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Homeland Security Conducts Raid on Sean Combs’s Residence in Los Angeles

Federal agents from the Department of Homeland Security conducted a raid on a home in the Los Angeles area on Monday, reportedly connected to Sean Combs, the prominent hip-hop mogul currently facing allegations of sexual assault and sex trafficking in multiple civil lawsuits. The raid was part of an ongoing investigation carried out by Homeland Security Investigations, with support from HSI New York, HSI Miami, and local law enforcement partners in Los Angeles. Specific details regarding the target of the investigation were not disclosed by the department.

A statement released by Homeland Security Investigations stated, “Earlier today, Homeland Security Investigations (HSI) New York executed law enforcement actions as part of an ongoing investigation, with assistance from HSI Los Angeles, HSI Miami and our local law enforcement partners. We will provide further information as it becomes available.”

Footage captured by Fox 11 (KTTV), a local television news station in Los Angeles, depicted officers entering a property in the Holmby Hills neighborhood of the city, reportedly linked to Mr. Combs’s company, Bad Boy Entertainment. The U.S. Attorney’s Office in Manhattan declined to offer any comments or details pertaining to the raid.

Sean Combs, widely known as Puff Daddy and Diddy, has been a key figure in the commercial success and global expansion of hip-hop music. Despite his contributions to the industry, he has faced longstanding accusations of violence throughout his career. In recent events, Mr. Combs was sued for sexual assault by Casandra Ventura, his former girlfriend and artist signed to his label, Bad Boy.

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In her legal action, Ms. Ventura alleged that Mr. Combs coerced her into engaging in sexual activities with male escorts over an extended period, leading to her victimization through sex trafficking. The lawsuit filed by Ms. Ventura was swiftly settled within one day, with both parties declaring an amicable resolution to their dispute.

Subsequent to Ms. Ventura’s case, additional lawsuits emerged accusing Mr. Combs of sexual assault. In one recent filing, music producer Rodney Jones claimed that Mr. Combs engaged in unwanted sexual advances towards him, coercing him to hire escorts and participate in sexual acts.

Mr. Combs has vehemently denied all allegations against him. Following a separate lawsuit where an anonymous woman accused Mr. Combs and two others of raping her in a New York recording studio when she was a minor, he refuted the claims and denounced the accusers as individuals seeking financial gain.

In response to recent events, Douglas Wigdor, an attorney representing Ms. Ventura and the anonymous woman involved in the New York studio case, expressed support for law enforcement efforts to address any wrongdoing. He remarked, “We will always support law enforcement when it seeks to prosecute those that have violated the law. Hopefully, this is the beginning of a process that will hold Mr. Combs responsible for his depraved conduct.”

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Is now the right time to invest in gold as prices have cooled?

Now may be the time to buy gold following a recent lull in its price.

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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.

Joshua Rodriguez

Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he’s not working, he enjoys time with his wife, two kids, two dogs and two ducks.