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Chicago starts removing migrants from shelters due to resource burden

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In a move that has sparked controversy and concern, Chicago officials have begun evicting migrants from shelters, citing strain on resources. This decision is part of a growing trend in cities across the country that are facing similar challenges due to the influx of migrants seeking shelter and support.

According to the Office of Emergency Management and Communications, Chicago is home to nearly 11,000 migrants living in 23 homeless shelters. The process of evictions has started gradually, with 34 single adults being required to leave on Sunday. While exemptions will be considered on a case-by-case basis for pregnant women, individuals with medical issues, and those in the process of securing housing, the city expects over 2,000 people to be evicted by the end of April. Families with children may find themselves forced to leave the shelter network altogether by the summer.

The city has been supported by a dedicated army of volunteers who have worked tirelessly to find shelter for migrants, enroll children in schools, provide food assistance, and assist with paperwork for work permits. However, the strain on resources has become increasingly apparent as the number of migrants in need of assistance continues to rise. The looming evictions are putting even more pressure on volunteers who are struggling to fill the void left by those being removed from shelters.

For families in the shelters, confusion and worry abound as the news of the evictions spreads. One Venezuelan migrant, who requested anonymity, expressed concern about the future for her family as their allotted time in the shelter comes to an end. With no work permits and limited job opportunities, she described their situation as anguishing.

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Chicago Mayor Brandon Johnson, a progressive Democrat, had initially delayed enforcing a 60-day limit on shelter stays due to frigid temperatures and concerns about the consequences of evicting people with nowhere else to go. However, citing limited city services, he has now decided to enforce the limit, following in the footsteps of other cities like Denver and New York.

In Denver, efforts have been made to clear hotels housing migrants, with the city receiving approximately 40,000 migrants since the influx began. While the number of arrivals has declined in recent months, the city remains overwhelmed by the sheer volume of newcomers. Similarly, New York has announced plans to limit the amount of time most adult migrants can remain in shelters to 30 days, marking a significant shift in the city’s right-to-shelter policy.

The challenges facing migrants in these cities are complex, with the inability to secure steady jobs without proper authorization being a major barrier to self-sufficiency. Many are finding temporary work but struggle to afford housing and support their families in expensive urban areas. Mayors across the country are calling for federal assistance to address these pressing issues and provide a pathway to stability for migrants.

As Chicago and other cities grapple with the ongoing crisis, volunteers and advocates continue to work tirelessly to support vulnerable families and individuals. The uncertainty surrounding the evictions and the potential for repeated displacement weigh heavily on those affected, especially families with children. Moving forward, a collaborative approach that prioritizes compassion, stability, and self-sufficiency will be crucial in addressing the needs of migrants in the face of strained resources and limited support.

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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.