CBS News
Gold’s price soars past a record $2,700: Why you should invest right now
The price of gold continues to break records. That was the big news in the precious metal industry this week after the price of the yellow metal surged past $2,700. Now at $2,716.64 per ounce, the new price record comes just weeks after gold hit a previous record of around $2,600. That’s after the metal started the year priced at just $2,063.73 per ounce – a dramatic 32% increase in less than a year. And there are no signs of cooling. Many experts now expect the price to rise past $3,000, perhaps as soon as this year.
Against this backdrop, then, prospective investors may want to get started now, before the price becomes out of reach. There are multiple, timely advantages to investing in gold now, whether you’re a beginner just getting started with precious metals or a veteran looking to add the portfolio protection that gold is known to provide.
Start exploring your best gold investing options online now.
Why you should invest in gold right now
A rising price could scare some potential investors away from getting started with gold. But that would be a mistake. Here are three important reasons why you should strongly consider investing in gold right now:
You may be able to turn a quick profit
Although gold is considered to be more of a conventional, long-term investment the price growth it’s experienced this year isn’t exactly conventional. So, while you may be able to benefit from the long-term assistance it can provide your portfolio by maintaining and rising in value, now also offers investors a rare opportunity to turn a quick profit. Depending on when they invested this year (and with how much), current investors may have already made hundreds or even thousands of dollars with their gold. And with its current upward trajectory, new investors can potentially turn a similar, rapid profit. But you’ll need to buy in now to be able to sell at a higher price.
Get invested in gold online today.
The price could soon become prohibitive
$2,700 isn’t cheap for an ounce of gold, particularly when compared to what it cost one year ago. But it could become the less expensive option if you delay investing and gold’s price continues to surge. At that point, the price could simply become prohibitive for your portfolio and you may need to look for alternatives like silver. Waiting for the price of gold to fall comes with multiple risks, the most obvious of which is that there’s no guarantee it will actually drop. And with factors like inflation, economic uncertainty and geopolitical tensions – all of which drive the price of gold – still concerning now, waiting could be the wrong move.
Competition will increase – and you’ll miss gold’s benefits
In addition to the rising price, buyer competition for gold is also on the rise. Big retailers like Costco have sold out of gold bars multiple times already, as recently as this fall. So if you wait to buy physical gold it may be harder to obtain than it would be in a different economic climate. And missing out on the metal also means missing out on the benefits it can provide, like a hedge against inflation and portfolio diversification when other assets underperform.
The bottom line
With gold’s price surging with no clear end in sight, prospective investors should consider getting started right away. If they do, they may be able to turn a rare profit by selling what is normally considered a long-term investment. By acting now, they’ll also circumvent any future price increases and rises in competition amid buyers. However, it’s critical that investors keep gold as one part of a diversified portfolio, even with the price rise seemingly never-ending. Most experts recommend limiting gold to 10% or less of your portfolio in order to avoid overcrowding other, more volatile asset classes.
CBS News
Texas man fights to reunite with wife and kids, including newborn twins, who were unexpectedly deported to Mexico
A Texas man is fighting to get his wife and four children back after he says they were unexpectedly deported to Mexico.
Federico Arellano is a U.S. citizen, and says three of his four kids are too. He says there has been a misunderstanding and that his family was misled.
Now, a video call is the only way he’s been able to see his family.
Agents deport family
ICE agents deported Arellano’s wife, Christina Salazar, and their four kids to Mexico last week after they say they were told to come to the ICE field office in Houston to discuss Salazar’s immigration case.
“They told me that they were going to take her to Mexico because she had a deportation order,” Arellano said.
A judge signed off on the order in early October after Salazar missed an immigration hearing. The family says Salazar was recovering from giving birth to premature twins and doctors recommended she recover at home during that time.
Arellano said he informed the court about the situation and claims they reassured him by phone the date could be rescheduled.
Nearly two months later, Arellano said agents detained his wife and then their four children.
Immigration attorney Isaias Torres, who represents the family, said he has not seen an instance like this one that involves a family.
“I’ve seen criminals, ardent criminals, people with prior deportation. … I don’t understand why this happened,” Torres said.
Hopes to reunite
A video call is now the only way Arellano can see Salazar and their kids for the foreseeable future.
“I’m alone. I have no one to help me with my kids here and they are really sick,” Salazar said in a video call from Reynosa, Mexico.
Attorneys for the family said they are reaching out to members of Congress for help. ICE and the DOJ have not responded to CBS News for a request for comment.
Meanwhile, Arellano said he just wants his family back.
“To get them back and of course they return to me just as they were taken away. I want them to return to me,” he said.
CBS News
Charlotte Hornets apologize after a gift-giving skit with young fan went awry
The Charlotte Hornets have issued an apology for a recent skit involving a gift and a young fan.
During the second quarter of a game against the Philadelphia 76ers on Monday, the Hornets performed a skit where a child was brought down to the court to meet the team’s mascot, who was dressed as Santa Claus, CBS Sports reported. A letter from the boy to Santa asking for a PlayStation 5, was read aloud. Then a cheerleader gave the boy a bag containing the video game console. While the cameras rolled, the boy seemed elated to have received the console.
Once the cameras stopped rolling, though, the video game station was taken away from the boy and he was given a jersey instead. The boy’s uncle was told that he would not be able to keep the console. A clip of the incident went viral on social media.
The Hornets issued an apology on Tuesday, saying that the skit “missed the mark” and “included bad decision making and poor communication.”
“Simply put, we turned the ball over and we apologize. We have reached out to the family and are committed to not only making it right but to exceeding expectations. We will be providing the fan with the PS5 that he should have taken home last night along with a VIP experience to a future game,” the team said, according to CBS Sports. “Our goal is and will remain to elevate the guest experience for every person that enters Spectrum Center, and to show our fans how much we appreciate their relentless support.”
The Hornets have won seven games this season and lost 19, according to ESPN.
Basketball star Michael Jordan sold his majority ownership in the team to a group of investors last year for a reported $3 billion.
CBS News
Senate passes $895 billion defense bill with controversial gender-affirming care restriction
Washington — The Senate approved the mammoth $895 billion National Defense Authorization Act on Wednesday, despite concern from some Democrats over a controversial policy restricting gender-affirming care for children of servicemembers.
In a 85 to 14 vote, the Senate approved the legislation, which the House passed last week. Eleven Democrats and three Republicans voted against it in the upper chamber. The bill now heads to President Biden’s desk for his signature.
The 1,800 page national security legislation to authorize funding for the Defense Department for fiscal year 2025. But the bill includes a handful of controversial policies, like the gender-affirming care restriction, and lost support from the majority of Democrats in the House.
The Democratic-controlled Senate pushed forward with the measure nonetheless. Senate Majority Leader Chuck Schumer noted that while the NDAA “isn’t perfect,” it still “includes some very good things that Democrats fought for” — citing provisions aimed at standing up against the Chinese Communist Party, boosting the use of artificial intelligence for national defense and expanding domestic tech innovation.
“Congress has passed the NDAA on a bipartisan basis for over six straight decades, and this year will be no different,” Schumer said ahead of the vote on Wednesday. “We’re passing the NDAA and that’s a very good thing.”
Sen. Ed Markey, a Massachusetts Democrat, derided the gender-affirming care restriction earlier this week, calling it “the product of a nationwide campaign against trans rights” and arguing that the legislation’s approval would mark “the first anti-LGBTQ law passed by Congress in decades.”
Still, the outcome of the vote was all but guaranteed after the Senate advanced the measure on Monday in a 83-12 procedural vote.
Sen. Roger Wicker of Mississippi, the ranking Republican on the Senate Armed Services Committee, celebrated the NDAA’s “immense accomplishments,” including a 14.5% pay raise for junior service members and investments in recruitment capabilities. But he said Congress “missed an opportunity to strengthen the president-elect’s hand as he takes office in a precarious world situation.”
Wicker outlined that the Armed Services Committee proposed $25 billion for modernization programs, including for missile defense, ship building and counter-drone technology, saying “this should have been part of the bill today.”
Sen. Jack Reed, a Rhode Island Democrat who chairs the Armed Services Committee, called the legislation a “strong, forward looking bill that we can all be proud of.” But he said he “strongly” disagrees with the inclusion of the gender-affirming care provision, calling it a “misguided provision.”
“I share many of my colleagues’ frustrations that the bill includes a provision that would prohibit gender-affirming health care for minors under certain circumstances,” Reed noted, adding that he voted against the provision in committee. “We will continue to work to ensure the health care rights of all military personnel and their dependents.”