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LAPD suspects tech-savvy boy in 1000% spike in Chevy Camaro thefts in L.A.
As the number of Chevy Camaro thefts in Los Angeles has skyrocketed by over 1000% this year, the LAPD suspects that a young boy with tech wizardry may be behind the alarming trend. The recent arrest of a 16-year-old with a hand-held computer device has shed light on how thieves are able to steal these high-powered vehicles with ease.
The stolen Chevy Camaro found abandoned at a South L.A. intersection raised suspicions, leading LAPD gang detail investigators to two teenagers running from the scene. Upon stopping them, police discovered that one of the youths had an electronic device capable of creating replacement smart keys for vehicles like the Camaro. It turns out that this device can bypass the car’s security system and reprogram the ignition system to generate a new key.
Newton Division Capt. Keith Green revealed that the 16-year-old suspect used the device to steal Camaros, which he would then take to street takeovers and sell on social media for a fraction of their value. The ease with which this young individual was able to steal and sell high-end cars is alarming and indicative of a larger issue at hand.
Citywide, the number of Camaro thefts has risen from 7 to 90, with the Newton Division alone seeing a jump from 2 to 10 in the first two months of the year. Investigators believe that the commercial availability of technology to clone key fobs has made it easier for tech-savvy individuals to become skilled car thieves. With the right program and hardware, thieves can generate replacement keys in minutes, making it crucial for car owners to take extra security measures.
Green emphasized the importance of employing additional security measures such as fuel cut-offs and steering wheel locks to deter thieves. Keeping key fobs secure and not leaving them inside vehicles is also crucial in preventing theft. Drivers can also consider investing in security cases that block key fob signals or improvise by wrapping fobs in aluminum foil or placing them inside tin cans to prevent signal transmission.
Nationwide, American muscle cars like the Chevy Camaro have become targets for large theft rings. In 2022, Michigan dealers reported a series of thefts linked to key fob cloning, highlighting the need for increased vigilance and security measures among car owners.
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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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