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Trapped in Baltimore: The Struggle of the Crew Caught in Steel

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The recent tragedy involving the Francis Scott Key Bridge in Baltimore has not only left a devastating impact on the structure itself but has also put a spotlight on the 22 crew members from India who are stuck on the cargo ship, named the Dali, that remains lodged in the wreckage. These seafarers embarked on a journey aboard the 985-foot-long vessel, carrying 4,700 shipping containers en route to Sri Lanka when it lost power and collided with the bridge, resulting in the collapse of the structure.

Since the accident took place, the crew members have found themselves in an unexpected situation, grappling with the aftermath of the disaster. While maintaining the ship operable, they are also facing a barrage of questions from officials investigating the incident as they navigate through the mangled ruins scattered across the bow and deck of the vessel.

As the crew members remain stranded on the ship in the Port of Baltimore, awaiting the clearance of debris to free the ship and reopen the channel, their lives have entered an uncertain phase. They are currently working tirelessly to maintain the ship, a task that mirrors their routine at sea, albeit in a stationary position while being under intense scrutiny from the public eye.

Despite the challenging circumstances, the crew members have been provided with ample supplies of food, water, and fuel to sustain them while they await their eventual extraction from the wreckage. The timeline for their release remains uncertain, pending the completion of investigations by the National Transportation Safety Board (N.T.S.B.) and the Coast Guard.

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The crew members, hailing from India, are part of one of the world’s largest hubs for seafarers. Working on a cargo ship entails rigorous daily routines with no time off, yet the crew members do have access to leisure activities onboard, such as video games, workouts, and movie nights. The recent events have sparked concerns among Indian seafarers about the repercussions on their industry and country’s international image.

Amidst the uncertainty, the crew members have received support from various individuals and organizations in the port community. Care packages have been sent to them, and efforts are being made to provide emotional and trauma support to help them navigate through this challenging time. As they endure the turmoil, a sense of solidarity and compassion has emerged, reminding the crew members that they are not alone in their ordeal.

The crew members of the Dali remain resilient in the face of adversity, supported by a network of individuals dedicated to their well-being. As they await their eventual release from the wreckage, their story serves as a testament to the strength and camaraderie that binds seafarers together in times of crisis.

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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.