election system and undermine confidence in our democratic process.”
and
contributed to this report.
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