News
Kobe Bryant’s Lakers championship ring, gifted to his father, sells for $927,000
Recently, news surfaced that a Lakers’ 2000 NBA championship ring gifted by Kobe Bryant to his father, Joe “Jellybean” Bryant, was sold at auction for an astonishing $927,200. This incredible sale marked a significant increase from the previous sale of the ring eleven years ago, which garnered a mere fraction of the recent selling price.
The winning bid of $760,000, coupled with the buyer’s premium, brought the total to nearly a million dollars. The identities of the buyer and seller remain undisclosed, leaving speculation about whether Vanessa Bryant, Kobe’s wife, may have acquired the ring to bring it back into the family’s possession after the tragic passing of Kobe and their daughter Gianna in a helicopter crash.
The auction saw a surge of interest on its final day, with bidding commencing at $191,000 and culminating in a flurry of 16 bids in the last 22 minutes. This resulted in a record-breaking sale for an NBA championship ring, surpassing the previous high set by Bill Russell’s 1957 ring.
This isn’t the first time Kobe Bryant’s ring has changed hands since it was initially auctioned by his parents, Joe and Pam, in 2013. The ring, accompanied by a letter of authenticity signed by Pam Bryant, has now made its way to a new owner through the Goldin auction house.
Kobe Bryant expressed disappointment back in 2013 when he discovered his parents’ intentions to sell cherished memorabilia without his consent, prompting him to take legal action. Following a settlement, his parents were permitted to auction off select items, including the ring, and issued a public apology for the distress caused.
Joe and Pam Bryant have since distanced themselves from the recent sale of the ring, emphasizing their lack of involvement and expressing a desire for privacy and peace during this difficult time. Meanwhile, Ken Goldin, CEO of the auction house, noted the common occurrence of items being resold at auctions in the world of sports collectibles.
As the ring finds a new home and continues its journey through the hands of collectors, it serves as a poignant reminder of Kobe Bryant’s legacy and the enduring value of memorabilia associated with one of basketball’s greatest icons.
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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