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Congress Passes Last Minute Spending Bill to Prevent Government Shutdown
In a flurry of activity in the wee hours of the morning, Congress passed a $1.2 trillion spending bill to fund more than half of the government and avoid a shutdown just hours before a midnight deadline. The Senate voted 74-24 to approve the bill, following a bipartisan vote in the House earlier in the day that set off a conservative revolt.
The bill, which lumps together six spending bills, faced opposition from ultraconservatives who accused Speaker Mike Johnson of negotiating legislation that they deemed an “atrocious attack on the American people.” Despite the opposition, the bill passed with support from Democrats after Republicans failed to provide enough votes.
The legislation includes funding for various initiatives, such as 2,000 new Border Patrol agents, additional detention beds for Immigration and Customs Enforcement, and a provision cutting off aid to a U.N. agency that assists Palestinians. It also includes increased funding for technology at the southern border and cuts funding for the State Department and foreign aid programs.
While Republicans hailed the bill as a success in achieving conservative policy wins and strengthening national defense, some conservatives criticized the bill for its $1.2 trillion price tag and provisions they deemed insufficiently conservative. Despite their opposition, Democrats secured funding for federal child care and education programs, as well as increased funding for cancer research.
The passage of the spending bill came after a tumultuous day on Capitol Hill, with intense negotiations and political maneuvering to address Republican demands for changes to the legislation. The bill now heads to President Biden’s desk for his signature, averting a government shutdown and providing funding through the end of the fiscal year.
Overall, the passage of the spending bill represents a significant achievement for Congress in a time of divided government. Despite the challenges and opposition faced, lawmakers were able to come together to ensure funding for crucial government programs and services. The bill’s passage underscores the importance of compromise and negotiations in the legislative process, highlighting the ability of lawmakers to work together for the greater good of the country.
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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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