News
2,000 Tourists Stuck After California Highway 1 Collapse
In a dramatic turn of events, a portion of the iconic California Highway 1 in the Big Sur area collapsed on Saturday, leaving approximately 2,000 tourists stranded overnight. This incident has not only disrupted travel plans but has also highlighted the vulnerability of the coastal highway to natural disasters.
The California Department of Transportation officials announced on Sunday that a section of the southbound Highway 1 in the Central Coast had suffered a collapse and would remain closed to the public as crews worked tirelessly to assess and repair the damage. The picturesque highway, also known as the Pacific Coast Highway, is renowned for its breathtaking views of rocky cliffs, lush mountains, panoramic beaches, and coastal redwood forests.
Fortunately, there were no injuries reported as a result of the collapse. However, the cause of the collapse remains unclear, though officials noted that torrential rain in the area near Rocky Creek Bridge likely played a significant role in the incident.
Kevin Drabinski, a spokesperson for Caltrans, stated that the severity of the damage prompted the closure of the highway on Saturday afternoon. By Sunday afternoon, some traffic began to move as convoys organized by the Monterey County Department of Emergency Management, with police escorts, worked to evacuate stranded individuals from the affected areas.
Many of those left stranded were tourists visiting the area over the Easter holiday. With temporary shelters reaching 75 percent capacity, some individuals had to spend the night in alternative accommodations such as local hotels, bed-and-breakfasts, campgrounds, or in their vehicles. A second convoy was scheduled for Monday morning to ensure the safe evacuation of all affected individuals.
Monterey County declared a disaster and advised the public to avoid the area to facilitate the passage of emergency personnel and vehicles. The unexpected storm system that hit the Pacific Coast over the weekend brought rain, flash flooding, and snow to parts of California, exacerbating the situation.
Unfortunately, this is not the first time that Highway 1 has faced such challenges. Previous incidents of landslides and storm-related damage have impacted the highway’s operations, underlining the importance of continued maintenance and preparedness measures.
As the authorities work tirelessly to restore access to Highway 1, it serves as a reminder of the unpredictable nature of our environment and the need for resilient infrastructure to withstand such unforeseen events.
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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Is now the right time to invest in gold as prices have cooled?