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Sources indicate that federal agents have conducted raids on Sean Combs’ residences in connection with a sex-trafficking investigation
Federal authorities have raided the homes of music mogul Sean “Diddy” Combs in Holmby Hills and Miami as part of an investigation into sex trafficking allegations, according to law enforcement sources. Homeland Security agents conducted searches at the 17,000-square-foot mansion where Combs recently debuted his last album, with agents seizing evidence as part of a probe overseen by prosecutors in the Southern District of New York. The investigation is ongoing and involves multiple law enforcement agencies in New York, Los Angeles, and Miami.
As agents swarmed the Holmby Hills property, two of Combs’ sons were reportedly seen being detained while the mansion was searched. Combs, a prominent figure in the hip-hop industry who has also ventured into fashion and liquor businesses, has faced a series of damaging allegations in recent months. Multiple civil lawsuits have been filed against him, including accusations of rape, sex trafficking a minor, and other forms of abuse. These legal challenges have threatened his reputation and standing in the music world.
Law enforcement officials are working to gather more information as the investigation unfolds. Combs’ attorney, Shawn Holley, has not provided any immediate comments on the situation. The music star turned entrepreneur is facing a significant backlash from the industry and the public, with his former girlfriend, Casandra Ventura, making serious allegations against him, including rape and physical assaults. Other women have also come forward with claims of sexual misconduct and abuse.
Despite the mounting accusations, Combs has vehemently denied the allegations, stating on social media that he is innocent of the “awful things being alleged” against him. In response to the search warrant issued at his properties, a lawyer representing one of the plaintiffs in the civil suits expressed support for law enforcement efforts to hold Combs accountable for his actions. The investigation into the sex trafficking allegations is expected to continue, with authorities working to uncover the truth behind the disturbing claims.
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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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