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Blizzard in Sierra Nevada forces closure of ski areas

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A rare blizzard sent its final flurries of snow and high winds through California’s Sierra Nevada on Sunday, keeping some major roads closed and shutting down ski resorts from Lake Tahoe to Mammoth.

Mammoth Mountain Ski Area was closed as powerful winds of up to 70 mph, with higher gusts, whipped through the mountains, blowing snow.

“It is still far too windy to operate and allow Lift Maintenance to safely complete their checks or Ski Patrol to complete their necessary avalanche mitigation,” Mammoth Mountain said on its website.

The blizzard dumped 5 to 7 feet of snow in parts of the Sierra Nevada over the weekend. The National Weather Service in Sacramento said a rare blizzard warning would remain in effect until midnight Sunday for areas above 6,500 feet elevation, while other parts of the Sierra Nevada were under a winter storm warning.

Snow continued to fall across the mountains on Sunday, with an additional 1 to 2 feet of snow forecast in areas above 4,000 feet elevation.

A snowplow is used to clear a road during a storm in Truckee on Saturday.

The heavy snow led to several road closures over the weekend. U.S. Highway 50 reopened on Sunday morning, allowing vehicles with chains to reach the South Lake Tahoe area.

Just west of Echo Summit on Highway 50, a few vehicles were temporarily stuck in several feet of snow that slid off the mountainside onto the road, said Steve Nelson, a spokesperson for the California Department of Transportation. He said a crew towed the vehicles out, and no one was injured.

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On the north side of Lake Tahoe, Interstate 80 remained closed due to snow for a third day.

And in the Eastern Sierra, U.S. Highway 395 was closed in Mono County, where Caltrans crews were working to clear the snow.

Even as the blizzard conditions began to ease, the National Weather Service urged people to avoid driving in the mountains.

“Winds can get up to 45 miles an hour at those higher elevations, and with snow still falling, that causes really dangerous travel conditions,” said Sara Purdue, a meteorologist with the National Weather Service in Sacramento. “We’re highly discouraging travel to the mountain areas still.”

Snow covers the landscape in front of a store in Truckee on Saturday.

Another approaching storm is expected to bring more snow on Monday and Tuesday in the Sierra Nevada.

“It won’t be quite as impactful as this system. But we’re still looking at potentially multiple feet of snow at higher elevations,” Perdue said.

The snow and high winds made for hazardous or unworkable conditions at various ski resorts. At Palisades Tahoe, all ski lifts were closed Sunday because of “intense weather conditions.”

Sierra-at-Tahoe said on its website that “the storm’s intensity did not let up — in fact it doubled down overnight,” with winds piling up deep snowdrifts that workers were in the process of clearing.

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South of Tahoe, Kirkwood Mountain Resort said it opened some of its ski lifts after initially putting them on hold to ensure safety.

The blizzard arrived with extremely powerful wind gusts, which reached up to 190 mph at one location Friday night. The National Weather Service said wind gusts stronger than 100 mph were expected in parts of the Sierra through early Monday.

An avalanche warning was in effect in the Eastern Sierra. The National Weather Service warned people against going into backcountry areas — such as those thinking of cross-country skiing or snowmobiling — saying strong winds will “continue to overload the snowpack, which contains buried weak layers,” making for very dangerous avalanche conditions.

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Is now the right time to invest in gold as prices have cooled?

Now may be the time to buy gold following a recent lull in its price.

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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.

Joshua Rodriguez

Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he’s not working, he enjoys time with his wife, two kids, two dogs and two ducks.