Latest news with #Wilbourn
CBS News
07-04-2025
- Business
- CBS News
Gold prices surpass $3,000: Here are the implications for investors
It finally happened: Gold prices have surged past the $3,000 mark, as many experts predicted they might over the last year. The latest price milestone comes after what's been a steady run-up in the precious metal's pricing over the past two years. Since mid-2023, gold has jumped from around $1,800 per ounce to today's nearly $3,100-per-ounce price, amounting to a jaw-dropping 72% increase. "Gold outperformed in 2024 and is doing well this year, outperforming the S&P 500," says Patti Brennan, CEO of Key Financial. But gold's price surge can't last forever, and its currently sky-high costs will have a big impact on investors. Do you own gold, or are you thinking of buying in? Here's what to take away from the yellow metal's recent pricing milestone. Find out more about the benefits of gold investing now . If you already own gold in your portfolio, the new price point might have you excited or even eyeing a sell-off , depending on how much prices have climbed since you bought in. Should you, though? "It depends completely on the investor's initial reason for purchasing the precious metal in the first place," says James Cordier, CEO and head trader at Alternative Options. If your goal was to produce some returns and use them for a specific near-term purpose, then selling right now might be smart. But if you were looking for long-term wealth protection, a hedge against inflation, a way to diversify your portfolio or some other, big-picture benefit, holding onto your gold may be best. "Most gold investors are not day trading this asset," says Steve Wilbourn, a financial advisor at True North Advisors. "This is more of a buy-and-hold investment since it is an extremely volatile holding, where pricing changes constantly." Explore your gold investing options and get started today . Gold prices may have hit record highs , but that doesn't mean that they've maxed out. In fact, many experts think the metal will continue to see price growth for the foreseeable future. "Factors driving the yellow metal to all-time highs are numerous, but the overwhelming catalyst is central bank buying," Cordier says. "For the first time in recent memory, accumulation is taking place regardless of the prices being paid, as central banks continue to accumulate gold at a record pace." According to Cordier, this could mean another 10% jump in gold prices by the end of the year — putting the price of gold at around $3,500 per ounce. "I would expect gold to rise up to a few hundred more points by the end of 2025," Wilbourn says. "Central banks are actively increasing their gold reserves, which is a strong indicator of demand." "This is a time to buy, not sell," Wilbourn says. "Gold is generally more like a collector's item that grows more valuable the longer you keep it." Keep in mind that potential price growth isn't the only benefit of holding gold. Many use it to protect against inflation or to diversify their portfolio , so you may want to buy gold right now for other reasons, too. "New investors shouldn't be afraid of the new gold high price," Wilbourn says. "Real assets like gold are becoming a reasonable investment to hedge equities and bonds. Since Bonds have struggled in the recent past, commodities and real assets are good options to supplement as a hedge on the market." Wilbourn recommends allocating about 5 to 10% of your portfolio to gold. This, he says, "is a reasonable amount to help diversify." If you're not sure if gold investments are right for your portfolio or you need help deciding how to best buy into gold, talk to a financial or investment advisor. There are many ways to invest in gold these days, including physical gold, gold individual retirement accounts (IRAs) , gold exchange-traded funds (ETFs) and more. A professional can help you make the right move for your goals and budget.
CBS News
11-03-2025
- Climate
- CBS News
Cal Fire releases new fire hazard maps for Sacramento, highlighting high-risk areas
SACRAMENTO — The California Department of Forestry and Fire Prevention, known as Cal Fire, released its new fire hazard maps on Monday, including for Sacramento, detailing which areas have the highest severity for fires. The maps, created by the State Fire Marshal, show that the very-high fire severity zone in Sacramento quadrupled in size from where it was over a decade ago. "Back in 2007, we only mapped when there was very high," said Jim McDougald, assistant deputy director with Cal Fire's Community Wildfire Mitigation Program. "Now, we are required to map when there is moderate and high, which makes it look like there is a whole lot more acres." McDougald said they also now have more precise local weather models based on wind speed. "It's risky. Fire is really risky everywhere," said DK Patel, who lives in Rancho Cordova, one of the areas in the moderate hazard zone. About 60,000 acres are in the moderate severity zone in Cal Fire's updated maps. That zone includes communities in Rancho Cordova, Mather Airport and around Folsom. "I am not surprised because we live all around grass fields over in our area," said Stacie Fitzpatrick, who lives in Rancho Cordova. In mostly south and southeast Sacramento, there are over 2,000 acres in the high fire hazard severity zone and 1,267 acres mostly near the Amador and San Joaquin county lines in the very-high fire hazard severity zone. The maps were created for local jurisdictions like the Sacramento Metropolitan Fire District, known as Metro Fire, to manage the changing terrain. "One of the challenges we have had historically over the last five, ten years is late rains," said Metro Fire Battalion Chief Parker Wilbourn. Wilbourn said that is why weed abatement is crucial because the late rains produce double growth, creating dense vegetation. "And allows that fire to spread very rapidly through those fuel beds and potentially threatening neighborhoods," Wilbourn said. Communities in the high and very-high fire hazard severity zones will fall under new state regulations that require defensible space around homes and specific building codes for new buildings for things like roofs, vents and siding. The maps are a crucial tool for communities, but if California has learned anything in the past decade, it is that no community is immune to fire risk. "I am very afraid if one were to happen in this area," said Patel. "Everybody has to be very careful." Cal Fire is not requiring mitigation in areas listed as moderate, but Sac Metro Fire is doing weed abatement work in these areas anyway. It will be releasing those plans for the year later this month.
