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Former New York Rep. Michael Grimm is paralyzed after being thrown from horse during polo tournament, friends say
Former U.S. Rep. Michael Grimm, a New York Republican who resigned from Congress following a tax fraud conviction, is paralyzed from the chest down after being thrown from a horse during a polo tournament, according to friends who are raising funds to pay for the ex-lawmaker’s medical care.
Grimm, 54, suffered the devastating injury in September and is now being treated at the Kessler Institute for Rehabilitation in New Jersey, where the late actor Christopher Reeve was treated after a similar equestrian accident in 1995, according to Vincent Ignizio, a friend of Grimm’s who is a former New York City Council member.
Grimm had been an avid polo player for years, Ignizio said. “It was a passion of his and he suffered a tragic accident at the end of September,” said Ignizio, who has set up a GoFundMe account to pay for Grimm’s medical care.
“Through the grace of God and the amazing medical teams who have helped him, Mr. Grimm has miraculously thread the needle to survive,” the GoFundMe accounts says. “Yet, his ongoing care and the treatment to walk again will cost millions of dollars.”
A former Marine and FBI agent, Grimm represented Staten Island and a part of Brooklyn in Congress from 2011 to 2015.
A federal investigation into Grimm’s fundraising that started in 2012 ultimately resulted in a 20-count indictment centered on a restaurant Grimm ran in Manhattan. Prosecutors said he underreported wages and revenue to the government and filed false tax documents.
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Grimm was separately under investigation for alleged campaign finance violations relating to his fundraising in the 2010 race.
Grimm won reelection in 2014 despite the indictment but pleaded guilty the following month to one count of tax fraud. He resigned from Congress in January 2015 and served eight months in prison.
Grimm attempted a comeback in 2018 but lost a Republican primary for his old district to incumbent Rep. Dan Donovan, who then lost the general election to Democrat Max Rose.
Republican Rep. Nicole Malliotakis defeated Rose in 2020 and has represented the district since then.
Grimm has recently worked as a host on Newsmax.
The GoFundMe for Grimm’s medical care had raised over $260,000 as of early Tuesday. “His ultimate goal is to get himself to walk again,” Ignizio said.
On Monday, New York City Mayor Eric Adams said in a social media post that he was “deeply saddened” by Grimm’s accident.
“Congressman Grimm is a Marine veteran, and as we honor our nation’s servicemembers this Veteran’s Day, l hope for a full and speedy recovery,” Adams wrote.
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Gold has had a banner year. Prices of the precious metal have hit record highs multiple times in 2024, and by the end of October, they sat at more than $2,700 per ounce — up from just over $2,000 per ounce at the start of the year. While that price has since dropped slightly in November, it’s still up by more than 20% year to date.
Part of the run-up is due to inflation, but geopolitical tensions, the U.S. presidential election, and other economic uncertainties have driven consumers toward the safe-haven investment, too.
But is it still a good time to buy in, especially for beginning investors? We asked some experts their thoughts on why (and why not) today’s prices could be worth it.
Start exploring your top gold investing options here now.
With gold’s price high should beginners still invest?
Here’s what experts think about beginners investing in gold now against today’s elevated price backdrop.
Yes, beginners should invest in gold right now
There are several reasons beginning investors might want to buy into gold right now, despite its high prices. For one, prices could keep rising, which would mean more portfolio growth for those who invest.
According to Goldman Sachs, the precious metal is likely to hit prices of $3,000 per ounce by the end of 2025. That’s up nearly $300 per ounce from current pricing.
Beyond this, gold is also a good portfolio diversifier, as it’s not correlated to other asset classes. So when those see a downturn — or the economy struggles in general, gold tends to hold steady or even see growth.
“It plays a vital role in portfolio diversification,” says Drew Martino, a wealth manager at Savvy Wealth, noting that in today’s unique economic climate “effective diversification and downside protection are more important than ever.”
Gold also offers you an option for liquidity should you need cash in a pinch.
“Most investors are sitting with stocks and real estate, and these two asset classes trend up and down simultaneously,” says James Cordier, head trader at Alternative Options. “That means when a large market correction happens and cash is needed, you’ll be selling either stocks or homes at the worst possible time. Owning a third asset class will start to become more of the norm as investors seek true diversification.”
Finally, by investing in gold as a beginner — when just starting your portfolio, you have more time to enjoy its benefits. As Ben Nadelstein, head of content at Monetary Metals, recently told CBS News, “Older investors might have more ounces, but younger investors have more years for those ounces to work for them.”
Get started with gold here today.
No, beginners should not invest in gold right now
What goes up must come down, and while some forecasts say gold prices will continue to rise in the near term, that’s not guaranteed, as has been demonstrated by gold’s recent price drop. Buying now could put you at risk for serious losses should prices take a more significant tumble.
“Gold has mainly been rising due to overseas demand, partly from central banks and partly from individual investors,” says Tom Graff, chief investment officer at financial planning firm Facet. “It is possible that it will continue, but this kind of demand can be quite fickle.”
Changing Federal Reserve policy — which has caused a shift in interest rates lately — also puts things in uncertain territory for the metal, Graff says.
“If the Fed winds up cutting less than markets currently assume, that would cause the dollar to strengthen, which tends to be bad for gold,” Graff says. “I think there’s a lot of scenarios where gold could fall from here.”
How to invest in gold
If you do opt to buy gold, Graff recommends gold ETFs over physical gold, like coins or bars.
“Physical gold winds up being expensive to transact and store,” Graff says. “This is especially true if you buy your gold via collectibles. You are almost always paying a premium to the melt value of the gold in that case, and therefore, your return becomes highly subject to demand for the collectible.”
You can also open a gold IRA if you’re hoping to use gold as part of your retirement strategy. Just make sure to shop around to find the best gold IRA company first.
Learn more about your best gold investing options online now.