News
Menendez Rules Out Democratic Run, Considers Independent Campaign
Senator Robert Menendez of New Jersey made a significant announcement on Thursday, declaring that he would not seek re-election as a Democrat this year. This decision came in the midst of mounting political pressure and federal charges that have embroiled him in an international bribery scandal. Despite this, Menendez, aged 70, released a nine-minute video on social media in which he adamantly asserted his innocence and expressed his hopes of being vindicated at the trial scheduled for May. He also hinted at the possibility of running as an independent candidate if he is cleared of all accusations.
Menendez’s choice to forego competing for his party’s nomination can be seen as a tacit acknowledgment that his political career is in jeopardy. Given the substantial support he has lost among Democrats in recent months, including influential figures like Representative Andy Kim and Tammy Murphy, the wife of Governor Philip D. Murphy, Menendez was facing an uphill battle in the upcoming primary election. The stark reality of his situation was evident in his video statement, where he lamented the impediments posed by the current accusations on his ability to engage in meaningful political discourse with his opponents.
The possibility of Menendez running as an independent candidate, however, does not guarantee a smoother path for him, even if he manages to clear his name in court. Such a move could potentially undermine the Democrats’ already fragile grip on the Senate, as polling data suggests that a significant portion of New Jersey voters harbor doubts about Menendez’s innocence. Nonetheless, by keeping the door open to an independent bid, Menendez can continue to raise funds to cover the mounting legal expenses he and his wife, Nadine Menendez, are facing.
Menendez’s legal troubles have been an ongoing distraction ever since he and his wife were charged in a complex bribery scheme last September. The extensive financial costs associated with his legal defense, totaling millions of dollars, along with the defection of long-time allies, have significantly tarnished his once formidable political stature. Despite his previous escapes from legal jeopardy, notably avoiding conviction in a bribery trial in 2017, the current set of charges appears to have eroded his political support to a critical extent.
The allegations against Menendez and his wife paint a damning picture of corruption, with accusations ranging from receiving illicit gifts in exchange for political favors to obstructing justice. The unfolding legal saga has only intensified, with new charges being added and critical witnesses turning against them. Menendez, known for his fierce advocacy and resilience, has vehemently defended himself against what he perceives as a targeted attack by prosecutors, arguing that his actions were within the bounds of normal legislative duties.
However, the overwhelming disapproval from voters, as mirrored in recent polls, coupled with the lack of support from key Democratic figures both in New Jersey and the Senate, paints a bleak picture for Menendez’s political future. If he chooses to remain on the ballot in the November election, he will likely face formidable contenders from both the Democratic and Republican camps, amidst a highly polarized political landscape.
In conclusion, Senator Robert Menendez’s decision not to seek re-election as a Democrat marks a significant turning point in his tumultuous political career. The specter of corruption charges and dwindling support have cast a shadow over his once-prominent standing in New Jersey politics. As he navigates the legal challenges ahead, Menendez faces an uncertain future, with the prospect of an independent bid serving as a potential lifeline in a turbulent political climate.
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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