News
Biden Imposes Sanctions on Over 500 Russian Entities
President Biden made a significant announcement on Friday, revealing that the United States will be implementing sanctions on more than 500 Russian targets in response to the death of opposition leader Aleksei A. Navalny. This move marks the largest single package of economic restrictions since Russia’s invasion of Ukraine two years ago.
The sanctions, to be distributed by the Treasury and State Departments, were foreshadowed earlier in the week when the White House indicated its intent to impose “major” penalties following the recent passing of Mr. Navalny in a Russian prison. The specific sectors and individuals to be targeted by the Biden administration remain unknown, a crucial factor in determining the extent and efficacy of the sanctions.
Mr. Biden emphasized the consequences of not holding Russian President Vladimir Putin accountable for his actions, stating, “If Putin does not pay the price for his death and destruction, he will keep going. And the costs to the United States — along with our NATO allies and partners in Europe and around the world — will rise.”
The president clarified that the sanctions are a response to Russia’s “ongoing war of conquest on Ukraine and for the death of Aleksey Navalny, who was a courageous anti-corruption activist and Putin’s fiercest opposition leader.” They will encompass new measures aimed at Russia’s defense industrial base, financial sector, and individuals associated with Mr. Navalny’s incarceration.
As the conflict enters its third year, the Biden administration has increasingly relied on financial tools to undermine and isolate Russia’s economy. Collaborating with allies from the Group of 7 nations, the U.S. has implemented measures such as capping the price of Russian oil on global markets, freezing Russian central bank assets, and imposing trade restrictions to impede the flow of military supplies to Russia.
Close coordination with Europe has been integral to the efforts to isolate Russia economically. The European Union recently announced its 13th set of sanctions on Russia, prohibiting nearly 200 individuals and entities involved in aiding Russia’s weapon procurement from conducting business within the EU. Additionally, Britain imposed sanctions on companies linked to Russia’s ammunition supply chain and individuals responsible for the Arctic prison where Mr. Navalny passed away.
Despite these economic pressures, Russia has managed to withstand the restrictions to a large extent. Countries like China, India, and Brazil have increased their purchases of Russian oil, and Russia’s spending on the war has bolstered its economy, exceeding expectations according to the International Monetary Fund’s latest report.
On Friday, Mr. Biden renewed his plea to Congress for additional funding to support Ukraine in defending itself against Russia.
“The failure to support Ukraine at this critical moment will not be forgotten,” he asserted.
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.
-
News3 weeks ago
Kevin McCarthy, former House Speaker, seeks revenge
-
News3 weeks ago
Juno discovers massive lava lake on Io
-
News3 weeks ago
Possible Future Colleague of Trump: David Lammy, a Close Associate of Obama
-
News2 weeks ago
Voyager 1 Communications Restored by NASA
-
Entertainment3 weeks ago
Bethenny Frankel reveals that her mother Bernadette Birk passed away from lung cancer
-
News2 weeks ago
Is now the right time to invest in gold as prices have cooled?
-
Entertainment2 weeks ago
Kim Kardashian completes strange task before having her coffee