News
Alaska Ambler Road Project Denied by Interior Department
The decision by the Interior Department to reject the Ambler Road Project in Alaska is a significant win for environmentalists and conservationists who have been fighting against the construction of a 211-mile industrial road through the fragile Alaskan wilderness. This decision, expected to be formally announced later this year, highlights the Biden administration’s commitment to conservation and climate protection in a crucial election year.
The proposed road, part of the Ambler Access Project, was intended to provide access to a $7.5 billion copper deposit located beneath ecologically sensitive land. However, the potential environmental impact of the road on wildlife and Alaska Native tribes, who rely on hunting and fishing, has been a major point of contention for opponents of the project.
The Interior Department’s decision to block the construction of the industrial road is a significant victory for those who have been advocating for the protection of the wilderness around the Ambler area. David Krause, the interim executive director of the National Audubon Society’s Alaska office, emphasized the importance of preserving the ecologically-intact landscape, stating that it is a “huge deal.”
The road, as proposed, would have traversed through the Brooks Range foothills and the Gates of the Arctic National Park and Preserve, impacting wildlife habitat, salmon spawning grounds, and the hunting and fishing traditions of over 30 Alaska Native communities. The Interior Department’s final analysis is expected to conclude that any version of an industrial road would have a “significant and irrevocable” negative impact on the environment and tribal communities.
Ambler Metals, the mining venture behind the project, expressed disappointment at the decision, calling it “an unlawful and politically motivated decision” that ignores the support of local communities for the project. The company argued that the road was essential for creating jobs for Alaskans and generating critical revenues for the region.
The Trump administration had previously approved a right of way permit for the Ambler Road in 2020, but Interior Secretary Deb Haaland ordered a new analysis of the project’s environmental impact upon taking office. The draft review by her agency identified significant deficiencies in the previous study, highlighting the potential impact on local communities, wildlife, and permafrost stability.
While the rejection of the Ambler Road Project may draw backlash from Alaska’s political leaders who support the project, it underscores the Biden administration’s commitment to balancing clean energy development with conservation efforts. The decision to protect the Alaskan wilderness from industrial development reflects a broader push towards environmentally sustainable practices and climate action.
In conclusion, the Interior Department’s rejection of the Ambler Road Project is a significant milestone in the ongoing battle to protect fragile ecosystems and indigenous communities from harmful industrial development. This decision sends a powerful message about the importance of environmental conservation and the need to prioritize the preservation of wilderness areas for future generations.
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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