News
Portion of Francis Scott Key Bridge in Baltimore crumbles following collision with large ship; vehicles and potentially individuals submerged in water
Early Tuesday morning, a tragic incident unfolded on the Francis Scott Key Bridge in Baltimore. Part of the bridge collapsed after being struck by a large container ship, causing chaos and concern. Cars were sent plunging into the Patapsco River below, along with the possibility of people being in the water as well.
The Baltimore City Fire Department received multiple calls around 1:30 a.m. reporting the collision between the ship and the bridge column. While the exact number of vehicles on the bridge was unknown, reports indicated that a large tractor-trailer was involved in the incident.
The department confirmed that there were at least seven individuals in the river, prompting a swift response from the dive and rescue team. The situation was classified as a “mass casualty event,” highlighting the severity of the situation.
Amidst the chaos, reports surfaced about diesel fuel leaking into the water from the ship and construction workers present on the bridge at the time of the collision. The unfolding events painted a grim picture of the immediate aftermath of the collapse.
Baltimore Police spokesperson informed CBS News about the partial bridge collapse and the likelihood of workers being in the water. The MidAtlantic Coast Guard identified the cargo ship involved as the 948-foot Singapore-flagged vessel Dali, en route to Colombo, Sri Lanka. Tragically, the ship caught fire and eventually sank.
Baltimore Mayor Brandon M. Scott acknowledged the incident on social media, stating that emergency personnel were on-site and working tirelessly to address the situation. The gravity of the event prompted an outpouring of support and prayers from the community.
Baltimore County Executive Johnny Olszewski Jr. echoed the sentiment, urging individuals to pray for those impacted by the tragic events. Rescue operations were underway, emphasizing the urgency and severity of the situation.
The Maryland Transportation Authority swiftly responded by closing all lanes in both directions on I-695 Key Bridge, diverting traffic to alternate routes. The incident caused significant disruptions and showcased the immediate impact of the bridge collapse on the local transportation network.
This story is rapidly evolving. Stay tuned for the latest updates as the situation unfolds.
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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