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Footage displays a raid on a ship near the Strait of Hormuz reportedly conducted by Iran, says Middle Eastern official
On Saturday, a video surfaced showing commandos raiding a ship near the Strait of Hormuz by helicopter. A Mideast defense official attributed this attack to Iran, amidst wider tensions between Tehran and the West. The British military’s United Kingdom Maritime Trade Operations had previously reported the incident, describing the vessel as being “seized by regional authorities” in the Gulf of Oman off the Emirati port city of Fujairah.
The defense official, speaking anonymously to discuss intelligence matters, shared the video with The Associated Press. In the video, commandos can be seen rappelling down onto a stack of containers on the ship’s deck. A crew member on board can be heard cautioning his colleagues to stay put and head to the ship’s bridge, as more commandos descend onto the deck, with one providing potential cover fire.
While the authenticity of the video could not be immediately verified, it aligned with known details of the boarding operation. The helicopter used in the raid appeared to belong to Iran’s paramilitary Revolutionary Guard, which has conducted similar ship raids in the past.
The vessel in question is believed to be the Portuguese-flagged MSC Aries, a container ship associated with London-based Zodiac Maritime, a part of Israeli billionaire Eyal Ofer’s Zodiac Group. Zodiac Maritime and MSC did not provide immediate responses for comment. The MSC Aries was last traced off Dubai heading towards the Strait of Hormuz, eventually turning off its tracking data, a common practice for Israeli-affiliated ships in the region.
The raid comes in the midst of increased tensions between Iran and Western nations, especially following a suspected Israeli strike on the Iranian Consulate in Syria. Israel is on high alert as U.S. officials anticipate the potential of a direct attack on Israeli soil by Iran in retaliation for a previous strike that resulted in the deaths of seven Iranian military officers.
Further complicating the situation is the ongoing conflict between Israel and Hamas in the Gaza Strip. Despite no immediate acknowledgment from Iran on seizing the vessel, the country has been linked to past ship seizures and attacks on vessels, primarily stemming from tensions over its nuclear program.
The Gulf of Oman, situated near the strategic Strait of Hormuz, is a crucial passageway through which a substantial amount of global oil trade flows. Fujairah, a significant port on the UAE’s eastern coast, serves as a hub for ships to load oil cargo, restock supplies, and swap out crew members.
Incidents in the waters off Fujairah have been occurring since 2019, with reports of explosions and hijackings. The U.S. Navy has previously accused Iran of conducting limpet mine attacks on tankers in the region. The latest raid on the ship near the Strait of Hormuz only adds to the volatility and uncertainty in the already tense region.
News
Is now the right time to invest in gold as prices have cooled?
The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.
This lull in gold’s price may represent an investment opportunity.
In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?
Compare your gold investment options among leading brokers now.
Gold prices have cooled. Should you buy in now?
With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:
Prices may rise again
If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.
But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.
Add gold to your portfolio now before prices have a chance to rise.
You may be able to make a quick profit
Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.
Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.
There are other benefits of investing in gold
There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:
- Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
- Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.
The bottom line
Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.
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